Typhoon Hagibis stirs up six-figure payout for Sporting Index
News on 10 Oct 2019
News on 10 Oct 2019
Spread betting firm Sporting Index are staring down the barrel of a six-figure payout after World Rugby and the Japan Rugby 2019 Organising Committee took the decision to cancel two matches this weekend due to the predicted impact of Typhoon Hagibis.
The England v France and New Zealand v Italy pool games have both been cancelled, with all four teams awarded two points as part of a 0-0 draw. This has a major effect on a number of Sporting Index’s long-term tournament markets, including total tournament points, total tournament tries and shirt numbers – the aggregate of every try scorers’ shirt number throughout the tournament.
All long-term markets are settled in accordance with the Sporting Index rule book, which means the official result of these matches is 0-0. This is great news for sellers (those who bet lower on the tournament markets), but potentially terrible for buyers (those who bet higher).
In an extremely unusual situation, Sporting Index have taken the extraordinary decision to compensate buyers of affected long-term markets with an allocation of points for these cancelled matches.
The allocation Sporting Index clients will receive is determined by the Sporting Index Rugby Trading Team who will allocate the mid-point figure that any particular market was priced up at. For example, the England v France total points market was priced up in the Sporting Index systems as 34-37, so buyers of long-term total tournament points will be compensated with a refund on their account of 35.5 points multiplied by their stake.
Karl Suntay, Client Services Director at Sporting Index, said: “Our decision to compensate buyers in this highly unusual scenario means that sellers have had all their Christmases come at once while buyers have been extremely well looked after.
“All markets will always be settled in accordance with the Sporting Index rule book and the decision to compensate those who have bought affected long-term markets is costing us a six-figure sum. Hopefully this rubber stamps Sporting Index’s reputation with our clients as being known as ‘Sporting by name and Sporting by nature.”
There is the threat of another two matches being cancelled on Sunday – Scotland v Japan and Namibia and Canada – and buyers can rest assured that Sporting Index will continue to look after them should this situation arise again.
