SPORTING INDEX'S WORST EVER LOSSES
Cricket World Cup Wides 1999
In May 1999 Sporting Index had just unveiled over 100 special cricket spread betting markets on the Cricket World Cup; which was less than a week away. The cricket trading team had worked back-breaking hours pricing up an incredible number of markets, but were blissfully unaware of the fact that they were about to serve up the biggest "rick" in the spread history. Our prediction on the total number of wides bowled in the 42 game tournament and was pitched at 245-265.
There had been hours of research on the number of wides bowled in previous tournaments including 1996 (India and Pakistan), 1992 (Australia and New Zealand), 1987 (India and Pakistan), 1983 (England), 1979 (England) and 1975 (England). The feeling was that there were going to be fewer wides than usual in what was now an age of disciplined bowling. It was genuinely felt that the make-up was more likely to be in the 100s than in the 300s and that an average of around six wides a match was spot on. Unfortunately our traders had not factored in the impact of the white ball in English conditions.
The phones were red hot within hours of the prices being released and cricket betting enthusiasts were knocking each other over to buy at 265 and then 270 as word of the error spread throughout the sports spread betting community. In fact, the price had moved up 100 points inside the first 20 minutes of trading and was close to the 500 mark before a ball had been bowled.
It was now public knowledge that the bowlers were going to have extreme difficulty controlling the swing generated by the white ball in English conditions and our prediction was miles out. The entire trading floor realised the firm had made an expensive mistake well before 21 wides were bowled in England’s opening encounter with Sri Lanka. The next day saw another 55 wides bowled in 2 matches and the price continued to spiral out of control.
Eventually, when the 979th and final wide was bowled in the final, Sporting Index had lost a shade over £1/2 million.
Brian Lara’s 375, Antigua 1994
Brian Lara’s famous knock still lives on in spread betting folklore. Trading his runs throughout his illustrious career was always a rollercoaster ride as cricket betting fans always wanted to buy (go high) at all levels. When he scored his famous 375, a disaster was always inevitable. Every four the maestro hit cost the company (then in its infancy) £1500. He hit 60 of them over the 2 day period he batted and the Chairman at the time said it was like a 48 hour dentist appointment.
Railway to Hell, Open Golf Championship, Troon 1997
Sporting Index’s biggest ever golfing loss occurred at the Open at Royal Troon in 1997. The market concerned how badly the golfers would fare at the course’s notorious “Railway Hole”. Points were added each time a golfer hit a six or worse at the tricky par 4. A double bogey was worth 6 pts, a treble 7pts etc… The market was flagged up by many shrewd tipsters as a buy at 170 and they were nearly in profit after day 1! Even Tiger shot a seven! The updated spread shot up to 370-390 and many original buyers managed to close out for a 200 point profit.
New Zealand v Japan, 1995 Rugby World Cup
New Zealand versus Japan was the most one-sided match of the 1995 World Cup. Sadly for Sporting Index, they only predicted an All Black victory margin of 75 points. The majority of rugby spread betting fans thought it would be more and bought (bet higher) at that level. New Zealand won by a score line of 145-17 – a winning margin of 127 points. It remains the company’s worst ever Rugby result.
Section 15: What makes a spread bet?
