It was a night of biting fingers after Kenyan betting companies paid gamblers over Ksh 2 billion. It happened after Harambee Stars lost to Algeria by 0:2.
Initially, the odds for Algeria were 1.4 but all betting companies adjusted them so as to convince Kenyans to bet for Harambee Stars. By 6 pm in the afternoon almost every bookmaker had adjusted the odds upwards for Algeria to 1.70 but despite this, Kenyans didn’t see even a draw for Kenya and all of them placed a bet for Algeria. Majority of the people I know had staked with Ksh 20,000 ending up with Ksh 14,000 in profit.
After the game was over, more than 4 billion had gone and betting companies were left in tears.
What is obvious from this AFCON competition is that few goals are scored in every game, gamblers know if you bet under 2.5 goals or even under 3.5 goals, they stand over 95% chances of winning. What remains is for betting companies to adjust their odds so as to reduce the losses.