Bettors Take Advantage of Vazquez Departue from Idol – March 16th, 2005

Money was lost by both bettors and bookmakers Monday when Mario Vazquez, the American Idol contestant from New York, suddenly pulled himself out of the competition. Sportsbook.com had Vazquez as one of the favourites to win with 4-1 odds.

Those that wagered on Vasquez to win the American Idol competition have now lost their wagers. There were, however, many bettors that took advantage of the announcement.

Sportsbook.com was offering a proposition wager on whether Mario Vazquez would win American Idol. Bettors could wager either yes or no and as a result of the announcement, bettors began to heavily wager on no moments before Sportsbook.com changed its odds. Odds makers have now re-evaluated the contestants and released new odds.

Vazquez was replaced with Nikko Smith, who has come back into the American Idol Competition at 25-1 – somewhere in the middle of the pack.