Jamie Gold gets airtime on Fox News and tells the whole world that there is an arbitrage bet on the current presidential elections.
I am not sure who Jamie Gold’s agent is, but he is doing an excellent job. The 2006 World Series of Poker (WSOP) Main Event champion, recently appeared on Fox News sharing his opinion on the presidential candidate race as an ‘expert odds analyst.’
“Our next guest has the inside scoop,” said the reporter as the camera panned towards a dapper looking Gold.
Gold explained that human beings have been betting on elections since ‘the Roman times’, and that the ‘betting lines and the odds historically are a much truer indication of who will win.”
Gold then decided to let the genie out of the novelty betting lamp when he pointed out a potential arbitrage bet between Hilary Clinton and Donald Trump.
“You can bet on two different candidates and ensure you win one way or another.” Said Gold. “Right now, there’s a 99% chance it will be Hilary or Trump based on statisticians, and there is a spot. We call it a middle – where you can bet $80 on Trump to win $200 and $140 on Hilary to win $100. If Hilary wins you gain $100 but you lose your $80 on Trump, making $20. If Trump wins you win $200, but lose $140 on Hilary, winning $60. So there is a sweet spot right now where you are guaranteed to win money.”
Of course, the key to a perfect arb is to find two bookmakers offering the perfect odds. I fell into this trap once. A reliable source gave me an arb that involved several French soccer matches. I placed a few grand on the bets, went out for the day, returned to count my money and saw an e-mail from one of the bookmakers explaining that they couldn’t place my bets.
That was the end of my ‘free money’ experiences.
Oh, I forgot, there is another key ingredient to finding the perfect arb and that’s to keep it a secret and not tell everyone via one of the most watched news platforms in the world.
The Fox News host queried the legality of betting on presidential campaigns, and Gold confirmed that it was illegal before offering prospective arb hunters a caveat.
“It’s not legal in the US, but there are sites all over the world. And people do it in the same way that people are not supposed to be betting on sports, but people are constantly betting. It’s believed there will be $200 million in bets on one side or the other by the time the election happens.”
Gold recently signed a deal to represent The World Poker Fund Holdings (WPFH) as ambassador and advisor. I wonder if they are now punting millions on his secret sauce?