You'd think bookmakers would know this by now....
The Reserve Bank of Australia was expected by everyone to lift interest rates by 0.25% overnight, making it four increases in a row. Centrebet decided not to offer the market, it was such a 'certainty'.
Rate rise a guaranteed certainty
Centrebet's Neil Evans says it is the first time the agency has not taken bets on an interest rate decision.
"The betting market would have looked horribly lopsided, where the 25 point rise would have been massively odds-on favourite and 50 [basis point rise] the only other possible outcome," he said.
"So we decided it was just a very lopsided and uncompetitive betting market, where the chance of rates staying on hold were effectively close to zero."
"We don't like putting up markets where you've got two massively odds-on options and then of course everything else is effectively a million-to-one.
Not sure how you get two massively odds-on options in a one result market, not sure if that's the journo's fault or the media bloke Centrebet employ not understanding what he's talking about.
And what actually happened was...
Australian Reserve Bank holds interest rates steady
In a surprise announcement, the Australian Reserve Bank has left official interest rates on hold at 3.75%.
Betting agency Centrebet had refused to open a book on the rates decision because it thought the outcome was too certain, the ABC reports.
Golden opportunity to take wads of cash off the money-buyers down the drain....
The Reserve Bank of Australia was expected by everyone to lift interest rates by 0.25% overnight, making it four increases in a row. Centrebet decided not to offer the market, it was such a 'certainty'.
Rate rise a guaranteed certainty
Centrebet's Neil Evans says it is the first time the agency has not taken bets on an interest rate decision.
"The betting market would have looked horribly lopsided, where the 25 point rise would have been massively odds-on favourite and 50 [basis point rise] the only other possible outcome," he said.
"So we decided it was just a very lopsided and uncompetitive betting market, where the chance of rates staying on hold were effectively close to zero."
"We don't like putting up markets where you've got two massively odds-on options and then of course everything else is effectively a million-to-one.
Not sure how you get two massively odds-on options in a one result market, not sure if that's the journo's fault or the media bloke Centrebet employ not understanding what he's talking about.
And what actually happened was...
Australian Reserve Bank holds interest rates steady
In a surprise announcement, the Australian Reserve Bank has left official interest rates on hold at 3.75%.
Betting agency Centrebet had refused to open a book on the rates decision because it thought the outcome was too certain, the ABC reports.
Golden opportunity to take wads of cash off the money-buyers down the drain....
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