Punter puts $10k on Team New Zealand to lose

Last updated 13:10 23/09/2013
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BIG BOSS: Oracle chief executive Sir Russell Coutts.

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Team New Zealand may still lead the America's Cup challenge, but one punter has bet $10,000 the Kiwis will lose.

As more and more punters placed their money on a victory for United States team Oracle in the cup, the TAB today drastically reduced its odds on a New Zealand victory, yachting bookmaker Kieran McAnulty said.

Following Team New Zealand's double loss this morning, Oracle was paying $3 to win the series against $1.33 for the kiwi team, despite needing four more wins and the Kiwis just one.

As more money was today bet for an Oracle win, the American odds dropped to $2.85 while New Zealand increased its odds to $1.37.

Even with the increased potential payout for a New Zealand win "no-one is interested" in betting on the Kiwis, McAnulty said.

Before racing today, Oracle was paying $7. That dropped to $6 between the two races.

Immediately after the second race, Oracle was paying $3.80 and one punter immediately placed a $10,000 bet on an American win.

"It's been rare for us to see a bet on Team New Zealand this morning," McAnulty said.

It is a dramatic change for the TAB, which the Friday before last thought the America's Cup was all over and closed off betting.

But then Oracle made a "dramatic turnaround" and the TAB reopened its books.

While the tide of betting was very much in Oracle's favour today, things were a little more optimistic yesterday, when a $16,000 bet was placed for the Kiwis to win.

Team New Zealand leads the first-to-nine series 8-5, with two more races scheduled for tomorrow morning.

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- Fairfax Media

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