SAN JOSE, Costa Rica, Sept. 11, 2012 (GLOBE NEWSWIRE) -- Online college football bettors who are still shedding tears over Arkansas' stunning loss to UL Monroe over the weekend are in luck if they dropped money on Arkansas to win at SportsBettingOnline. The online sportsbook has announced that they're refunding every losing bet on the 30-point favorite who was defeated 34-31 and subsequently knocked out of the NCAA rankings.
"When a football team rallies from a 21-point deficit to win by three points in overtime, online sports bettors have good reason to be angry," stated Dave Johnson, head oddsmaker for SportsBettingOnline. "But when that team is a 30-point favorite and ranked eighth in the country, sports bettors have good reason to feel sick to their stomachs. And we don't blame them. The loss was unbelievable, and to profit from it really doesn't sit well with us. That's why we're refunding every single player who dropped money on Arkansas to win. It's the right thing to do and we'd be shocked if other online sports books don't follow our lead."
The college football upset is painfully stinging for Arkansas fans, who are already having a less-than-stellar year. This spring, head coach Bobby Petrino was dismissed for failing to disclose an affair with a female employee.
Johnson notes that the Arkansas upset was their biggest lost in history, and not since Michigan's loss in 2007 to Appalachian State that saw them drop out from the #5 spot has a ranked team fallen so hard, so quickly.
The refund comes as somewhat of a shock to anyone familiar with online sports betting. Sports books make a good chunk of their profits on upsets, so the fact the UL Monroe beat a ranked opponent for the first time in history would usually get bookmakers excited. But members familiar with how SportsBettingOnline does business might be less shocked.
This is the third time in less than three months that SportsBettingOnline has refunded sports bettors who bet on a loser that was expected to win. In June, the online sportsbook refunded every sports bettor who lost money on the Pacquaio-Bradley boxing match after the controversial results handed Bradley the win.
And in July, SportsBettingOnline refunded all members who lost money betting on Adam Scott. The pro golfer lost the Open Championship after leading by four strokes with just four holes to play.
All losing bets on Arkansas will be refunded today. Members of SportsBettingOnline will see their bet refunded into their SportsBettingOnline account reflected immediately.
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