Christmas Number One Hurts Bookmakers

Money_FashionRage Against The Machine beating out Joe McElderry did not turn out to be as sore for the bookmakers as it could have been.

In the last few days of the race there was a massive surge of betting on the band beating the X Factor winner to the Christmas number 1 spot.

This surge of betting shortened the odds considerably on Killing In The Name Of grabbing the top spot and towards the end of the race, betting on the band’s song was suspended altogether.

It had certainly turned out a be a rather expensive exercise for the bookmakers but not as expensive as it could have been had these two factors (no pun intended) not come into play.

The whole exercise has shown again how powerful the Internet can be when a particular idea catches the imagination of a large number of people.