Tiger's Collapse Costs Irish Bookies Paddy Power $2.1 Million

Aug. 17, 2009— -- Tiger Woods' spectacular collapse at the US PGA in Hazeltine has cost Ireland's largest bookmaker $2.1 million.

Paddy Power decided to make early payments on Tiger as the winner when he opened a four-shot lead in the second round.

However, the decision to pay out the $2.1 million turned to disaster as Woods blew his lead to South Korea's Y.E. Yang.

"It takes a special kind of dimwit to turn what should have been our best-ever golf result into our worst," said a spokesman for Paddy Power.

"Paddy Power punters are obviously the big winners here and have made like bandits getting paid out on Tiger as a winner."

This is the worst loss ever for Paddy Power on an early payout. Paddy Power uses the early payouts to attract more bettors.

The winning Yang said: "Tiger's good, but he could always have a bad day. I guess yesterday was one of those days."