Paddy Power cancels all PS3 bets

Bookmaker Paddy Power is to cancel all bets on Sony's Euro PS3 price cut - refunding the original stake and handing out a free bet of the same value, GamesIndustry.biz can reveal.

The bookie began taking bets earlier this week on just how low Sony would go with a European price cut, but the headline-grabbing novelty bet has back-fired following Sony's decision to keep the price of the console at the original RRP of GBP 425.

Even though one of the six options available at Paddy Power was to bet that the console would be priced between GBP 401 and GBP 425, the firm claims that because there was no reduction, the bet is null and void.

"We can only apologise and maybe we should have made it clearer in the press release," admitted Sharon McHugh, spokesperson for Paddy Power.

"All bets will be void, we'll refund the money and people will get a free Novelty bet for the same amount," she said.