Bookmakers face a nightmare $11 million total payout if Parramatta win Sunday's NRL Grand Final.
The extraordinary effort to win 10 of their past 11 games has seen them firm from $101 before their round 19 win over Melbourne (now at $1.65) to $2.25 for the decider. If the Eels win, TAB Sportsbet alone will face its biggest NRL payout of $3.2million.
More than 40 bookmakers around Australia are betting on the NRL premiership and many have taken substantial bets on the Eels at large odds from professional punters and hopeful hardcore fans.
A month ago Sportsbet officials described the prospect of a Parramatta premiership win as a "catastrophe'' and though their book has been balanced slightly since then the Eels remain a bad result.
"Parramatta are a popular team every year and we were exposed to them at big prices,'' said TAB Sportsbet media liaison officer Matt Jenkins.
"`No one has come outside the top four to win the premiership since the McIntyre finals system came in but I think people remembered what Wests Tigers did in 2005 and that proved you can win after being big odds.''
Wests Tigers got out to $151 midseason in 2005 before storming home to take the title. But they were not supported as heavily as the Eels this year.
After beating Melbourne in round 19 Parramatta's price firmed to $81 before they beat the Bulldogs in round 20, sparking a series of speculative bets as punters started to take their bid seriously.
Several punters swooped with bets of $2000 at $67 and another followed up with $5000 at $26 after they beat Cronulla in round 21.
Centrebet owner Con Karataris said last month his firm would lose $1million if the Eels took the title but a Centrebet spokesman said yesterday support from other teams meant the damage would now be more likely to be around $250,000.
Some bookmakers have cut their losses on the Eels by accepting several large unsuccessful bets on St George and Brisbane. Bookmakers would be stung in several ways if the Eels win given the solid support for an Eels-Geelong AFL-NRL premiership double and an Eels-Jarryd Hayne premiership-Dally M double.
A Storm win would be a much better result for bookmakers and most of the money yesterday was flowing Melbourne's way. Melbourne's biggest price this year was $11 after they lost to Manly in round 24.TAB Sportsbet has taken three $10,000 bets on Melbourne at odds of around $1.65 since the weekend.
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