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Online Betting Service Predicts Another Google IPO Price Drop

WebProNews
Staff Writer
Published: 2004-08-18

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Based on Betting Action, SportsBook911.com Previously Predicted First Google IPO Slash, and Now Says it will Happen Again Based on Onslaught of 'Under' Betting.

SportsBook911.com, a leading online betting service that predicted on Monday that Google (Nasdaq: GOOG) would have to slash its IPO price, said today that Google's new range of $85-95 a share is still too high and will be slashed again. SportsBook.com is basing its latest prediction on the same input that prompted its first correct forecast: extremely heavy action by bettors that the IPO will go for less than
Google's predicted price range.

Earlier this week, SportsBook911.com temporarily suspended "over-under" wagering on the Google IPO auction after an onslaught of bets from New York and California saying the search engine would have an opening price of less than $110 per share, which was on the low end of Google's own forecast of $108-$135 per share. The temporary suspension was lifted later on Monday with a revised wagering platform that includes five price points, with varying odds for each, for the stock's opening price and closing price. Initial wagering was for the opening price only.

Today, when Google announced it had slashed its range to $85-95 per share, SportsBook.com changed its over-under line accordingly. "Even with the change, we are getting besieged by bets saying the IPO will come in under Google's forecast," according to Mike Nickels, president of GC Sports Group, which operates SportsBook911. "Our clientele certainly was right the first time, and I have to say they are most likely going to be proven right again. I would look for an IPO in the range of $75-80 per share."

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