05/08/2014 10:35AM

Big Candy Boy bet came from Isle of Man hub

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Barbara D. Livingston
Candy Boy finished 13th in the Kentucky Derby.

LOUISVILLE, Ky. – The huge Kentucky Derby wager that dropped the odds on Candy Boy from 16-1 to 9-1 totaled just more than $1 million and was placed through an offshore account-wagering hub based on the Isle of Man, Churchill Downs officials confirmed Thursday.

Mutuels director Rick Smith said the unusually large wager was “dumped all at once, in the cycle that came in just before the race,” but that it was “possible” the wager had been made well before then. He added that the nature of offshore wagering means the bet could have been placed by computer from virtually anywhere in the world.

“Usually, when we send out odds and other information, the sites in turn regularly dump their win bets in as the bets are made, so it’s possible they held this huge bet until the end, although not very probable,” Smith said. “There’s no way for us to verify that it was one person making the wager, but you’d have to think it was.”

Smith said he was unsure whether the Isle of Man outlet “is one entity or hundreds of entities. They’ve been betting with us for quite a while.”

The Isle of Man is a British dependency located in the Irish Sea and is not part of the United Kingdom.

Candy Boy, trained by John Sadler, was never a threat in finishing 13th of 19 under Gary Stevens. The Derby was won by California Chrome, whose odds as the favorite tipped up from 2-1 to 5-2 after the gates were sprung; he paid $7 to win. The Derby win pool was more than $35 million.

The huge bet on Candy Boy was highly unusual but not unprecedented in the Derby. In 2006, a big bet of an undetermined amount came in a few minutes prior to post time and made Sweetnorthernsaint the $5.50-1 favorite. He finished seventh.