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Sparkling Trades

'Million-to-one' gamble pays off

By David Oakley

Published: December 22 2006 02:00 | Last updated: December 22 2006 02:00

It was called the "million-to-one-chance" trade - but when James Chanos bet that the online gambling business was about to implode he hit the jackpot in one of the sweetest deals of the year.

His hedge fund, Kynikos Associates, had put a large slice of its $3bn in assets on a bold punt that shares in the internet gambling sector were about to go into free-fall.

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