According to that article in the Daily Telegraph, the bet was placed with Sportingbet. I don't know if The Hog read the rules of Sportingbet's site, but the maximum payout for an internet bet is $50K per win.
The article also says the gambler placed a $2,500 bet on Hindmarsh at 21:1 to win the medal. Of couse, this would theoretically pay out $52,500, exceeding Sportingbets payout limit. The maximum wager that should have been placed is $2,380 for a payout of $49,980.
So no matter what happens, even if he wins the bet, The Hog has still wasted $120.
We can also work out that a $65k win at 13:1 if the Eels win makes for an original wager of $5,000. Of course, the maximum payout is $50K - in this case the maximum wager should have been $3,846 for a win of $49,998.
So again, no matter what happens, in this case The Hog has wasted $1,154.
The Hogs total out of pocket waste from this little excercie is $1,274.
As Forrest Gump once said... "I'm not a smart man..."
SBA Rules.pdf, Section 38. It's on their web site under About Us.