English Bookies Lost a TON of Money on Leicester City’s Premiership Title

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Leicester City’s unlikely rise to the top of the Premiership was solidified yesterday with a Chelsea-Tottenham draw that saw long-shot bettors cashing in on 5,000-to-1 odds for the Foxes’ first-place finish.

As great as it was for those who placed the bets, it was equally painful for those who took them. One estimate of the burden to England’s top three bookmakers puts the sum at $11.4 million.

Of course, in immediate hindsight, it seems pretty crazy that anyone would place 5,000-1 odds on any team in such a small field. After taking their lumps paying out these bets, sports betting house Ladbrokes seems to agree:

Photo via Getty.

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