English Bookies Lost a TON of Money on Leicester City’s Premiership Title
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.
Leicester City’s improbable Premier League win costs England’s top 3 bookmakers $11.4 million https://t.co/oksemqIihu
— Darren Rovell (@darrenrovell) May 2, 2016
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:
After Leicester City, bookmakers at Ladbrokes have now said they will never again offer 5000/1 odds on a soccer team to win a title — Darren Rovell (@darrenrovell) May 3, 2016
Photo via Getty.