Poor bookies. With Leicester City pulling off the improbable and winning the Premier League on Monday, the three largest bookmakers in England will lose $11.4 million together, according to Darren Rovell of ESPN.
At 5000-to-1 odds at the beginning of the season, Leicester, defied all logic and dominated with no-name players like Jamie Vardy and Riyad Mahrez becoming world superstars. Leicester has played 36 league matches this campaign, losing just three. And for all those who placed bets, what a pay out.
New Leicester City shirt pic.twitter.com/OpLEaeX5U8
— Darren Rovell (@darrenrovell) May 2, 2016
From ESPN:
Ladbrokes officials said the 130-year-old betting company took 47 bets on the Foxes up until September, when the team's winning ways changed their odds to 1,500-to-1. Ladbrokes will lose $6.6 million, and that's after settling 24 of the 47 bets at cheaper payouts.
In early March, Ladbrokes successfully paid off some of its biggest liabilities. Their largest bet, $72, gave the bettor $106,000. They paid off another bettor who made a $30 bet with $42,570.
In the end, the two settlements saved the company more than $360,000. But 23 customers let it ride, including a 20-year-old woman named Karishma Kapoor, whose $3 bet will net $14,600.
William Hill officials tallied their losses at around $3.2 million. They had only 25 bets at 5,000-to-1 but still aggressively sought to make settlements until the last minute.
Props to those who had the courage to bet big on the Foxes. What a day Monday was.
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