Bookmakers lose $11.4 million thanks to 5000-to-1 Leicester City
Leicester winning saw bookies lose some serious dough.
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
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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