Bookmakers See 300% Rise in Bets on Outsider Teams
While bookmakers may have initially lost a lot of money when Leicester City won the Premier League last season they are now raking it in as it seems that the team has inspired a 300% rise in bets on outsider teams.
It is thought that the betting industry lost around £20 million when Leicester won the title. However, a spokesman for William Hill recently said that it was one of the best publicity moments for the bookmakers of all time. A spokesperson for Ladbrokes echoed the sentiment and said that it has led to an increase in betting on outsider teams.
However, the bookmakers are being a bit more cautious this season with the longest odds on an outsider to win the League at 1500/1, far shorter than the 5000/1 available on Leicester. In fact some are saying that bookmakers are unlikely to offer odds like that ever again.