Bookmakers Payout £25 Million Following Leicester’s Triumph
It has finally happened, Leicester City has won the Premier League and while fans are still celebrating bookmakers across the UK are weeping.
Sky Bet was the worst hit of the bookmakers with a total of 128 punters backing the team to win at the pre-season price of 500/1. The largest payout went to a punter who opted to cash out their £35 bet for just over £130,000 following the team’s 2 – 0 win at Sunderland while three other customers have received six-figure payouts.
In total UK bookmakers are paying out £25 million to fans who backed the team at various points throughout the season. At the beginning of the season the same odds were available on Elvis Presley being found alive this year showing just how unlikely a Leicester City win was considered.
According to Ladbrokes the result will change the face of sports betting forever. A spokesman said that they will never again offer odds of 5000/1 on a team winning the league. The spokesman said that they thought Leicester winning “was in the realms of ridiculous” and for comparison said that the longest odds on a Grand National winner were 100/1 and England were at 250/1 before they won the Ashes in 1981.
At Ladbrokes there were 57 people that placed bets when the odds were 5000/1 and all but 21 of them accepted earlier cash-out payments at lower odds. The highest remaining bet was £20 which earned the winner £100,000.
Despite Leicester’s fairy-tale season bookmakers clearly aren’t confident that it will continue, the odds on Leicester winning next season’s Champions League are fairly long at 50/1 and there are odds of 33/1 that they will retain the title next year.