Leicester City Win Leaves Bookies with £25 Million Loss

UK bookies pay £25 million after Leicester City win.

Leicester City’s Premier League win costs bookmakers in excess of £25 million. (Image: SkySports.com)

Leicester City winning the Premier League has cost bookmakers more than a pretty penny according to the latest stats.

Heading into the final stages of the season many of the UK’s leading bookies were looking tentatively at the top of the table as the Foxes closed in on an improbable win.

Eventually, however, despite being ranked as 5,000/1 outsiders by most bookmakers, Claudio Ranieri’s managed to overcome the odds and earn thousands of fans millions of pounds in payouts.

Although the majority of the money wagered on Leicester was by the team’s loyal supporters, early estimates suggest that bookmakers, including William Hill, Ladbrokes, and Paddy Power, have paid out more than £25 million.

Largest Loss in History for British Bookies

That figure makes it the largest loss by a British bookmaker on a single sporting event by a considerable margin.

Indeed, the last time the bookmakers were on the hook for a potentially punishing series of payouts was back in 1988 when the industry line was set at 2,500/1 for Eddie the Eagle to win the Winter Olympics.

Fortunately for the bookmakers, Eddie was unable to leap into the history books in the ski jump event, but the industry’s operators had no such luck, this time, around with Leicester City.

Reports suggest that Sky Bet lost around £5.25 million following City’s win with one punter managing to scoop an impressive £200,000 after a £40 stake at 5,000/1.

As expected, the bookies aren’t dwelling on the past and many are already offering odds on next season’s Premier League title race.

However, this time, the odds makers are erring on the side of caution when it comes to Leicester City with TonyBet (the sportsbook front by Tony G) offering early odds of 200/1.

Of course, it’s not all smiles this week as some punters are currently regretting their decision to cash out early. In fact, one Ladbrokes customer, in particular, will be ruing his luck after he decided to call time on his £0.50 bet (at odds of 5,000/1) when he was offered a £0.45 settlement!

Brits Look Betting on US Politics

In other betting news this week, new data has shown that the regulation of online betting in the UK has prompted more people to speculate on political events from around the world.

According to an article by the International Business Times, Brits are spending millions on the outcome of the US election. Unlike the US where sports betting is only legal in a handful of states, UK gambling laws allow anyone over the age of 18 to ante-up on a variety of popular events.

In fact, such is the status of the UK’s betting sites when it comes to political matters, US publications such as the New York Times often quote the latest odds in their reports.

So, while the promotion of Donald Trump to the position of president might not affect us in the UK directly, it could help line the pockets of those with an interest in US politics.

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