According to bookmakers, the probability for Elvis Presley is alive, Barack Obama admits that the Moon landing was faked, Simon Cowell becomes the Prime Minister, the discovery of extraterrestrial life until 2017, and a lot of other incredible events was higher than the victory of Leicester City F.C. in the Premier League 2105-2016.
At the beginning of this season, Leicester City was priced as high as 5,000:1 to win the Premier League. We can hardly come across such generosity again in the near future, since bookmakers have to pay out about 25 million pounds for the bets made on the incredible success of this team that has already won the title despite the fact that there are 2 matches left.
Leicester City F.C. started celebrating on May 2 after Tottenham’s (its nearest competitor) draw with Chelsea. The race for the title could go on only in case of the Tottenham Hotspur’s victory in that match. This story becomes really fantastic if you take into account the fact that Leicester City F.C. played in the second league in 2009, and only two seasons ago it returned to the Premier League, surviving in the Premier League with problems in the previous season.
To be sure, this history of success has another side. There are happy gamblers who have won huge amounts, betting on their favorite team:
- A 20-year-old Karishma Kapoor, a Leicester City fan, won £10,000 by betting just two pounds.
- A resident of Yorkshire, whose name is unknown, won 72,000 pounds thanks to his fifty-pound bet, made at Ladbrokes in March. It would have been able to bring him 178,000 pounds if he had not cashed this bet in advance.
David Williams, a representative of Ladbrokes, stated that the triumph of Leicester City F.C. would change the U.K. betting industry for ever. Bets with odds equal to 5,000:1 will never be accepted for the victory of any team in the Premier League, at least at Ladbrokes. Nevertheless, Fred Don, a co-owner of Betfred agreed to offer odds of 5,000/1 that Burnley would win the Premier League 2016-17. The odds for this event at Betfair are 1,500:1.
TonyBet decided to take a risk and offered the best odds in the industry (200:1) on Leicester City F.C. to win the title again in the 2016-17 season. Competitors offer at most 40:1.
According to Mr. Williams, the payouts for this event can be considered to be an anti-record for the entire 130-year history of the company. The biggest horse racing betting odds at Grand National were 100:1. A bet on the England cricket team’s victory in the match against Australia in the legendary 1981 allowed increasing the staked money 250 times. In 1990, you could multiply your bet size by 50, staking on Buster Douglas to beat Mike Tyson. The facts mentioned above give bookmakers a reason to reconsider the approach to betting on outsiders.
Mr. Williams reported that fifty six out of fifty seven 5,000:1 bettors at Ladbrokes cashed their winning with lower odds in advance. The most successful twenty-pound bet brought one hundred thousand pounds.