Leicester City takes online sportsbooks to the cleaners
Leicester City has completed its Cinderella storybook run and officially won the 2016 English Premier league title with Chelsea's 2-2 draw today against Tottenham Hotspur.
Leicester City was an eye-popping 5000/1 shot prior to the season beginning, meaning a $100 wager paid $500,000 for all bettors who had the wagering marbles to take a shot at such crazy odds.
A number of UK bookies offered players the chance to buy out of their wager for a guaranteed profit leading up to the epic win, including sportsbooks WilliamHill and Ladbrokes, but more than a few soccer bettors decided to hang on for the ride.
WilliamHill reportedly took 25 bets at the odds of 5000/1, 13 in their land-based betting shops in the UK and 12 online. The single biggest individual winner at WillamHill will take home £112,500, according to ITV. A spokesman for WillHill US (Las Vegas) also confirmed a six figure loss with a Leicester City win.
Online betting site Bovada told SBR that their single biggest winner walked away with a staggering $62,500 for a bet on Leicester City at +125000.
All in all, UK bookies are looking at a £15 million loss thanks to Leicester City clinching the title.
The silver lining for UK bookmakers is the upcoming UEFA Euro 2016 championship later this summer (June 10-July 11) which figures to be the most profitable part of the soccer year.
Sportsbook Review's Natalie Rydstrom reported earlier in April about the massive payouts then hanging in the balance with a Leicester City victory: