How Leicester City FC Cost the Bookmakers Millions


Sitting here writing this article, it still doesn’t sound quite right… Leicester City Football Club are the current Premier League Champions.

Whilst it has been an epic journey for their loyal fans, the bookmakers have been left with their tails between their legs. They did protect against the risk, albeit extremely small. From playing in England’s third tier football in 2009 to battling Premier League relegation in 2014/15. It was very little surprise to everyone that some bookmakers had priced them at 5000/1. It could be safely argued that the majority of football fans and punters would see this bet as a complete waste of money.

But as it turned out, some lucky individuals actually took the “joke bet” of the season. Profiting quite significantly from the eventual outcome.

Leicester City – Winning Bets

Perhaps the strangest story of winning bets is of the two firefighters (Mitchell Baldock and Jordan Wright) based in Stanford-le-Hope, Essex. At the start of the season they each placed a £5 on Leicester City at odds of 2000/1 by accident. They thought Betfred had made a mistake with their odds which was for Leicester to win the first game of the season. They eventually discovered their error at which point they were being mocked at by their working colleagues. These two bets were mentally discarded by both Mitchell and Jordan until later in the season when Leicester won triumphantly against Manchester City with a deserving 3-1 scoreline. Lo and behold, Leicester City carried on and the bets came in.

Figures suggest that in total, the payouts for Leicester City being crowned champions has resulted in payouts amounting to £25 million. This was not only the biggest ever premier league winner payout. But it was also the largest loss on a single betting market. Coral themselves report the payout costing £2m but also self admittedly reporting income of £1m for losing bets on the favourites.

2016/17 Season

Some bookmakers have already remarked that this has caused them to “recalibrate” their calculation processes. To protect against future outcomes like this. But that being said, word on the grapevine is that they are already rubbing their hands together. With anticipated bets being placed on Burnley, Brighton and Middlesbrough to be crowned next years Champions!

Finally, at Regular Refunds we do not promote gambling. We use a system, matched betting, to guarantee profit no matter the outcome. Try it yourself with our matched betting tutorials.

 

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