Bookies paying big after Leicester City’s triumph

Bookmakers are shelling out record sums to bettors who waged on Leicester City Premier League title win.

UK.- After after Leicester City was confirmed as Barclays Premier League champion, bookmakers have been shelling out out record sums on wagers. The 5,000-1 odds was the most unlikely win for bettors on a single event in UK sports-betting history.

Sky Bet has paid £4.6 million (US$6.7 million) on Leicester’s triumph, with odds of 5,000-1 going into the first game of the season in August, paying out to 128 customers.

57 Ladbrokes customers also won, with 36 of which cashing out early and the highest remaining bet being a £20 (US$29.14) stake, giving the winner a prize of £100,000 (US$ 145,715.)

The total cost of Leicester City’s success to operators is estimated to be around £25 million (US$36.43 million,) reportedly more than any other event in sporting history in the UK. Moreover, Leicester’s win occurred in the same half of the year where bookmakers lost £3.21 (US$ 4.68) per customer at this year’s Cheltenham Festival.