Betway Sportsbook, one of the world's leading betting and gaming companies, may have just earned the title for biggest individual market loss, ever. The online bookmaker began the season by giving the Leicester, recently named the Premier League champions, a ranking of 2,500/1.
Things really began to go south back in October, after Betway placed a series of bets at 1,000/1, after the Foxes had landed a win. By Christmas, the company underestimated Leicester once again, ranking them as having a 10/1 chance, despite being two points clear of Arsenal at the top of the table. Now, Betway is forced to live with the consequences.
Betway's, Alan Alger, commented “Leicester winning the Premier League is the most remarkable story in the history of the competition, if not football as a whole. This most unlikely triumph will not be forgotten by both fans and bookmakers. For fans it's jaw-dropping elation, while for us bookies it's enormously expensive.”
Alger added, "Nobody can be sure of what will happen next season, but we think the big clubs will return hungrier than ever to claim back the title. Still, if Leicester can hold on to their top players then there's no reason they can't continue to compete at the right end of the table and we're offering 7/1 they finish in the top four."
The bookmaker does not expect Leicester to have the same luck next year. They will appear in the Champions League, a first in the club's history, for the 2016/17 season.
sharpe
7 years ago
Poor bookies...I just couldn't feel sorry for them, no matter the odds there still much bravery needed for a punter to place his money on Leicester CIty's title even when they all ready were at first place in the standings. Still glad to hear there was good number of winning bets at Betway.
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h34dhunt3r
7 years ago
I will say it again, I am freaking happy about this. Not because someone lost his money, but because people won it betting on underdogs and winning that way. Well yeah, I am kinda happy because bookies lost since those kind of business are multi billion ones, and losing few million dollars wont affect their job security...
I will say it again, I am freaking happy about this. Not because someone lost his money, but because people won it betting on underdogs and winning that way. Well yeah, I am kinda happy because bookies lost since those kind of business are multi billion ones, and losing few million dollars wont affect their job security anyway. They will recover during Euro that is held in France this summer.
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