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Bookies out-foxed by Leicester title surge

Bookies out-foxed by Leicester title surge
May 4, 2016
Bookies out-foxed by Leicester title surge

William Hill (WMH) was hit hard after paying out £3m on the back of Leicester FC bets. The company said it had lost £2.2m in all on the English Premier League - 10 times the previous worst result.

And there's no doubting those 25 wagers at 5,000-1 on the Foxes raising the trophy - the largest being £20 by a punter in Manchester - hit hard.

Management said it thought the gambling industry had paid out £15m leading to losses of more than £10m, although some estimate the industry as a whole could be on the hook for £50m.

Ciaran O'Brien, the group's spokesperson, said: "These are quite simply the biggest odds we have ever paid out on and we have lost £2.2m on the Premier League market.

"That said we are happy to celebrate along with the 25 customers who took William Hills odds of 5,000-1 on Leicester at the start of the season as there is nothing like an upset to encourage loyal fans everywhere to back their team next season."

David Williams, spokesman for Ladbrokes (LAD), said his firm too had lost £3m on the 'who will win the Premier League' bet thanks in part to the fact it too had offered 5,000-1 odds on a Leicester win.

He said only roughly 50 punters had backed the Foxes for Premiership glory meaning the damage had been mitigated and that such long odds are unlikely to be repeated.

"Bookmakers have had their fingers burned paying out a 5,000-1 bet and they won't make the same mistake again because more people might back those long shots," Mr Williams said.

He added while Leicester was one of the least-backed teams in the Premier League, the same was unlikely to be said next season for similar hopefuls. "Hundreds will back the liks of Burnley and Watford as they will think 'it could be us' and for that reason I think the bookies have a lot to look forward to," he said.

Prior to the 5,000-1 odds, the biggest bet William Hill had paid out was a 2,500-1 shot to Peter Edwards who in 1999 backed his then 18-month-old grandchild to play for Wales. This came true in 2013 when Harry Wilson, Mr Edwards' grandson, made his international debut.