The Foxes 5000-1 success was excellent news for the bookies. Just don’t expect the bookies to say so – shouting approximately losses is favorable marketingThe bookies took a proper conventional caning on Leicester City,proper? Don’t believe a word of it. The part of the tale that is correct is that the Foxes’ triumph, at odds that started the season at 5000-1, or ensured a loss for most bookmakers on the thin market in predicting the outright winner of the Premier League. William Hill,for example, is paying out £3m for a net loss of 2.2m.
But note just how thin that market is. Betting, or for most punters,is a game of instant gratification, and a full Premier League season, or running 38 games and lasting nine months,rarely brings out big money. William Hill took less than £1m in bets and would expect to see more activity in Premier League games on any given weekend.
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Source: theguardian.com