A Leicester Premier League Title Win Will Cost Books Over $15 Million

The Las Vegas Review Journal is reporting that even Las Vegas will suffer significant losses should England’s Leicester City club win this year’s Premier League title. 

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This comes despite few Americans having a familiarity with the football club when compared to say perennial winners Manchester United, Chelsea and Liverpool, each of which have large world followings.

MGM Resorts sports book director Jay Rood told the LVRJ he’s counting losses in the “low six figures,” and, combined with other Vegas sportsbooks, the estimated damages will be somewhere in the $1 million range. 

That’s because Leicester City opened at 5000-1 odds of winning the championship and are on the verge of doing so.  British bookmaker BetFred already paid out on all Leicester future bets last week.

“It’s ugly,” Rood said. “It’s not a huge deal, but it’s going to wipe out everything we’ve done to soccer because it’s such a low-handle sport for us. Anything associated with soccer will be a loser because of this result.”

Jeff Sherman, soccer oddsmaker at the Westgate Las Vegas, agreed.

“I have not seen anything close to this in a team sport as far as these odds actually cashing,” he said. “I don’t know what you could even equate it to. It’s crazy. It’s unbelievable.”

Imagine the Cleveland Browns winning the Super Bowl, and multiply that feat by 10, Matt Youmans of the LVRJ writes.

Books in the United Kingdom will be even more exposed with a total of $15 million in future wagers likely to be paid out when all is said and done.

- Alistair Prescott, Gambling911.com