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Any Brits (or Others) Holding a Leicester Lotto Ticket?

Discussion in 'The Sports Book' started by thecarve, Apr 10, 2016.

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  1. thecarve

    thecarve Misanthrope

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    So, I was just looking through some pictures from my trip to Wynn last summer and came across this:
    [​IMG]

    For those folks not into soccer, Leicester City has a commanding lead in the English Premier League with about a month left in the season and are showing no signs of loosening their grip on the top spot. At this point, it would essentially take a Spieth-like choke job for them not to win the title. (That said, I'd be putting a few bucks on a Tottenham hedge if I was holding a LC ticket right now!)
     
  2. Shipppp09

    Shipppp09 Tourist

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    I believe many UK bookmakers were offering odds quite abit larger then this, 5000/1 at quite a few places! There has been numerous stories in the news of folk who have had £5/£10/£20 at 5000/1!! Some have cashed out and some are letting it roll, not me unfortunately :thumbsdown:

    After this weekends results it would take a Speith esk meltdown to throw it away from here,9 points clear with 5 to play and a favourable run in.
     
  3. Marky147

    Marky147 High-Roller

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    Mate of mine backed them at 20/1, without the top 6 sides, and that must almost feel like a losing ticket, lol.
     
    Double digits!
  4. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I saw an article a week ago stating that UK books are standing to take a beating if LC holds on. I cannot imagine 5000 to 1 odds!
     
  5. LondonCalling

    LondonCalling Tourist

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    UK books are not taking a kicking on this at all. A handful at most will have backed Leic whilst thousands will have backed the top teams in the league.

    This is almost certainly the best season UK bookie have ever had in terms of the outright league winner
     
  6. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Really? Here is the article I saw previously:
    http://www.espnfc.com/leicester-city/story/2843196/leicester-city-title-could-cost-english-bookmakers-$14m

    I don't pretend to know a lot about soccer betting. How are these conclusions wrong?
     
  7. Marky147

    Marky147 High-Roller

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    Wouldn't surprise me if bets on Chelsea alone covered their Leicester liabilities.

    Like yourself, i'm not all that clued up on it, but I'd think London Calling is probably close to the mark, and they have had it right off this year.
     
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  8. stackinchips

    stackinchips High-Roller

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    I don't know much about soccer, but if shops were really giving out 5000/1, they're in trouble. Think about it, for every $20 bet on LC at those odds, they need $100k in action on other teams, just to break even. So let's just say that a shop only has about $1k in total action on LC. They would still need $5M to break even. You really think those books are making money on this? Typically when long shots hit the board on these futures bets, the house has a lot of exposure not because there's a lot of money there, but because they need 5000 bet on other teams for every dollar on the dog. It only takes a handful of bets to break the bank. I would be surprised if the don't take a bath on that action.

    ETA: After reading the link above, how could you possibly think the books are making money on this? When they're actively trying to buy back action on $7 bets they are trying to mitigate an outright disaster.
     
  9. TehRed

    TehRed Tourist

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    You just know that there's a few die-hard Leicester fans out there who dumped a tenner on them winning the league at the start of the season because it would be "funny" and they really are so die hard you guys (see also: Liverpool fans) and now the jammy buggers are set to win big.
     
  10. LondonCalling

    LondonCalling Tourist

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    There is no doubt the bookies will be paying out substantial sums to those who had £10 and £20 bets on Leic at the 5000/1 odds.

    However, the bookies over here always love a sob story. They claim to be losing when a load of favourites win at a horse race meeting, or when 4 or 5 big names all win on the same weekend (Man U, Chelsea, Man C, Arsenal, Liverpool) yet you never hear the other side of the story.

    There is no mention here of the overall liability of the book and you will never hear about that - only the headline payout amounts and those have to be taken with a complete pinch of salt. What about the millions that have undoubtedly been bet on all the other teams both pre-season as the race for the title has evolved? What about the big hitters who were betting thousands on Man C after a few weeks when they were 4/11 to win the title. Where has all that money gone?

    Also, the people expressing their opinions are the bookmakers own representatives. They are in the spin industry. It's a good story to hear a bookie is apparently losing millions, as I have no doubt it generates some good future business.

    It is also not in doubt that if (when) this happens this will easily be the biggest sporting shock I have known in my life and the biggest odds I have ever heard of winning a single event and I doubt we'd ever see such odds offered on anything again.
     
  11. Marky147

    Marky147 High-Roller

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    The EPL is an absolutely monstrous betting avenue, with millions wagered on individual matches on the exchanges alone, every week.

    It says that it could cost the bookies £14m, and I stand by my initial statement. The bookies are making money, because the big punters are all likely to have smashed into the Chelseas/Cities, and they're putting on more than the odd $5 from their savings jar.

    Also, the bookies offering buyouts, aren't doing it at sums in the punters favour, they're doing it at prices they think will make the customers cave, like the 'Deal or no Deal' gameshow. They'll never offer the correct value, because most people will happily give up equity, in order to alleviate risk.
     
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  12. BayouBengal

    BayouBengal VIP Whale

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    Is it even legal in the us for books to buy back bets?

    For us Americans I'm guessing this would be like the Cleveland Browns winning the super bowl. Wait never mind, that'll never happen.


    Sent from my iPhone using Tapatalk
     
  13. LondonCalling

    LondonCalling Tourist

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    The buying back of bets or "cashing out" as they call it, is really common over here these days.

    The Leicester bet is an extreme example, but bookies love the cash-out feature for sure. They get the vig on the market when the bet is placed, and then get more vig again when people cash out. As said above the "deal or no deal" comparison is the key. You do not get fair value on your cash out, but it preys on the minds of those who have potential winnings and want to take profit now and remove the possibility that they end up with nothing.

    Browns winning the superbowl isn't on the same planet. Right now that's a mere 250/1 shot :)
     
  14. IxAccDnf

    IxAccDnf VIP Whale

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    Article on Bloomberg by a guy who bet 20 pounds on them for years and didnt this year after he moved to New York
     
  15. IxAccDnf

    IxAccDnf VIP Whale

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  16. simundo26

    simundo26 Low-Roller

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    one guy bet 50p at start of the sason at odds of 5000/1 but then cashed out soon after for 45p
     
  17. Guy

    Guy Low-Roller

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    I'm sure not a single bet on Leicester was placed at the start of the season in any seriousness, just fans who always bet a few quid on their team out of loyalty (probably also bet they'd win the FA Cup).

    The bookies would have taken (literally) millions of bets on Chelsea at the start of the season which they've never been in any danger of having to pay out, let alone all the bets on ManU, City, Arsenal, Spurs that were in with a chance of winning.

    The local branch managers of the various betting shops in Leicester itself will probably miss out on their annual bonus with all the payouts but that's as far as it will go. (Although they'll make most of it back on bets for next season when they'll come nowhere as usual).
     
  18. radvegas

    radvegas Low-Roller

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    This is the most accurate comment on the subject :nworthy:
     
  19. Grandad

    Grandad Tourist

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    As I only live a few miles from Leicester I do know of one individual who had £10 at 5000/1 and despite William Hill trying to bribe him for the past month to settle at an offer price, he has refused so come Sunday when we play Man U , will we be there. Ladbrokes have confirmed it will cost them £3 Million if Leicester pull it off. Gary Liniker will be in his underpants.. ( for our US friends) he stated on air that if Leicester won he would sit in just his underpants whilst conducting the sports show. The BBC have stated they will allow him to do it.. Come on Leicester !!! I am coming to Vegas for a week on the 10th.May ,
     
  20. thecarve

    thecarve Misanthrope

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    How cool is it that lowly Leicester has a chance to clinch it at Old Trafford?!
     
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