Paddy Power Betfair scraps long odds after Leicester win
Published 08/05/2016 | 02:30
Paddy Power Betfair is rowing back on offering extremely long odds after losing £4m (€5.06m) on Leicester City's shock Premier League win.
Nine months ago the 5,000-1 against odds being offered on Leicester City winning football's Premier League title were higher than the odds of the Loch Ness monster being discovered. But the Foxes' triumph has cost bookmakers dearly.
A company spokesperson confirmed it was changing its policy on very long odds as a result.
"It's a case of once bitten, twice shy," the spokesperson said. "There's not a 5,000/1 shot in sight - and to be honest with you, it's unlikely that any side will be offered at those types of odds for some time."
Leicester City's win has had a genuine effect on how bookmakers are going about pricing the Premier League by proving it is possible for a side to come from nowhere and win the title.
Punters' behaviour is also changing as a result, Paddy Power Betfair said, as people are increasingly weighing in behind outsiders in case they pull off a "Leicester".
"Burnley, who were only promoted to the Premier League last week, are already the worst possible result for us" the spokesperson said.
"They're still 1,000/1 but despite their chunky odds we've seen more bets for them to win the title than for any other side bar Leicester City.
"Arsenal, who would traditionally be one of the most well-backed sides, have received less backing than any other side in the league as customers ignore the traditional powerhouses in favour of the underdogs."
Sunday Indo Business