Ladbrokes has called time on giant football odds after Leicester City’s Premier League win slapped the bookmaker with a multi-million pound payout earlier this year.
Odds for Leicester City had been 5,000/1 when the league kicked off and cost Ladbrokes £3m when the underdog outsider team won. Fellow bookmaker William Hill said its costs had been between £2m and £3m.
Ladbrokes is now offering odds at a maximum of 1,000/1 for outsider teams such as Burnley in the English Premier League, which will start on 13 August.
“It is not a definitive policy, but it’s the reality for us now,” Ladbrokes spokesman Alex Donohue told City A.M.
However, Leicester City’s surprise victory has inspired a new wave of support for unlikely winners.
“In the wake of Leicester City’s win, business on outsiders is up 300 per cent season-on-season,” Donohue added. “Lots of football fans have all adopted an outsider for the season if they don’t support that team themselves.”