UK Bookmakers Could Lose $49 Million on English Premier League
Posted: January 16, 2014
Updated: October 4, 2017
Bookies bleed cash after the stronger clubs won all seven matches over the weekend.
Representatives of top UK bookmakers reported that the industry may lose up to $49 million on the latest round of English Premier League football matches, as all seven games were won by the favorites. According to UK gambling laws sportsbetting is legal and enjoys tremendous popularity.
As bettors generally choose the teams favored to win, bookies rely on unexpected slip-ups to make most of their money. That didn’t happen this time around. Reuters reported that while the stronger clubs had the shortest odds (meaning they produce the smallest payouts) they also attracted the most bets, indicating the essentially conservative nature of bettors.
Historic day for bettors, bad for bookies
The big bookies like Betfred and Ladbrokes operate betting shops as well as online sportsbooks in the UK. Many now prefer the convenience of placing bets online. Usually that means a larger net win for bookmakers. Not this time.
The bookie Coral said via Twitter that the weekend had been “one of the worst” in its 88-year history, and “the best day ever” for football bettors. Ladbrokes reported that one patron won GBP 18,000 by placing a measly GBP 5 bet.
While the weekend was dour for UK bookies, don’t feel too bad. They’ll recover their money over the next rounds of matches. It’s nice to see the bettors get the best of them once in a while.