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The glory of athletes transcends beyond the stage they play on. More than not, internationally renowned athletes carry more than their dreams alone as fans rally with them. Even the most unfavorable and unlikely have the chance to achieve greatness in the eyes of spectators.
Some people believe in athletes so much that they are willing to gamble their hard-earned cash. Gamblers and bookies take advantage of sporting events by setting up bets. In the end, only one of them truly wins. But luckily for hopeful betters, sometimes the most unlikely pick wins it all at the end, awarding them big money while leaving bookmakers reaching for their pockets.
Here are some of the biggest sportsbook losses in sports betting history.
Leicester City win the English Premier League – $11.4 Million
Beginning with one of the most remarkable upsets in recent history, Leicester City grabs the championship title in the English Premier League in the 2015-2016 season. Finishing 14th in their previous season, Leicester City was not expected to win the football competition at all. In fact, bookers gave the club 5000-1 odds before the season started.
Never having won before, the team was far from being the bettors’ top pick in whom to win the league. But the Foxes achieved the improbable by winning the league title, leading England’s top three largest bookers to lose $11.4 million. Sky Bet revealed they had to pay out £4.6 million to gamblers, the highest in the company’s record.
Holly Holm Defeats Ronda Rousey - $240,000
Ronda Rousey was demolishing the women’s division before the UFC193 event with an impressive record of 12-0. The bantamweight champion quickly became a favorite pick by bettors looking for a sure win. However, for her 13th match, Rousey needed to defend her title against former title holder Holly Holms. And despite being the underdog, Holms controlled the majority of the fight, stripping Rousey of the Bantamweight title.
According to USA Today, numerous Las Vegas sportsbooks suffered greatly from Rousey’s unexpected defeat. MGM sportsbook took their heaviest-ever loss on a UFC event of over six figures. Bets in favor of Rousey outnumbered Holm’s by a 5-to-1 margin, awarding winners with over 500% of their original bet.
Buster Douglas Knocks Out Mike Tyson – $57,000
The fight between Douglas and Tyson was a matchup that is immortalized in the boxing community. On February 10, 1990, underdog Buster Douglas faced the heavyweight champion Tyson, who is the most feared man in boxing at that time. The entire world was shocked as Tyson hit the floor after ten rounds, ending the match in a knockout in favor of Buster Douglas.
Back then, it was widely anticipated that Tyson would make quick work of Douglas that the only sportsbook that offered Douglas vs Tyson odds was the Mirage Hotel. In an interview with US Bets, Jimmy Vaccaros recalls that he accepted bets from $54K on 27-1 odds and up to $93K under 42-1 odds. Douglas’ win led the Mirage to award over $57,000 to winning gamblers. To this day, the match is still a hot topic within the sports community.
Conclusion
Upsets are not only history-defining moments in the sports community but also to the gambling world. One-sided bets are profitable and exciting, but odd-defying underdogs add an essence of thrill and excitement to sports betting. To avoid substantial losses, keep up to date on the latest gambling tactics and online betting odds by conducting frequent research on trusted online casino platforms.
CM2Bet is a reputable online gambling platform that updates current odds in Singapore pools and informative blogs on various betting and casino strategies. We also have a catalog of online casino games that you can try on your mobile phones or computers, including online slots, blackjack, and roulette.
Sources:
- https://www.theguardian.com/football/2016/may/02/bookmakers-record-payout-leicester-city-win-premier-league
- https://www.cbssports.com/soccer/news/bookmakers-lose-114-million-thanks-to-5000-to-1-leicester-city/
- https://fightsaga.com/fightsaga/news/tyson-vs-douglas-odds-some-lost-big-money/
- https://www.givemesport.com/1785286-ronda-rousey-was-knocked-out-in-the-second-round-by-201-outsider-holly-holm-six-years-ago-today
- https://bleacherreport.com/articles/2588608-ronda-rousey-vs-holly-holm-updated-odds-predictions-before-weigh-in
- https://www.usatoday.com/story/sports/ufc/2015/11/15/ronda-rousey-holly-holm-las-vegas-sports-books-bets/75822360/
