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Also last summer, British bookmakers took bets at 5,000-to-1 odds that Leicester City, a historically weak English soccer team, would win the Premier League. The team has won, and it has reportedly cost the bookmakers 25 million pounds, or $36 million, the biggest loss on a single sports event in British gambling history.

Unless the British bookies were really bad bookies I doubt they lost that much... they was a few that bet on those long lines and there are a lot of people that bet everything else and lost money to the bookie.. the more people start betting The Longshot the more the Boogie started adjusting those Longshot odds down

An old Book Maker enlighten me about making book and odds a long time ago

odds have nothing to do with whether you think someone’s going to win or lose..... the odds are adjusted to attract or discourage bets to constantly keep the books in balance and no matter who wins the bookmaker break even ... and the bookie makes it on The Vig

it’s just like Vegas the house doesn’t Gamble... The Bookies not gambling else he be out of business fast