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.
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
Speaking as a former (professional, thank you) bookmaker from 1973-1979, I do not want to see these yokels cease their yammering, though. Can't even begin to calculate how much money they put into my pocket over the years.
And, tophat, may I please assure you that British bookies, particularly Ladbroke's and the lads, are absolutely top shelf regarding their skills at their enterprise. You will almost NEVER see a "bad" bookie, m'FRiend: they've gone broke. The Leicester punters very likely cost the books only a pittance; I've no actual idea, but I'll gladly wager you dinner at Four Seasons against lunch at Mickey D's that that vaunted 5000-1 quote lasted about a week, if that, and came in so rapidly thereafter that the punters had to sit down from dizziness.
FReegards,