A reminder - Pre-season Odds for Leicester City. Oh, if only.

Everybody is talking about Leicester City this days, aren’t they?! I mean, people, especially football fans, always talk about the club that won the Premier League at the end of that season. But this wasn’t an ordinary season and Leicester City weren’t just ordinary winners. This season was truly remarkable, the most thrilling, the most amazing season since the inception of the Premier League, and probably the season with the most surprising outcome since the very beginning of English football history. Not only that a club which weren’t considered to be favourites won the title, but Leicester City were in fact relegation favourites. It was so unimaginable that Leicester would come on top of the Premier League. In fact, at the beginning of the 2015/16 bookies thought that there were more chances of Simon Cowell becoming the next British Prime Minister, than for Leicester to win the league.

It was more likely for any of us to win a jackpot on an online pokie machine. Yet it did happen. Leicester City is a proof and testament that amazing things do happen. If Leicester could win the league, why wouldn’t you win a pokie jackpot? Check out Pokies List and who knows!

Odds at 5000/1

The odds for Leicester winning the league 2016 were 5,000/1. For every wagered pound anyone who placed a wager on LCFC would win £5,000. And it wasn’t considered surprised back then. Leicester were a team that barely survived relegation in 2015 and their newly appointed manager was previously sacked as manager of the Greek national team after a shocking defeat at the hands of Faroe Islands. After winning the title, Ranieri had to remind us all that he is the same man that was fired by Greece.  Find out what Leicester ‘s odds for 2017 are here.

A squad that cost only £54m

Leicester City had a squad that cost only £54 million, same amount that Manchester City paid for one player- Kevin De Bruyne. Some of the their key players, like Jamie Vardy and Riyad Mahrez were acquired for a million quid or less, whereas others were simply sacked by other clubs and then hired by the Foxes. Jamie Vardy, for example, was bought for £1 million, from Fleetwood Town, whereas Riyad Mahrez transfer was around £400,000 and he joined Leicester from French club Le Havre, which competed in the second tier of French football. Marc Albrighton and Christian Fuchs joined the club for free, whereas only one million each was paid for Danny Drinkwater and Wes Morgan.

Was it that unbelievable?!

With odds at 5,000 and knowing what potential the other clubs had, hardly anyone would dare betting on Leicester to win the league, some may think. Nothing could be further from the truth. Seeing how high the odds were, many fans thought it is a risk worth taking, and others simply wagered as a joke. One should not forget that Leicester had a remarkable finish of the 2014/15 season, when they managed to avoid relegation, even though they were bottom of the table during Christmas. They managed to win 7 of their last 9 games in the league and this should’ve been a clear indication that these players have potential as the squad. However, following the scandal involving their previous manager and the appointment of Ranieri, many became sceptical.

Talk about unlucky

There is literally no previous example of a single bet with 5,000 odds being a win. Even if we take the lower odds of 2,500 that were offered by some bookies, it is still remarkable. In fact, Leicester’s title win cost bookies £25 million. And this is mostly due to the fact that many punters cashed out early, towards the middle of the season or so, otherwise the bookies would’ve lost a lot more. One unlucky punter wagered 50p on Leicester winning the league, which would’ve brought him £2,500 at the end of the season, but instead he chose to cash out after their first win and received only 45p, which is 5p less than his original stake. Well played mate!

Others were quite fortunate

Others were luckier though. One unnamed Leicester fan placed a £50 bet on Leicester and he cashed out in March this year. He received £72,335, which is £177,665 less than what he would have originally received had he waited. The fan stated that there’s no reason to be greedy and that 72 grand is more than enough money. A 20 year old Leicester City fan and a citizen of Leicester kept his nerves during the entire season and earnt £10,000 with a £2 bet. Two fans accepted £4,381 on their £1 bets only hours before the Man United – Leicester game started, just a day before Leicester officially won the title. Some Leicester fans, despite all their joy and ecstasy after witnessing their team win the league in such a fashion, must’ve thought – “If only I placed at least a fiver on Leicester! Oh, if only!”

Will this affect future bets?

Many claim that such a thing will never happen again, or at least not in the near future. Some bookies have already stated that never again will they offer such high odds, because no matter how improbably it may seem, it is still possible. The extraordinary success of Leicester City this season will probably change the way bookies calculate the odds for the teams that are considered obvious underdogs. Others claim that essentially bookies will benefit from this, as fans will simply start backing up their teams with £2, £5 and £10 bets, and since only one team can win the league, the bookies will be making a profit.