Odds-on Foxes may bleed bookmakers

Leicester City's midfielder Riyad Mahrez during the English Premier League football match between Leicester City and West Ham United at King Power Stadium in Leicester, central England on April 17, 2016.
Leicester City's midfielder Riyad Mahrez during the English Premier League football match between Leicester City and West Ham United at King Power Stadium in Leicester, central England on April 17, 2016.PHOTO: AFP

British bookmakers are now giving Leicester City a 96 per cent chance to win the Premier League.

This means the long odds - 5,000 to 1 and even 2,000 to 1 in October - they offered at the beginning of the season will hurt them hard.

The Financial Times reported that Leicester's win will be the biggest shock in betting history, with Britain's high-end bookmakers set to pay out about £10 million (S$19.64 million) to several hundred people who backed the unfancied side.

Bookmaker Coral even estimates that the total payout across Britain could reach £50 million.

A version of this article appeared in the print edition of The Sunday Times on May 01, 2016, with the headline 'Odds-on Foxes may bleed bookmakers'. Print Edition | Subscribe