Sports betting Philippines is a low-risk venture, with odds and lines designed to balance the books. However, history is filled with sports betting Philippines upsets that left bookmakers reeling. In this article, we’ll delve into some of the most significant sports betting upsets, revealing the staggering losses sportsbooks incurred.
Notable Sportsbook Loses
Leicester City’s EPL Triumph – $11.4 Million Loss
In the 2015–2016 English Premier League season, Leicester City won one of the most remarkable upsets in football history by winning the title. Bookmakers had initially given them 5,000-to-1 odds to clinch the championship. When they defied the odds, it resulted in a combined loss of $11.4 million for England’s top three bookmakers, with Sky Bet paying out a record $5,193,676 to bettors.
Ronda Rousey’s Shocking Defeat – $240,000 Loss
Before UFC193, Ronda Rousey was an unbeaten force in women’s MMA with a 12-0 record. Bookmakers favored her heavily in her bout against Holly Holms, who was the underdog. However, Holms delivered a stunning knockout victory. The upset led to significant losses for many Las Vegas sportsbooks, particularly at the MGM Sportsbook, which faced a loss exceeding seven figures due to the overwhelming support for Rousey.
Buster Douglas Knocks Out Mike Tyson – $57,000 Loss.
In historic boxing, heavyweight champion Mike Tyson took on the underdog Buster Douglas in 1990. Tyson was widely expected to win, and the Mirage Hotel was the only sportsbook offering odds on Douglas. Jimmy Vaccaro, the Mirage’s oddsmaker, took significant bets on Douglas at long odds, resulting in a payout of over $57,000 when Douglas knocked out Tyson in a monumental upset.
Sportsbooks, like bettors, are not immune to the unpredictability of sports events. These upsets remind us that no matter how carefully the odds are set, the underdog can always triumph, leading to substantial losses for bookmakers. To mitigate risks, both bookmakers and bettors need to stay informed about the latest gaming strategies and online betting odds. If you’re looking for a reliable platform for online gambling, consider OKBet online casino Philippines, a safe option for betting online in Singapore, offering up-to-date odds and valuable insights into various gambling techniques.
FAQ: Sports Betting Upsets and Sportsbooks’ Losses
Are sportsbooks consistently profitable, or can they suffer losses?
Sportsbooks aim for balance, but they can incur substantial losses when unexpected upsets occur. These losses occur when many bets are placed on the underdog, and that underdog prevails.
Why do sportsbooks offer long odds on underdogs if it can lead to significant losses?
Sportsbooks use long odds to attract bets on the underdog, as it helps them balance their books and reduce the risk of losing big. It’s a strategy to encourage more betting action on the less-favored side.
What was the most significant sportsbook loss in history?
One of the most considerable sportsbook losses in history occurred when Leicester City won the English Premier League in the 2015-2016 season. This shocking upset led to combined losses of $11.4 million among top bookmakers.
How did Ronda Rousey vs. Holly Holms fight affect sportsbooks?
Ronda Rousey’s unexpected defeat to Holly Holm resulted in substantial losses for Las Vegas sportsbooks, with the MGM Sportsbook incurring a loss well over seven figures due to the heavy support for Rousey.
What is the story behind the Buster Douglas vs. Mike Tyson upset?
Buster Douglas’s knockout victory over heavyweight champion Mike Tyson in 1990 was a historic boxing upset. Mirage Hotel, the only sportsbook offering odds on Douglas, took significant bets at long odds, resulting in a payout of over $57,000 when Douglas won.