The history of sport is littered with astonishing David vs Goliath moments; times where the underdog ripped up the form book and went on to claim victory.
For the most part, bookmakers are a shrewd bunch. Their job is to create balanced betting markets, which attract equal money on both sides. They then lock in a profit from the margin they set.
However, it doesn’t always work like that in reality. If money starts flooding in on the favourite, the bookie reacts by slashing the odds. Of course, there’s still the need to attract money on the other side, so those prices are lengthened, and this opens up the door to the miracle bet – when the underdogs beat the odds.
Leicester City to win the Premier League – 5000/1
This is most likely the greatest underdog story of all-time. What makes it all the more remarkable is Leicester looked odds on to be regulated the season before. However, a run of seven wins from their final nine matches pulled them off the bottom of the table and out of the relegation zone.
Despite this stunning late season form, the bookies didn’t believe the Foxes stood a chance of lifting the Premier League trophy the following season, and so they were priced up a 5,000/1 with several betting firms. According to Business Insider, 24 bets were placed on Leicester at that price. After shocking the football world, UK bookies had to shell out more than 25 million pounds.
Although this happened five years ago, bookmakers are still haunted by the experience. You only need to take a look through acebettingsites.co.uk, the highest odds for any team to win the EPL are 1000/1 – and this is with the season underway!
St Louis Cardinals to win the World Series – 999/1
Unlike Leicester City, the Cardinals didn’t start the 2011 MLB season as rank outsiders. However, after a stuttering campaign where they were 4.5 games behind the Braves for a wildcard slot with only a clutch of games remaining, bookmakers felt confident enough to write them off and shoot their odds out to 999/1.
One punter laid down $250 at this price, and he witnessed an amazing turnaround in fortunes as the Cardinals form picked up. Admittedly, they were helped to a WC spot thanks to the Braves capitulating in their final few games. The rest, as they say, is history.
James ‘Buster’ Douglas to beat ‘Iron’ Mike Tyson – 42/1
Most miracle bets are ‘outrights’, and they can take several months to settle. However, the fight between Buster Douglas and Iron Mike was a one-off event. The bookies believed Tyson was invincible; so much so, that they were offering odds as high as 42/1 on Douglas.
One bettor knew something the rest of the world didn’t. He put down $1,500 on Buster Douglas (at 38/1) and pocketed a cool $57,000. Not bad for one night’s work, is it?
