A significant thrill in sports betting comes from placing wagers on unlikely underdogs, and when they succeed, it creates unforgettable moments. One such moment was a decade ago in the world of football, when Leicester City achieved what many consider the biggest upset in sports betting history.
Entering the 2015-16 Premier League season, Leicester City was given staggering odds of +500000 by bookmakers, indicating a mere 0.02% chance, or 1 in 5,001, to win the league. In contrast, Chelsea began the season as the favored team at +160.
Most analysts and fans expected Leicester City to struggle, anticipating relegation after just narrowly avoiding it in the previous season. However, against all odds, they emerged victorious and made history in the Premier League.
Key to the team's success was goalkeeper Kasper Schmeichel, who recorded 15 clean sheets across all 38 games. The club's striking threats, Jamie Vardy and Riyad Mahrez, contributed significantly by scoring 24 and 17 goals, respectively. With Claudio Ranieri at the helm, Leicester City concluded the season with 23 wins, 12 draws, and only three losses. They secured their first Premier League title on May 2, 2016, following a 2-2 draw between Tottenham Hotspur and Chelsea. With just two matches remaining, Leicester had a comfortable seven-point lead.
The betting industry felt the impact of Leicester City’s triumph. Sky Bet reported that 128 individuals had placed bets at the long odds of 5,000-1, causing a record payout of £4.6 million. "The unthinkable has become reality, and we’re facing paying out the sort of liability that you joke about at the start of the season," remarked Sandro Di Michele from Sky Bet. "We’re now bracing ourselves for more punters looking to get on long-price outright odds, but Leicester certainly won’t be 5,000-1 next season!"
A decade post-victory, Leicester City has not replicated their Premier League success. They have faced multiple relegations, most recently dropping to League One in April 2026 following a 2-2 draw with Hull City.
Regarding recent Premier League victors, none have approached Leicester City’s long-shot odds since then. The following is a list of recent champions and their pre-season odds, according to Sports Odds History:
– 2025-2026: Arsenal, +250
– 2024-2025: Liverpool, +800
– 2023-2024: Manchester City, -175
– 2022-2023: Manchester City, -160
– 2021-2022: Manchester City, -155
– 2020-2021: Manchester City, -143
– 2019-2020: Liverpool, +250
– 2018-2019: Manchester City, -155
– 2017-2018: Manchester City, +235
– 2016-2017: Chelsea, +600
In stark contrast to Leicester City, Manchester City has claimed five of the last six championships, consistently coming in as the favorite.
