UFC underdog wins result in almost $1 million loss for sportsbook
Everybody loves an underdog.
Well, except maybe for the sportsbooks that took bets on Sunday night’s "UFC Fight Night: Bigfoot vs. Mir" card, where a total of 10 underdogs came away victorious — and it cost one betting parlor nearly $1 million on the event.
ESPN.com reported Monday that online betting site Bovada.LV took a beating thanks to the huge list of betting underdogs who beat the odds and won their matchups. The only fight that didn’t end with an underdog on top was the opening bout, where Ivan Jorge topped Josh Shockley.
The other 10 fights all ended in upsets, according to the betting odds that were placed on the card, and a long string of underdog wins resulted in a huge amount of money being paid out to betters, especially those who decided to go for a parlay.
"We take in so much more money on the NFL or the NBA that when you have these types of parlay winners, it’s hard to hurt [our business]," Kevin Bradley, the sportsbook manager for the website, said Monday. "With UFC, this will be hard to come back from."
According to Bradley, the sportsbook paid out huge sums of money for the parlay winners, where betters select several fights and fighters to win with a small wager, hoping to cash in if the underdogs somehow pull it off.
Well, many of them did.
Bradley says one parlay bettor put down $4 that paid out $85,000, while another put down $1 on four different parlays and made out with $25,000 each.
Because of a single UFC Fight Night card where the underdogs destroyed the favorites, the sportsbook will likely have to hope it can recover during the upcoming boxing bout between Floyd Mayweather and Manny Pacquiao to even come away in the black during 2015.