Online sportsbook, Bovada.LV, has reportedly lost around $1 million after a series of incredible upsets at UFC Fight Night 61. The event was headlined by Antonio Silva taking on Frank Mir, a bout which Frank Mir surprisingly came out victorious in. Mir entered the match on a four-fight losing streak and had not fought in a year, and surprised everyone when he dropped Silva less than two minutes into the fight. But Frank Mir wasn’t the only underdog to come away with the upset, nine other fights were also won by the underdogs.
This left Bovada responsible for paying out huge sums of money on many small bets placed on all underdogs. According to the sportsbook manager for Bovada, Kevin Bradley, one bettor won $85,000 on a $4 parlay bet, and another had four $1 parlays that paid $25,000 each! How’s that for luck?
Bradley went on to talk about at least another dozen bets that won over $10,000, contributing the net loss of about $1 million dollars on the single event.
Of course, $1 million isn’t a devastating hit for this sportsbook, as they win most of their money from NBA or NCAA basketball games, but still a loss of this magnitude is very uncommon in a business where the odds always favor the house.
Bradley said that in order for the sites UFC/boxing book to be profitable in 2015, they will likely need to make up most of their losses with the Floyd Mayweather vs. Manny Pacquiao fight on May 2. That fight is widely expected to be one of the most lucrative, if not the most lucrative fight ever, and I’m sure casinos and sportsbooks worldwide will be getting their fair share of that profit.
Thanks for reading and be sure to check back with us for more stories and news on UFC, WWE, and much much more at scifighting.com.