UFC costs sportsbook nearly $1M

A remarkable variety of upsets at UFC Fight Night 61 led to a historical beating for the sportsbook Bovada.LV.
Frank Mir’s success over Antonio Silva in the primary event in Porto Alegre, Brazil, on Sunday night marked the 10th win costing at Bovada nearly $1 million, according to the manager of the sportsbook.
Underdogs went 10-1, and as a result, parlay bets, where gamblers bet between $1 and $5 hit big.
According to Bovada sportsbook manager Kevin Bradley, one bettor had. Still another had.
“We had at least a dozen of these bets which paid out $10,000 or more,” Bradley said.
When was tallied up, Bradley said nearly $ 1 million was approached by the reduction over the single event.
“We take in so much more money on the NFL or the NBA that when you have these types of softball champions, it’s hard to harm [our company ],” Bradley said. “With UFC, this will be hard to return from.”
“Normally, going into an event, I know what we need,” Bradley added. “However, I had been focused on the Oscars and the Daytona 500, both of which we had been… doing well on. What happened with UFC is just so rare.”
Bradley said the result was such a failure for the sportsbook which Bovada will likely have to win big in the Floyd Mayweather vs. Manny Pacquiao fight on May 2 to make its UFC/boxing book a profitable one in 2015.
“We’re not getting this money back from the people that won,” Bradley said. “The kind of bettor that wins those bets throws a tiny amount of money on each of the favorites or all the underdogs to attempt to get rich. Well, I guess it worked.”

Read more here: