The odds did tighten up after Leicester won the Premier League though. You couldn't get 5000-1 on say Watford winning in 2016-17, the best odds IIRC were more like 500-1.
It seemed like bookies really did adjust their expectations or their risk appetite for long-tail events in this market. And they were probably correct to do so.
It seemed like bookies really did adjust their expectations or their risk appetite for long-tail events in this market. And they were probably correct to do so.