Bettors Lose Big as Robert Prevost Becomes Pope Leo XIV
In an unexpected twist, Cardinal Robert Prevost has been elected as the new Pope, now known as Pope Leo XIV. Prevost’s election on May 8 surprised the world, especially the betting community, where he was considered an unlikely candidate. Prevost becomes the first American Pope, following years of service in South America and Peru, and now stands as the 267th pontiff.
Cardinal Robert Prevost’s Shocking Election to the Papacy
The election was preceded by a morning of indecision, where 133 Cardinals failed to choose a Pope. However, by the afternoon, white smoke rose from the Sistine Chapel, confirming Prevost’s papacy. His election represents a progressive shift, as he aims to continue the legacy of Pope Francis.
The Betting World in Shock
While the papacy was a historic event for the Catholic Church, it marked a major loss for many bettors. Cardinal Pietro Parolin was widely considered the most likely candidate, but Prevost’s election defied expectations. Bettors had overwhelmingly placed their money on Parolin, who was seen as a moderate choice.
Prevost, with odds of +5000, was deemed unlikely by platforms like BetMGM Ontario and Kalshi, who gave him only a 1% chance. Yet, Prevost’s victory left the books celebrating, as a huge 90% of bets had been placed on his election, resulting in significant losses for those who had wagered against him. The election serves as a reminder of how unpredictable such events can be in the world of betting.
