© PA Photos
Both sides attacked in search of the opening goal early on but it was Leicester who went closest through loan signing Harry Kane.
The young forward hit a fine volley from range but was denied by a last-ditch save from Blackpool keeper Matt Gilks.
Leicester enjoyed a concerted spell of pressure before the break but were unable to stop the first half ending goalless.
The Foxes were awarded a spot kick five minutes after the interval when Kane was bundled over in the penalty area.
Wood stepped up but despite hitting his penalty with power saw the ball cannon back off the crossbar.
Blackpool had chances of their own at the other end soon after as Thomas Ince tested Kasper Schmeichel from close range.
Wood's afternoon then went from bad to worse as he put a header wide from point-blank range after good work out wide from Lloyd Dyer.