Outfoxed by Leicester

‘The bookmakers lost millions over Leicester’

Plenty of folk think that’s a giant pork pie. An outsider won – bookies made a packet, even if it was 5000/1. – liar liar pants on fire.

Forgive me for a streak of frankness here. You’re talking out of your backsides. PLC’s don’t talk about substantial losses. It upsets the shareholders. If you want to know how large corporations handle annual reports- see Tesco..

They lost. Bundles. Boo Hoo.


For a lucid explanation as to the losses, see Nick Goff, head of oikball trading at Coral, who honestly dissects the loss. It’s a more than fair bet every other company thought the same way as Coral’s traders. Credit to Coral for a streak of honesty, and to the other lads who had to stand up at rival firms and admit what mugs they were.


I’m not here to persuade you the whole thing isn’t a well thought out plan to make BBC news. You can either take what you’re being told as reasonably accurate, or sit there eating your egg and toasty fingers, mmmm tasty, with the attitude ‘bookmakers NEVER lose’

Because OF COURSE we don’t. See Cheltenham, another event we lied about losing over. Everyone got bundles.


Check out this attractive image – stolen by kind permission from Bruce Millington, the good looking editor of the Racing Post, the world’s greatest daily.

In this attractive image, you will note 11 of the 20 Premier League squads were priced up by my big cousins at odds of 3000/1 or more. That’s more than half the league for those of you bad at maffs. Over half the league could not win. No Sir E Bob.

So what are these firms playing at?  Anyone old enough to remember The Sweeney (the original -not the Winstone effort) will know bookies never price anything up bigger than 100/1. I mean what is the point? You’re telling anyone who considers a bet they’re a blithering idiot. (except if you live in the county of Leicestershire.) Only total hackers backed Leicester. All those for example who back Aston Villa every year, long ago consigned to the happy house, with their scarves and rattles.

Uhm no. There’s a mild flaw in the otherwise excellent, and to be fair, honest blog from Mr Goff. With whom I’ve had several Twitter barneys. None of which I’m conscious of losing.

He doesn’t admit those who offered 5000/1 Leicester are now in denial in coming up with that number. Check the table.

He doesn’t admit these offers are all part and parcel of the great ‘buy a customer at any price’ market a bookie culture. You don’t need to offer 7500/1 Bournemouth. Every plank on the south coast will back them at 100/1 with a big grin and tell their mates. It’s all about the generosity of firms prepared to offer even money each of two in a rugby match, with only the tie as the goalkeeper. A-La-Paddy Power. Ask the 650 employees booted out by that firm recently how super these offers really are.


Of course, they’re all taking on big Aunt Denise and her gigantic wallet. Pulling out her cheque book last Sunday she offered Minding at 7/4 to with the 1000 Gns, at the same time as the competition excepting Betfred were 5/4 (including exchanges) If you look at the above image of their betting, you will find with Minding boosted to 7/4 – they were betting to 102% overround, with a distinctly unhealthy place book. This is called unsustainable margin. This is why Racing is so poor and you owners race for a couple of grand before expenses, and a free cup of racecourse tea.

Did the mighty 365 need to offer 7/4? She could have laid 6/4 from here to Peking, but that doesn’t buy a few more money traders. Good luck to the girl, she’s cleaning up all over the globe. She could buy my little firm several million times out of petty cash.  I hope she gives me a job some time soon.

Minding won by half a length.

Fill yer boots lads on these offers. Don’t be surprised if a few more super giants go to the wall. Start that with Jim Mullen of Ladbrokes who declared the whole offer thing daft, at the same time as offering enhanced SP’s. Well done Jim, King of the bollocks.


So remember, when you read about losses at Cheltenham, The Guineas, or the oikball – they don’t have to lose. They could bet better. But choose instead to price themselves out of business. My money is on Denise. It might take a while, but remember to shake me by the hand as they topple. When they do, expect the price of admission for you mugs to increase.


5/6 Wigan vs Hull Kingston Rovers 5/6             12/1 the tie.





Author: Geoff Banks Racing

UK's Leading Independent Bookmaker. We pay our tax and Levy to British Racing as an Approved Betting Partner. And no begging a proper bet here, large or small stakers welcome! Text, phone, APP or website. Private Client Wagering at its best. :)

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