Is Geoff Banks the lamest bookie in the world?

Not often you find a bookmaker prepared to answer claims from punters that they don’t lay a bet. Hopefully you’ll afford some credit

http://www.bookiedispute.com/?p=841 Check these claims out.

This is a blog from someone called ‘Rob’ – Rob is anonymous. He wants to make his claims without anyone knowing who he is. Not quite brave enough to make his argument in his own name. Right up there in the highest echelons of the Betfair forum. The place for unlicensed individuals to vent their spleen anonymously. Be as rude as you like and say what you like when no one knows your name can’t you?

Well no. You cannot. Check the headline ‘Rob’ comes up with

‘Is Geoff Banks the lamest bookie in the world’ makes overwhelming suggestion that I don’t lay a bet. That my long standing reputation for laying a fair bet is in fact a sham.

His remarks are nothing short of libellous. The fact remains you cannot sit on social networking and say just whatever pleases you. If you  make allegations against another individual, those allegations have to be substantiated, by you, in as court of law. Being unaware that’s the law of the land, doesn’t give you immunity.

The last time I tested these laws was with one particular idiot who thought it would be amusing to describe me as a cokehead on Twitter. That little escapade cost him damages and expenses approaching fifty grand. That’s fifty grand for opening your mouth and letting your tongue wobble Rob.

In the last few months alone my office has paid out 93 grand to one customer and 55 grand to another. Both those customers still wager with me without any restriction. That’s a fact. And we have many customers who bet with us who do in fact show a profit on their betting. Wagering without any appreciable restrictions. Because their business is recreational, win or lose. We work our socks off to give the finest one to one service and all the technology, apps, mobile sites and websites, my nearest rivals deny their customers.

DGTy1YyUwAAW_fe.jpg large

But, and it’s a big but. There are plenty of loud mouth individuals on Twitter or the like who sit at home utilising expensive trading software like Bet angel, price scalping tools, odds scanners or the like, masking their IP address- only offering a bookmaker a bet because their odds have become out of date, and therefore bigger than Betfair’s exchange. Engaged in such activity marks your business out as professional. You’ve no complaint expecting us to help you run business.

betangel-ladder

I certainly don’t run a sportsbook to help these unlicensed individuals with their money trading or arbing. I’m not here to support their activities and I do not have to justify not laying them a bet, or restricting such traders to pennies because I see them as simple parasites on my firm.

I don’t owe you a living, and you need to get that into your head. You can’t describe yourself as a ‘punter’ when your machine tells you to back Stau Bucharest on the Asian handicap because it’s less on Betfair. You’re quite simply a money trader. A punter has a bet in the Grand National, or the cup final, because that’s what punting truly is. Not what you do. Scanning bookmaker sites for potential trades isn’t punting. It’s trading.

Of course there are those who say, well you put those odds up so you should lay them. Well, of course we do, we don’t put up prices our customers can’t take. We don’t need a £5000 guarantee on ITV races like Coral offer (shops only of course, they’re simply not mandated to lay the offers they make) because we lay these bets every race, every day. And we don’t mind if the recreational punter helps himself, win or lose. But not the scalper. You justify what you do by saying we only want mugs. That’s not correct at all, we simply don’t want professional arbers. You’ll unfairly describe anyone not sitting at home with their trading tool scanning websites for margin advantages as mugs. That’s disrespectful. They’re not in it for the same reasons you are.

You’re an unlicensed bookmaker- looking for another bookmaker to put bread on your table. Are you serious?

multiple-monitors-betfair-300x225

 

Let’s deal with Rob. He describes ‘a horse racing enthusiast’ who deposited money with me. Are you joking? Who’s this enthusiast? Name him. If there’s any veracity in your ridiculous claims let him speak for himself.

Let’s be honest here, the enthusiast is in fact our friend Rob, one and the same. Do you think anyone believes the ridiculous claim about some fictional mate who couldn’t get on, and he’s having a rant on his friend’s behalf. Don’t make me laugh. I mean who blogs about someone else’s betting problems?

He describes two wagers. He claims they were placed and neither ‘price was out of line.’ Do you believe him? Do you think it’s in the least bit possible that if those prices were achievable on Betfair exchange at the time, that he wouldn’t have availed himself on the exchange? Traders like Rob require bookmakers to lay them the bets Betfair cannot. That’s a fact of life. That’s precisely why they complain so vociferously. When the bookmaker inevitably restricts them, that’s chipping away at their ‘income.’ There’s a giant difference between someone running a business, and someone just having a bet. One has expectations of guaranteed profit.

betfair2-300x180

Of course not. Rob is a thorough going liar. Of course the wagers were giant arbs, or perhaps job money. It’s hard to say because we take thousands of bets a month and funnily enough we can’t find any ‘horse racing enthusiast called Rob’ who had anything like these wagers.

Do you think, accepting the possibility we couldn’t find the wagers he describes, but that they exist in some differing form, that we would have restricted this fictional customer after just two wagers if our information wasn’t utterly conclusive that not only these wagers, but subsequent requests he made weren’t all identified as selections picked solely because an arbing or trading situation arose to his benefit?

One final point in dealing with Rob, and the small army of Rob’s out there trading on Betfair in your underpants, forming your own bookie hating communities. A few months ago, I had the unhappy fortune to run into several hundred individuals who were using ghost ‘friend’ accounts to help themselves to bookmaker open account offers. Bear this in mind. If you’re using friends to place wagers on your behalf, there are two inescapable facts. One, your friend becomes your agent and is required to have an agent’s license from the gambling commission. And two, you’re effectively running a business, via agents and you’re liable for taxation on your punting and profiteering from bonus offers. Deal with that.

That’s why they’re anonymous. But your IP address gives the game away.

Is Geoff Banks the lamest bookie? An attention seeking rant is the truth. You’re disrespectful, and dishonest. We work very hard to service our customers and lay their bets of all sizes. Been doing it for years. No BOT trader is going to wobble his tongue in my direction unpunished.

Greenham 2
Geoff Banks, bookmaker Newbury 20.4.13 Pic: Edward Whitaker

 

National Hunt – a code in crisis

Racing fans comprise four sets of folk. The outraged form 49% (A). This group won’t hear speak or listen to any criticism of the sport, they either work for a racetrack, punt favourites over the jumps, or sit indoors with the curtains shut.. The disaffected, numbering 50% (B), a group whose numbers rise annually and constitute the biggest moaners in Racing. Escapees from the Betfair forum, sitting in their underpants at home whining about getting on. The third group go Racing, but only view it from corporate boxes, don’t drink beer, miss all the fights and haven’t a clue what’s really going on outside the box. (Group Q) Excuse merchants, apologists and evangelists form another strange sect (Group E). Then we have a small section of disaffected journos and pundits who’d better shut up or else (X)

The final 1% work for the BHA (Z). The persecuted ones. They would join St Peter being crucified upside down.

crucify

The executive are selected by the racetracks on rolling three year contracts. The current Chairman knew less about Racing than my cat when he arrived, presided over some notable fails like Mathew Lohn, then quietly and ‘humbly’ voted into another 3 year term..

Now tell me – why would you vote to Chairman someone who knew so little about the sport? Why did he then go about the removal of a more experienced board in favour of amateurs with equal skill level? Why are commitees informed a reduction in the programme is ‘off the table?’

Is the regulator looking after the interests of racing, or is the system of election of the Chairman dependent on what he does for  racetracks? Chairman of the BHA isn’t akin to golf club captaincy.

harman

Look, I know you all think I hate the BHA (Group Z). Come come now, I’m not that bad really, honestly. I’ve made clowns of them once, but I’d like to think their decisions were based on regulating and promoting the sport, not battling bookmakers for cash. Truth is the BHA  (Z) hierachy is never going to act for Racing for as long as the tracks sit on the board and appoint the leaders.

Turkeys rarely buy Xmas cards. More galloping about the ovals keeps the track bosses in tweed and BHA execs in badges. Kempton makes more money than any other JCR track (Group A) – except Cheltenham. Pop there on a Wednesday night and you’d swear the gates had been locked shut. It subsists on an attractive Levy payment for every race. Three runners or fifteen, its all gravy.

The swing to sandpits, to include the gothically dull Newcastle straight (A), needs runners from the available horse population, and owners. If you’re a prospective jump owner, up against wannabee’s like Rich Ricci (Q and E), forking out hundreds of thousands a horse, – you can afford 65 pence a purchase. Ricci stables his muckers the Mullins pad, coffee machine, babestation and minibar in every box. Regular owners on limited budgets can’t compete nor cover the exxes. And your trusty milker can only hack around 5 or 6 times a year. On the all weather, chances are you’ll do better. Even if you’re the only one interested if it wins..

549178-drunk-aussie-racegoers-steal-uk-headlines

It is a matter of pure fact belting out sand races at the rate of 3 meetings a day harms the winter code. Is there any chance a whole summer of jumps nobody cares about is a pointless exercise, for everyone except Plumpton? Or have i taken leave of my Scottish mind?

Jump Racing sacrificed on the altar of an engorged BHA all weather list . Months of 4 and 5 runner events. It’s not on, and time you fans stood up and demanded change.

This year, and with apologies the excuse merchants (E), the fields in jump racing have never been so poor. 3 and 4 runner events abound. When they’re strung out for 465 yards, this is what sporting people (B) call ‘uncompetitive’or ‘dull’- unless that is you like Formula one

racing

The ground isn’t firm. It’s good racing ground, so stop telling me a its akin to a bed of nails to a horse. Indeed they’ve been running all summer. And when the ground is good in April at Aintree – they’ll be running, this is what explodes the myth about ground..There’s simply too much racing and too few runners to support the code and it cannot roll on for 3 or 4 months in this vein every year, whilst we all sip champagne in our box, waiting on Cue Card. A couple of weeks ago we had 19 runner fields at Doncaster on the flat. 7/1 the field and 1/4 the odds if you’re a betting man. Competitive, and attracts people to watch on telly. Yesterday I watched Lydia Hislop (X) trying to make Wincanton sound interesting. She should have been awarded a DSO..

stiers

So Mr Harman and Mr Rust (Q E and Z) I know the issue of racing volume gets dull, but that’s because you refuse to accept it’s a failed system..  I fully accept your jobs depend on the goodwill of masters more interested in Levy than bums on seats. I’m staring at a Kempton card with 3 three runner races and a Carlisle card with a 2 runner heat. It’s your turn in the chair and you’ve got two years left to save a code so many love before you’re replaced by the fellahs who run Southern Rail (Q).

This is a sport very much in crisis, and you are tasked to act in the interests of the sport as a whole, even if the Trustees are more interested in levy grants. Do better than serve out your time and a 0.1 runner increase per race per year. We’ll all be pushing up daisies by the time you start delivering.

 

Or am I being too diplomatic??

ascot

ps. If you want to earn money from Betting, try enforcing a minimum margin on operators in return for hefty levy rate reductions. Not a tip you’ll get from the current crop of non execs..

Banks.(X)

Don’t forget to gamble responsibly..

Watching the Oikball the other night, sitting next to my Sons, I observed West Ham sporting their snappy outfits pressed and laundered by Betway. Newcastle were sponsored by those nice people that lend money – Wonga. The stadia was adorned with Betway bunting. The adverts during the game were predominately sponsored by companies claiming their users ‘gambled responsibly’ – Especially Ray Winstone, who I doubt has had a tenner on anything in his life. But it’s great viewing for children. Honestly

bet3656
If you like to watch sport, you’ll get used to this. If you like your late night telly – you know – stop camera action from the police force in Reading, the best looking penis, or shows about cars with fabulous emission ratings, you’ll also have become used to proliferation of gambling adverts. Some of whom sound almost heroic.
Of course we’re encouraged to ‘gamble responsibly’ by the yellow sign that tells us all (subliminaly) that when we’ve had enough FUN FUN FUN – we must learn to stop.
In other words, when you’ve run out of cash, maxed out every credit card you’ve got, kicked the fruit machine to bits, mortgaged your home to the hilt, turned your Missus into a Lesbian, and of course made the BBC documentary on ‘Britain At The Bookies’ – the home for all genuine sad acts, – then you’ll have truly arrived in the worlds of Bet365 and William Hill
If you’re in the minority, like me, the Mary Whitehouse types, you might pause for a moment and wonder what effect this siege of advertising has on our phsyche- not to mention those of our children. I mean we stop cigarette adverts, so why is it permissable that EVERY ad break tells us we have to spin to win? And sometimes more than once a break?

bet3655
And of course, as every independent bookmaker and decent minded citizen knows- The UK’s ‘watchdog’ – the Gambling Commission, with all its fees and hype – does absolutely nothing. Nothing at all, to justify its very existence. ‘To protect the vulnerable.’

The ‘vulnerable’in this case appear to be online gaming giants

Little known- but worth mentioning, back in April I challenged Paddy Power on promotions headlined with the banner ‘money back’ on certain wagers. This was a headline grabber and peddled widely in the press. I invited them to desist from encouraging customers to wager under the entirely false assumption certain stakes would be refunded, when in actuality the customers were being refunded in ‘free bet stakes’. Of course the two are entirely different offers

Paddy Power declined to remove promotions with said headlines.

I challenged this with the ASA as misleading and wholly false. The challenge was upheld and they were ordered by the authority to cease free bet promotions with the headlines money back.

Paddy Power were not alone – Many firms were doing exactly the same, and in direct contravention to an earlier ASA ruling against Betfair for the same type of claims. These firms were directly contravening an earlier ruling

The question is this. Why did the Gambling Commission, the custodian of fair gambling and the vulnerable, not step in at any stage to order such promotions to be withdrawn? Is this agency actively complicit in protecting such firms from basic licensing conditions? Were said firms not in fact contravening several codes in licensing practices with such claims?

.
I think I’m a fair minded bookie. I try to give my customers a better class of service and compete on odds with the high street. And as a bookie you might expect me to side with my own. I mean I do have a gambling site. But I don’t bombard people with adverts at 2am about it, and if I were to shove it on my occasional trips to Channel 4, where I upset the establishment for your viewing entertainment, I’d get my backside kicked off pronto.
I’m deeply uncomfortable with what goes on. I feel for those who are suffering. I favour a UK wide ban on anyone who self excludes – not backed by the Gambling Commission. I disagree with the use of credit cards to fund gambling. I disagree with Gibraltar outfits shoving their ‘online’ products to Racing. Although I scoff at the BHA’s lack of backbone in any department, all sound bytes.
I hear a lot of complaints from punters, some of whom could accurately be described as ‘bonus junkies.’ The new breed of professionals who scour the bookie websites for top of the market hits. I have some sympathy with the bookie view that a lot of those types of customer are worthless to us in business.
BUT. If Paddy Power are to offer even money each of two in a Rugby match, with just the outside chance of a handicap ‘tie’ to save them, if Skybet are to offer a loss leading 6 places on the Cambridgeshire, if Coral are to offer 6/1 each of 2 in a tennis match to new customers only – and all of them make money, then I know they’re not getting fat on those sports, especially the increasingly worthless racing product.
So they’re fattening on gaming. – NAP

bet3651
Bet365 seem totally content to treat their customers with err, uhm contempt, by offering a customer, their customers, a £1 wager. They don’t care about the PR implications of being described by the same as ‘total frauds’ for describing themselves as ‘Bookmakers.’ Because they’re global. And for every clued up punter they treat so poorly over here, there are perhaps 5% of these new accounts they dig up that make the whole exercise of pushing for new business worthwhile. And deeply profitable. One can admire their bottom line, if not their methodology
Should we feel sympathy for those professional types who complain so vociferously? Clearly we care about the genuine punters who fluke a 16/1 winner and find their next wager batted down to 36p. But the pros?
For myself, I never keep a customer on if I’m not prepared to lay him or her a bet to lose at least £50 as a minimum, and remember that’s my minimum, not the average of what we’re prepared to lay. But that’s because I have standards. I may not like what some customers get up to, but if I do, I close them down with a fair explanation of why it’s been done. We do not hide behind ‘trading decisions’
But the big companies are the ones peddling the prices and offers. They’re continuously driving for new gaming custom and fully prepared to be ‘best odds guaranteed’ or ‘best prices for all Channel 4 races’ – even if it guarantees a loss. It’s a bit like the supermarkets claiming they make nothing from milk, because they choose to sell it so cheap to get the customers into the stores in the first place. They don’t care if the dairy farmer ends up out of business.

bet3653
These ‘companies’ have created the bonus and offer culture. The free bet. I heard recently Coral offering a guarantee to lay any horse to lose a decent amount, I’m uncertain if it was Coral’s diminutive UK division or their Gibraltar arm making the offer, because its hardly clear who you’re wagering with when you call up ‘Coral.co.uk’ . They’re not prepared to offer it online, nor even on their phones. Once again a headling grabbing offer that turns out not quite as good as it sounds. But in a way I support any move towards a sensible lay to lose – I’ve always advocated £100 as a startpoint. Coral stand alone in proferring any sort of guarantee to date, even if it’s only in their shops.
But they’re a multi million pound outfit, still un prepared to offer their advertised odds to all of their customers. A bit like Waitrose saying it’s 50p for that Cadbury’s flake, but not to everyone. Isn’t this sort of thing a trading standards issue? And of course pretty much all of the other outfits are exactly the same. Complaints litter about what they don’t do, far more than what they do. Now why is that?
So the next time you think about grabbing yourself a ‘free bet’ for a tenner. Ponder awhile. If you can afford not to support firms who behave with such overall disdain for large sections of their customers, why would you support them with your business? If you want change, you have to be prepared to boycott those firms you consider place little real value on loyalty.
And should they be mandated, as they are in parts of Australia, to lay a fair bet to any price they offer?
Well the Gambling Commission don’t agree with you, but I most certainly do.

gc

Bing Bong – Pay Pay – the Bookies view of Ascot..

Anyone that describes racing as dull has to be an astronaut. If the highlight for your average rocket man involves periods of sheer terror sitting on tonnes of high explosive jet fuel, punctuated by moments spent trying to work out the on board toilet then I suppose racing falls somewhere between the two. Racing provides so much more gripping entertainment. My week started with ten minutes of fame on Channel 4. The director in my ear telling me to ‘pipe down’  – this is fairly standard. Two large security guards stand off camera ready to drag me off set.

So we chat about Gosden Horn, sitting in the sun, with forecast temperatures of 18 degrees. Lucky asks if I feel the greatest horse on the planet will take his chance. Now, I’m supposed to have done my research, which includes looking at this horse’s form.. – Unless I’m mistaken, the brute beat none other than Storm The Stars at Nottingham on ground described as good to soft- soft in places. Add the paltry 700 grand on offer, the thousands who had paid to see him, the kudos in doing the Derby-George double, that the horse had travelled, that the field was inferior, and that I’m paid to speak my mind – I said I was confident he would indeed take place.

Everyone knows I’m rarely wrong.

A gaggle of press accompanied Lord John on his perambulation around the track, sporting a knitting needle to stick in the muddy bits and accompanied by Anthony Oppenheimer, -carefully dipping his cheque book into the ground. And yes, indeed, race fans – it came up ‘moist’. Of course I jest – it was his credit card. Breeding beats prize money, there’s no appetite for a tussle anymore amongst the top owners

614364_10151974632495012_823036704_o

Feature of Ascot’s excellent support card – a big sprinty thing where they split into 9 groups and the commentator takes a pot shot at who’s actually in front. Now this gets entertaining! Unless you’re an official

History says Speculative Bid travelled the course without the jockey because Spencer was sitting on the stalls rather than the horse. Perhaps he was practicing his dismount? Starters don’t react to cries of ‘No No No’ these days- nor do they speedily inform the stewards of the status of the horse in this age of walkie talkies.

Now I know you’re dozing off here- because who gives a monkies if the bookies done more of their money than they should? Rub of the green. But there’s a strong message here – and it’s important not only to learn from it, but hold the BHA properly to account, because that is how we progress change. Of course folks make errors, but what struck me  was the abject lack of taking responsibility or a will to apologise. A thorough lack of understanding from one of the most professional group of stewards in the game, that they’re responsible to the betting community and the general public- most of whom have had a bet.

Bing Bong

Error one – ‘we’re looking into an incident at the start- but the placings are unaffected

Wrong.

If you’re enquiring into the status of the favourite as a runner, you’re most definitely affecting betting markets. Why not mention what you’re actually discussing?

Bookies paid out dutifully and swiftly without deducting one fifth of winnings as rules dictate.

Bang Wong

‘Weighed in’ –Now we all know someone didn’t do their job here. Who to blame? Perhaps the stewards themselves for taking so very long to find out what happened to the favourite

Bing Bong – Bing Bong Along

‘Stewards Enquiry – we’re looking into the status of the favourite and whether he was a runner or not’   – Say what??

Bing Ding Dong

‘The favourite was a non runner’ customers can get their money back – oh right, sure thing.

So we pay everyone out on the favourite. Which was an illegal instruction. In the meantime the Betting ring managers are besieged with confused customers. Although most bookies had paid out. Not to have done so under the instructions given by the stewards would have been unprecedented – would have potentially resulted in loss of licenses – and would have most certainly caused a riot.

90 minutes pass, during which time the betting ring manager high tails it to the stewards secretary to remind him that what they had done was an illegal instruction under the rules of racing and explain what a bet is. Oh and what ‘weighed in actually represents..

Ding-A-Lang Dong

‘Stewards now instruct that Speculative Bid was in fact a runner for betting purposes ‘ tra la la la la – go back to the bookies for more

Those few who had had rule 4’s deducted took the opportunity to return for another refund. Tee hee. (not all I would add- most realised the bookies were as much victims here- and behaved impeccably)

Jamie Stiers took to Racing UK to explain what went on, roughly. He refused to apologise. Not in his remit.

Here is the ‘decline to apologise video’ – this from the BHA’s head of regulation – so we should expect a polished performance. Instead it adds to the shambles by giving the impression even he didn’t understand the rules- or know what was occurring. ‘I am advised a rule 4 should have come with the withdrawal of the favourite’ – this is a staggering remark. I believe my 12 year old knows this one! As head of regulation he clearly had to have the rules of betting explained to him.

http://www.racinguk.com/news/article/36742/bha-to-launch-bid-inquiry

The stewards made enquiries and in their report they mentioned those findings would be shared with the Authority. Oh, I’ve heard this one before. The brush.

the official report from Ascot:-

The Stewards held an enquiry into the start to ascertain why SPECULATIVE BID (IRE), ridden by Jamie Spencer, failed to start and eventually left the stalls rider-less. They heard evidence from the rider and the starters. Spencer stated that the gelding was loaded late as he was known to be difficult in the stalls and just prior to the stalls being released SPECULATIVE BID (IRE) got his head over the adjacent stall 23. He added that when the stalls were released he was off the horse. Having heard their evidence and viewed video recordings of the start, they found that SPECULATIVE BID (IRE) was deemed not to have started and, under Rule (B)10.5, ordered the gelding to be withdrawn.

The Stewards further enquired into why the Weighed In signal was given before the enquiry into the start of the race had been concluded. They heard evidence from the Stipendiary Steward, the Clerk of the Scales and the Racecourse Announcer. Having heard their evidence they forwarded the matter to the British Horseracing Authority for further consideration.

Look, I can take a joke as much as the next man. I can easily accept errors are made. My problem with the Authority here is the abject lack of transparency, a failure to immediately apologise and take ownership of the problem. All businesses pay for their errors- except the BHA it seems. They want the bookmaking community not only to foot the bill, but take the flak, the assaults that took place on my colleagues, the inconvenience and the loss of face. In the meantime they will conduct internal inquiries and ‘move forward’. If moving forward is to set a precedent whereby we pay for their shambolic and ill informed stewarding – then I have one answer.

No

I’m sorry, but I’m tired of the simple lack of accountability for errors and the high minded attitude that comes with. Appalling race planning, 8 flat meetings on a Saturday in July, 3 jumps meets on a Sunday. Embarrassing integrity enquiries taking years to prosecute in which video of races are lost.The head of integrity is still in his post – headlines ‘we’re consulting ourselves into how we’re doing’. Yup. Race planning is for five year olds, yet its head sits in her chair. A general lack of consultation with the general public. The mundane press releases in the place of open press conferences like other sports in which journalists have an opportunity to test their performance.

I should say it makes me deeply uncomfortable to have to challenge the organisation. But I feel a clear need to defend my colleagues  even if the actual cost to myself is minimal. Let’s hope they behave in a manner befitting new management and the promises made by Nick Rust to come together. Here’s your chance Nick

Of course the BHA have registered successes – more so from it’s rather under funded commercial arm – REL. The Champions series, Qatar involvement, marketing on a shoe string budget. This leaves the authority actually responsible for planning, integrity and regulation. It lacks any clear authority over racecourses to the detriment of the sport – and everyone has a job for life.

Why?

I’m convinced amongst appreciable talent in the BHA are a few individuals without the necessary qualities to represent the sport. In every walk of life it’s critical for performance to be achievably measured. Failing employees and managers to be moved out and replaced with stronger people. And what’s with employing a board lacking in any appreciable experience in racing? So they can be bullied?

A line from excellent columnist Rich Lee – worth quoting –

“ ~~’Has there ever been a racing authority that was not incompetent, lacking in imagination and dynamism, or out of touch with the industry’s needs?’  Guardian racing writer Chris Hawkins…asked this rhetorical question in 1996.”  Plus ca change…!

In between times ‘Britain at the Bookies’ – little to say about this, rather dull if you’re not in betting- and feels like an advert for gamblers anonymous. Can’t help feeling this wasn’t a good idea

Goodwood. ‘Appointment with fear’ my Old Man used to say. A graveyard for bookies, some of whom are buried under Trundle Hill. Good news for the betting men with Hughesie retiring. He’s cost us a pretty sum over the years.. good luck to the legend in his new venture – a gentleman jockey.

goodwood

And so we trundle on to York. Another track with a sense of style. A possible meeting for Golden Horn and Gleneagles? On a strip of council land. If you want to get in free, climb under the gate at the ten furlong marker and look like you belong..

york_racecourse

Royal Ascot – 2015 – The Bookies View

www.geoff-banks.com/register.asp

Driving around Ascot is a pretty harrowing experience- streets full of burnt out Bentleys. Every once in a while you’ll pass a Waitrose, and really know you’re in a bad area.. they don’t do Tesco here – no matter what they make (? insert amount ??)

.
The trick to Ascot is finding somewhere convenient to park- there’s an exit one way system which sends you back to Sunninghill (a mile away) via Biddlecombe (286 miles away)-  You have to know the system or you’re stuck in the High Street for several days

.
Flick knives and knuckledusters  dutifully handed over, you’re greeted by throngs of gatemen. First thing you notice is how polite they are, they check what socks you’re wearing and smile. You see, at Royal Ascot- everyone feels like a Lord for the day – even if you’re entirely potless. Bookies enter with money, – they’re x-rayed on the way out to ensure they’ve left it all with the punters..

bar 3
One enters the truly vast terminal- had it’s detractors when it was built, but these days thanks to ‘green fingers Barnett’ – the place resembles an advert for house and garden. Full of comfy armchairs- nooks and crannies to enjoy your glass of champagne. Uber civilised.Quality extends to every enclosure, a track run by toffs- but to everyone’s benefit – no enclosure escapes the personal touch – and you can escape the beer swilling hordes if that’s your bag

.

They don’t do Pomagne here!

bollinger
And yes,  they actually serve a bottle of champagne in an ice bucket, not a bag, and with a glass should you so desire. You see, if you’re not at Ascot, York or Goodwood, where they do things with panache- most tracks think you deserve a bowl or tumbler to drink your champagne from.  Odd sort of business plan for your best spending customers wouldn’t you agree? Ascot hasn’t dipped standards to the banal trick of hiding customer service values behind health and safety.  .

.
Ascot also don’t do themed evenings for people dressed in football shirts..possibly because they take the view their long standing real racing fans might object to spending their days with Yah Yahs..

.
But I digress

.
When they rebuilt the old Ascot – some of the members said they’d never return. Well I suppose if you’re pushing up daisy’s and by extension possibly not reading this – that could indeed be true. For the rest of the ‘I’m never going again’ mob – it appears to my inexpert eye, that Ascot have built one of the world’s best sporting arenas –  outstanding restaurants, bars and service. In a racing environment obsessed with sand , it’s refreshing to walk into an Ascot or York where the focus still remains what goes on around the track – not (perhaps) in a betting shop.

bar 2
I spot Nick Rust, the new BHA chief exec in the throng – clearly his suit was made for someone bigger – he’s chatting to someone about ‘coming together’. I wonder idly if he’s explaining why they dug up Newcastle to create a terribly interesting series of races in a straight line. For this week though, exceptionally and perenially, we have the best racetrack in the world.

.
The first race rolls around – there’s a lump from Hong Kong – ‘Able Friend.’ Our Gallic friends have sent over a Goldikova clone. Most bets are in euros, as the far east specialist proves more suited to racing at the back. Solow wins well and Maxine Guyon flicks a V sign at the toffs as he passes the post. I don’t blame him. The bookmakers rename the winner ‘Sorrow’

.
The rest of the day degenerates into the stuff of nightmares for the bookie types as the Festival lurches from Prince this and Queen that . If it’s not the favourite, it’s the galactically talented Ryan Moore sweeping the board. That won’t go down well on the High Street.

solow
People that know me understand I’m one for speaking plainly. I have listened to several respected scribes eulogising on about the rather evident talents of Mr Moore. Little question he’s probably the most talented jockey we’ve witnessed on the flat. It goes along the lines of ‘isn’t he magnificent? What a rider! And to those that know him – apparently quite a wit’

.
Well, to the rest of us, who’d rather a jockey smile when he nails a Derby – he’s a thoroughly morose character – he doesn’t endear himself – nor promote the sport that makes him several millions in any way, shape or form. So no, I don’t find him admirable as a human being. Two weeks ago, we saw a brilliant horse take a Derby with a pilot who will do more for headlining the sport than Golden Horn himself. Leaping out of the saddle and engaging the crowd. That cost me a rake, but I smiled when I saw it. That’s what the fans want – not the taciturn one. He’s for betting – not for Racing. Shape up Ryan! Dettori, McCoy, Hughes, Walsh amongst many happily give of their time –  you can’t manage a smile??

.
When you look at the results, you could easily conclude they didn’t look that bad for the bookies, but I suppose it was the combination of several favourites going in – and if they got beat, it was either Moore or Dettori on top. Thursday I think was the most entertaining betting day – with Moore bashing the firms with a 14/1 opener followed by a 5/1 winner. Payouts could potentially dwarf the Mullins quad at Cheltenham.. (Thanks Annie)

ap
One major off course layer went into hyper drive sending nearly a quarter of a million back for Kingfisher in the Gold Cup- all those 10p accumulators, at guaranteed odds, I expect suddenly come to haunt. This time it was Maxine Guyon to the bookies’ rescue as he held Moore on his inside – causing him to switch paths at the critical stage. For me the week’s unlucky loser. For the major bookie involved- several pence retained on their share price. I expect they were not alone in hiding under their sofas as Kingfisher turned for home..

Racing festivals haven’t been that great for the firms over the last few years. Most lead with fabulous offers and price boosts created by their marketing departments. Combine that with a dip in on course margins – polarisation of expensive horses shared by a select few jockeys and trainers, and you have a problem for those betting on the product. Expect you’re reaching for a Kleenex right about now

.
Racing starts every day with a race for the Royals from the mile start in their fancy carriages. Now I’ve watched this for more years than I can remember- never once has anyone tried to pass the one in front. Surely I can’t be the only one who’s spotted the biggest bunch of non triers in racing?? Fair enough, they put on a good show, the whole event surely organised to give the bookies another betting heat to do their brains in – namely the colour of the Boss’s hat. But I’d like to see more effort from those in behind..I know I speak for all concerned who back the second carriage every year

carriages2
God save our Queen..you won’t see a pageant like that at Goodison Park..a uniquely British summer scene.

.
I took one wander down from the Royal enclosure towards the Silver Ring. Ascot is so vast, the silver ring is nearer to Egham. As enclosures go, it’s really quite well turned out. I walk as far as is possible before the waft of chips overtake that of Chanel.. There are bookies all the way down the racetrack, making noise, taking bets. I wonder what will happen to the very flavour of racing when the tracks inevitably take over the betting. Don’t think we don’t know what you’re about, with your expansive plans for data charges etc etc – we’re on to your tricks!

.
Racetrack bet however, could do well at the festivals, I don’t think the punters are in any way price savvy, we know that from Chester – they just want service. But the diet of midweek racing we’re fed by tracks-horsemen-BHA, has leant itself to poor attendances from both customers and bookmakers. What’s the future without the ring? My dream we wake up before it’s all too late – the major betting firms have deserted racing for football and roulette. I suppose then the sand will go back to the bunkers. No Big Jim, Barry Dennis, Victor Chandler

royal ascot betting
Imagine a world where an exec at Channel 4 suddenly decides the network should quit racing, in the face of the often ridiculous criticism of a show affording the sport 44 cameras and the best coverage it has ever experienced. By comparison the BBC with its almost ‘cottage’ coverage. Racing feeds the network a diet of 5 runner group races almost weekly and wonder why the numbers are down- then makes it awkward for them to show alternate meetings in its coverage and ignores Channel 4 in any decision making processes at the highest level. Remember,  they can make more money for less hassle from ‘Everyone loves Raymond.’. Don’t think the BBC will come back to save Racing from itself – they barely mention the National

.
Racing has an awful lot invested in very few options. Royal Ascot is amazing, but if Aston Villa play Scunthorpe it’s likely to pull in more sponsors, viewers and press coverage. The next few weeks Racing will go into its shell from Sunday to Friday, bang on 7 meetings on the Saturday, and bolster attendances with pop concerts and a grotesque obsession with selling as much beer as possible. Hmm, get back to the Racing. Ascot leads for me with the right balance and never loses sight of its focus on the Sport

.
It’s not supportable, but with a regulator fascinated by commerce, rather than how is the sport best served and gels together, – a board of novices to do as they’re told? As Nick Rust so accurately describes- the underlying trends are declining. He’s just not going to do anything about it. Sorry Nick, I don’t do sound bites. I did enjoy your BHA seminar though, with Rod Fabricious harking on about artificial insemination.. not sure who he wanted impregnated though..

.
Fortunately there’s enough quality in York, Goodwood, Cheltenham, Chester and Ascot to name a few to keep British Racing at the very top of the world order, British racing has a unique calendar of major Festivals. I wonder if there’s an RCA man reading this, sympathetic to the view most racetracks are struggling with an identity crisis? A racetrack, a greyhound track or just a vast pub. Here’s one to mull over – try proper segregation of long standing racing fans, who don’t feel to have beer spilt over their girlfriends, or even the often threatening environment, from the oiks that do, – rather than selling all in sundry a pass to the members enclosure, keep some areas with civilised folk in mind. Possible? I think also a lot of racetracks need to integrate their thinking with the words ‘social responsibility’ rather than ‘sales’

.
Early evenings at Ascot are spent gate crashing car park parties and pretending you’re one of the owners. Everyone standing quaffing champagne, leaning on their Astons, in an age old and endearing slice of the great meeting. It’s my time to get asked by people stuffed with my cash, how much I’d won that day.. (where’s that sharp knife?) Everyone turns up without being invited – ‘Who ARE you – and why are you stealing my champagne?’

car park
How good was the meeting? Well to my mind pretty outstanding. How does it compare to Cheltenham? Well they’re rather chalk and cheese. Ascot is very much more about the social scene. But there’s no loss in focus on the racing. Quipco have stepped in. There’s a new Group one sprint attracting foreign raiders that really works. It has management focussed on quality at every turn. Entrance charges to the meeting aren’t steep – considering what is delivered. Cheltenham has a different feel. Far more the betting event, with months focussed on it’s feature races. The two great events provide balance. Is it a bit toffee nosed? I don’t think so, sure the babies are on Smoked Salmon, and they tow away Ford Escorts, but one has to keep the Riff-Raff out 🙂

.
See you at York – could it possibly get any better?
ascot2

Response to SP regulatory commission

Response to SP regulatory system – consultation

Former NJPC chief exec Clive Reams,  recently penned a letter in response to the criticism levelled at the SPRC, after the Grand National, advocating ‘no change’ to the SP system.  When the current mechanism was devised in the 1990’s he argued vehemently against the then proposed system whereby 5 bookmakers could govern the SP returns – as ‘a bookies benefit.’

Of course he was at the time in violent disagreement with a system being proposed where the largest five firms produced the SP’s. And of course he would have been right. To permit those same firms to control the returns, when their off course empires were of such high worth in comparison to a veritable ‘cottage industry’ – would clearly disfavour punters. Any notion of those same organisations using their on course positions to actually bet competitively – and disfavour their huge shop and mobile empires, would have been nonsensical.

Yet now, we see that same official arguing in favour of the current mechanism. Despite the fact that same system has been modified several times, to permit now as low as three trading on course bookmakers, not only to provide an SP, but importantly the shows, otherwise known as board prices

Mr Reams hasn’t been seen in the betting rings for many years to the best of my knowledge.

It’s my conviction the SP mechanism – in its current form, was practicably out of date shortly after its inception and requires thorough modernisation. Not abolishment.

The commission, in its call for responses to the system, makes clear it supports little to no change to the system. That we are afforded a workable and simple mechanism, which provides for such as guaranteed odds against SP. Why the commission feels ‘board’ prices would disappear in any revisions is beyond my understanding. Perhaps to scare people into the false belief that show odds would be consigned to the bin.

We already utilise industry odds in some meetings – Meydan and Longchamp for example. There’s no argument to support the commission’s assertion a system based on track bookie’s odds- is the only one which would support guaranteed odds

It’s rather apparent the SPRC depends upon the advice and views as reported by the press association staff, tasked with returning a fair SP from the racetracks. They are neither witness nor party to discussions between bookmakers – and their customers. Their honesty is not in question here- but they clearly cannot have the ground level experience to report accurately what is really transpiring.

The commission will also consult with the FRB, namely Robin Grossmith for his advice. Whilst Robin is a respected colleague of many years’ experience, it should be remembered that an important part of his remit is to secure payments for on course bookmaker’s data. He would naturally argue the system as working in a satisfactory manner – and without any knowledge or understanding of how the mechanism, currently being employed, affects off track companies. Most track firms care little for the impact their activities have on the wider betting community

The dynamics of betting have fundamentally changed in the last 20 years, whence the current system was put in place. In that time changes have been few and limited in nature. 20 years ago a pitch at Sandown at the top of the rail would have been worth well in excess of £100,000 – and very hard to come by. These days – those same pitches can be purchased for less than a third of that value- and with minimal interest, most certainly not from someone trying to get into racecourse bookmaking as a career! In the same 20 years- the average turnover per race to on track firms would have declined to not less than 1/6th the value of the late 1990’s. Midweek racing has declined in interest to customers to attend. Rings are often ghost towns. Few punters turn up, and in a cashless society they have less to spend with bookies trading. Mobile betting apps have taken over – being more aggressive in nature, easy to use, from funded accounts and related to offers. Racetracks have taken over betting at some tracks –and this new competition to the business a track bookmaker is afforded will have significant impact on their very existence.

My average midweek turnover, as a leading layer, in strong betting positions, is now routinely less than £500 a race- if I bet in any way sensibly. A risible figure. For this reason I rarely attend midweek fixtures. Nor do many of my colleagues. The only way to buck such turnover figures is to exceed exchange odds, then to risk arbing from other bookmakers. If a bookmaker does not offer a pure exchange price on a ‘fancied’ runner- it’s difficult to field any appreciable money for it

Bookmaker numbers have been shored up by some firms operating multiple positions. One bookmaker (John White) operates three positions at Kempton – a small ring as you are aware. Kempton – for example, routinely operates with a sample of around six firms – they are providing prices for a huge off course industry, from a venue where few punters turn up to bet

At the same time as this decline has been evidenced- the off track firms have increased in size, technology advances, and power. Where once betting rings were vibrant and busy, with standard place terms, minimum lay to lose guarantees – and by extension a useful ‘guide’ to SP’s – now they are ripe only to cheap manipulation of their odds. Huge multi national betting concerns can control a weak market with veritable pennies. This imbalance would simply be outlawed in any other financial sphere. It is important for the SP commission to give this point full consideration.

 

VOLUME OF RACING

Since 1995, and importantly in the era of Peter Saville at the BHB in 2005, the volume of actual meetings has soared from around 1000 annually – to 1450 currently. Racetracks have also focussed their business more towards Saturdays and providing cheap funded product. This has had a thoroughly negative effect to the turnover on track and split the punters interest between meetings. Further a customer can now sit at home and watch either ATR or RUK on his satellite – even watch live streaming racing on the likes of Bet365. All have had an entirely negative effect to bookmakers on track. In the same period the expenses of running an on course business have soared. Many bookmakers have quietly retired from the ring

RACECOURSE DATA TECHNOLOGY

In the last 20 years or so most firms now utilise software provided for them by RDT. The build of their system and its layout is specifically designed to facilitate easy wagers to and from exchanges. A wager can be practicably negotiated faster than on a web browser, a whole set of prices backed, or an entire position closed out. RDT receive a commission from Betdaq for such activities. Such software did not exist in said advanced form when the SPRC devised the mechanism in the 1990’s. All bookmaker software on track is designed to facilitate wagers with exchanges. It has caused a sea change in how bookmakers engage in business on track. They differ from their off track colleagues in that instead of being viewed as traditional ‘layers’ – balancing books with real money, they have metamorphosed to ‘traders’

TRADING

What should also be considered is the wholesale change in the approach by on course bookmakers to betting. When the mechanism was put in play, the majority of firms were traditional in nature. That is to say they were in the business of framing a book and accepting risk. This has fundamentally changed. The vast majority now ‘trade’ many wagers away with exchanges to create margin and keep risk levels low. In order to engage sufficient liquidity to make this practice work – prices must virtually mirror those available on exchanges. For example – a firm will typically offer 4/1 a horse for any variance on an exchange from 4.9 to 5.4. If the operator is lucky, he will be able to trade at 4/1 and hedge at 5.4 – bookmakers have become the new ‘arbers’

There’s little discernible difference between ‘show’ odds and exchange odds for the more fancied runners

Off track firms are, by extension, accepting wagers – and risk, on shows therefore based almost purely on exchange odds. This is a far from healthy system – and a central plank for lower levy returns – down over 50% in recent times. Most bets are accepted at board odds- rather than the more ‘protected’ SP returns. Off track firms do not ‘trade’ wagers in the manner in which on course firms do. To boot, since the shows being returned are up to one minute behind changes in exchange odds, off track firms find themselves subject to arbing from punters. This business is unprofitable and most bookmakers close accounts from those engaged in this practice. Such moves are unpopular and leave firms open to unjustified criticism.

THE STARTING PRICE

Let us consider the actual SP – in practice most track firms have stopped trading aggressively, or at all – it’s often too risky to bet to exchange odds and risk a sizeable wager which a bookmaker cannot trade, with the exchange, in the limited time before the off. Prices are revised downwards throughout the ring – or unavailable. Most books are structured and the operator is loathe to change it. Large operators, such as William Hill on course, are naturally particularly mindful to ‘bet well’ with one eye understandably on their important off course entity.  In my experience their returns are given considerable weight in any return. SP’s are, in practice, more favourable to the industry for these simple reasons.

There’s habitually a considerable difference between exchange SP’s and Bookmaker Sp’s

PRICE REVISIONS

It is common in circumstances to hear criticism of course bookmakers for failing to balance books by pricing up horses which they have not significantly laid, at times when they take substantial monies from legitimate hedging activity happening fast and late throughout the ring. Through the year we will hear many examples- the Grand National being a notable one, of an overround which disfavours punters betting at SP.

This is fairly easy to explain- since most track bookmakers are less ‘layers’ than  ‘traders’ . When they do catch late funds for a selection, they are far more about dealing with trading the wager profitably on exchanges. In the 1990’s – most firms would have been trying to balance their books by raising the prices of other runners to compensate, if you will. This is no longer necessary with the advent of betting exchanges and software dedicated to trading

Further, the notion that bookmakers should counter raise odds when there are often no punters to offer those odds to, is fanciful.

Finally, large entities sending money back to the tracks place their wagers as late as practicable, certainly never 20 minutes before the race for example. Again such practices, as in the likes of FOREX, would be viewed as questionable. Is racing somehow different? I am not suggesting they are not fully entitled to boss the SP’s, but there are issues of scale and timing.

 

SAMPLE SYSTEM

The current mechanism employs a bank of up to 25 firms at the largest meetings. At the lesser meetings it is exceptionally difficult to find 25 firms, betting within the commission’s guidelines, to return an SP. The SPRC has revised the number of bookmakers required to return an SP to below the level which caused such upset between the NJPC and the commission in the 1990’s, when 66 questions were tabled on the subject The commission has also modified what it permits to return a show to below the accepted industry standard terms and without requirement for a minimum ‘lay to lose’ figure.

At York’s Dante meet recently, I was one of only six firms in the whole ring, to offer an industry standard ¼ the odds a place in two 16-21 runner handicaps on one day, whilst the rest of the ring were legitimately offering a 1/5th. A bookmaker betting to a fifth in said instance could offer 25/1 a horse – whereas I would only be able to offer as low as 16/1. How does the commission handle such anomalies? Or where the favourite is odds on and all but a couple of firms are betting win only? Once again the sample is nowhere near that required for a fair SP, nor takes into account it is supposed to mirror standard terms off track to be seen as accurate – that is if there were appreciable monies to bet to. There are many examples of such cracks in the system throughout the year, which would not be evidenced if we had a system properly balanced by the true weight of money wagered on a race

We are of course well aware that the Grand National return in no way accurately reflected a fair return. Whilst I would argue that 1.66% per runner is by no means excessive- the truth remains the show embarrassed bookmakers on course, and will lead to customers choosing not to wager at the racetrack at all. Many firms were offering 9/1 the favourite – which was returned at 6/1- at the same time the exchange was offering 14.5 on Shutthefrontdoor.

The simple fact is the use of ‘SP Samples’ as a methodology for returning prices (especially where 5 of the 25 firms in the show represent major off track business) is clearly far too easy, and inexpensive, to control. In practice it’s fairly evident who the firms are that are part of the sample

Bookmakers not included in the sample are routinely ignored. Bookmakers within the sample are often asked to accept wagers at less than the odds they are currently displaying. Particularly at small meetings. Is there clear and incontrovertible evidence that this goes on? No. It is however, quite routine to be asked to ‘co-operate’ on shows in return for the crumbs off of a large concern’s table. If you co-operate – you benefit.

IS this system of hedging fair? Not if a wager is proffered ‘with hooks’. Any discussions with other firms will confirm this is precisely what goes on. It is totally acceptable for a large concern to wager to control a price which reflects the full weight of money. But not where said concerns can control a the market for such a tiny outlay and by openly requesting the bookmaker to cut his odds in return for a nominal wager.

WEIGHT OF MONEY

What should concern the SPRC, is the effect on a fair mechanism of such large concerns wagering with such a tiny entity as three to eight bookmakers trading an all weather track for example. What also should engage thinking, is the possibility of manipulation of weaker exchanges on small markets. Especially when one considers RDT controls well in excess of 90% of on course firms and produces software designed specifically to encourage the practice of trading. In reality, it is Betdaq- the weaker exchange of two, who govern on course returns. In my view this could be viewed as a cartel. It takes a tiny movement of exchange money – typically less than £10, to be followed by several on course layers.

kempton

INDUSTRY PRICES

Why have off track concerns not called for control of their own SP’s to date? Two factors explain this anomaly

First, and rather obviously, where the SP itself is required to be revised downwards, it can be easily controlled in a market devoid of regular punters with a very small ‘hedging’ fund. Large concerns represented on course can constitute up to 50% of those available to govern an SP. Especially as the SPRC mandates that in the strongest rings at our festivals, only up to 25 firms are required to return the show. Hedging can therefore be restricted to just those firms. This is precisely what occurred at Aintree. Indeed one pivotal operator, running multiple pitches, informed me ‘where he was in the sample, he was 6/1, – where he was outside the sample – 9/1 about the favourite’.

If all operators are betting to the same commercial terms – there’s really no need to limit the number who return an SP, and it’s clearly a system which fails the means test in such areas.

Second – what concerns major operators off track, when one considers the issue of industry odds, is how their competitors would behave were the mechanism revised. Would, for example, an aggressive operator such as Paddy Power- buck the general acceptance of a new industry return by producing its own ‘enhanced’ SP. As things stand currently – everyone accepts the status quo, warts and all. Of course most firms would prefer an accurate industry SP, not based on exchange odds on course, but the elephant in the room remains their competitors

With the disappearance of John McCririck from television schemes – a major obstacle to industry odds has been removed

OVERVIEW

Centrally the landscape of betting is unrecognisable – were we to compare it with 1995.

The SP regulatory commission is recommending we keep a system where the ‘show’ odds for fancied horses directly mirror exchanges and where the SP is ‘protected’ by circumstances. Where small time traders – desperate for any bettors can be easily bullied by larger operators and where punters feel they are being cheated (unfairly) by track firms.

We are long overdue constructive change. I welcome this consultation

Proposals.

  1. On Course bookmakers to compile one fifth part of a new mechanism, only where there are an absolute minimum of 25 separate entities available to return an SP
  2. Those 25 firms must be betting to recognised tattersalls standards in every race they are engaged to return the SP. Modified terms can not be accepted
  3. At least 25 firms must be available offering a full each way service to return an SP
  4. Sample system to be totally abolished on course. All firms betting to standard tattersalls terms to be included in the returns
  5. Track bookmakers who wish to include their data in any new return, must undertake to lay any advertised price to a minimum of £100 – to include to other operators.
  6. Four fifths of the new mechanism to involve the 19 largest operators. These operators to include Betfair and racetrack bet
  7. Betfair’s SP can only be taken from their each way market
  8. Industry odds governed by weight of money and by provision of prices to SIS
  9. SPRC to consult with operators to produce a formula which most accurately reflects an operators liquidity – and therefore influence on the SP

Geoff Banks

10 June 2015

The 2015 cheltenham festival – the grubbie bookie’s view

1489328_10153566948910012_1046682886_n
I suppose all racing fans grew up with great memories of Cheltenham in March. I recall as a boy, betting in the underaged class, on the Cheltenham rail into the members enclosure, nobody was surprised in those days to be served by a 13 year old – that you just couldn’t move for the absolute crush of humanity. Most of whom appeared to be called Mick. Although a few were Paddy’s. These days we’d invent a quango to count them by age, sex, social class and type of BMW

I prepare for Cheltenham months in advance by calling up the babestation offices to see if any of their talent is free. I got one. Brandy Brewer was her stage name. I think we should all have stage names, don’t you agree? So we downloaded an app (and you said I was a dinosaur?) put in our names and received new ‘porn star’ equivalents. I was Dan Cucumber. I was quite pleased with that.

I added two more lusty girls, bearing in mind sex sells. That I have absolutely no morals whatsoever. That it would upset the gambling commission. That some fellahs would hang around even after I’d emptied all their pocket change, asking daft questions like – how big are they when they’re out? You get the picture

Just in case any mary Whitehouse types were lurking, I threw in a couple of old grizzlies who have worked for me forever and never break a nail. We jumped into our Bentleys for the Cotswolds. And Mulllins.

mullins
It’s all about Mullins you see. Henderson has voted himself a non runner these days, as he declares the entire season to date as ‘soft’. The galactacos of racing who’ve won very little of late. One day they’ll whisper in his ear that cotton wooling of stars is a miserable failure, horses need to race, and the giant that is Seven Barrows will wake up to find Paul Nicholls has been eating his lunch for months. I’d like to see that, Henderson is a decent chap and we desperately need competition

The run up to the great party gives our beloved journalists to call up their three favourite trainers. Pre requisite to any convo is to get in early and often the phrase ‘it’s a privilege’ – or you’re struck off ze list of approved hacks. Lesser trainers don’t have phones and who’s interested in Hobbs or Bradstock anyway?

ATR extend ‘Bookie hour’ to a 3 hour slot daily. Tarts..

It was all about Faugheen, Vautour, Douvan, Un De Sceaux, Annie Power and Don Poli. Throw in Peace and Co for good measure. The average SP of the first 4 mentioned this year in all races? 3/10. Gripping stuff we’ve been treated to. Thanks Willie- you deserve a few quid extra in your wages at Cheltenham

Of course we know now – only one got beat, courtesy of the biggest howler in racing for many a years as she grinned at the crowd and paddled the last. Been a long time since I heard such a moan. Genuine shock – the biggest fail at the Festival since I tried chatting up Emma Spencer. Multiple bets up and down the land were waiting on her due diligence. Walsh set it up and she fluffed her lines

ap
There will be those of you, reading this, who take the view betting is the dirty end of the sport. That it’s all about breeding and the majesty of the horse. You’re the type who adores a 5 runner race. You don’t care if Faugheen is 1/6 as he powers away from horses two stone inferior. You don’t care if The New One or Annie Power are doing the same in Haydock or Leopardstown. It’s all magnificent.

Actually, you’re already dead and on the Eastbourne hall of fame. Check yourself

Well for those of you who don’t care about betting or the bookies, give yourself a pinch. Because I assume you care about the finances underpinning the sport? You want owners properly rewarded, yes? Well to educate you, the Levy Board was about to have a crisis meeting had Annie duly obliged, such would the whole have been in the finances of the sport.

ap2

(so good – I put it in twice..)

You see, racing is about the punters – they fund it. You think Steve Harman’s ‘racing right’ is coming to save you? Ha! The commercial acumen in racing has always lain with the bookies. They did their stones at Royal Ascot, King George and sundry other ‘biggies’. But you’re looking at their bottom lines – aren’t you?

trilby
Modern racing festivals these days in betting terms are characterised by ‘offers’. Credit to some firms ie Betfair (did I just plug Betfair? I need a shower! Who described their offers as what they were- free bets. Companies who did not distinguish themselves led by Paddy Power and Boylesports, who fronted with money back offers – that were nothing of the kind. I think this odious practice should be stopped. Cats being kicked into trees has to stay 🙂

On the plus side, firms like Paddy Power are giving their customers some amazing offers – I’ve never seen the likes of some of the deals they do, even if you’re only getting an extra bet, it’s still a lot more than in days of yore. What concerns me, is they’re mainly targeted at racing. It simply cannot be good for the sport for the number one festival the vehicle for ‘new business,’ rather than profiting from the racing itself. Take Peace and Co for example. A rock solid 2/1 chance for months- 4/1 in the morning. Not good, not good at all.

Brewer08_main
Thursday morning, Brandy broke a nail. It was so sudden I don’t think any of us expected it. The wailing and sobbing was akin to Annie Power’s departure from the festival. One moment – ten perfect porcelein fakes – the next- nine., Brandy wasn’t in the best of spirit. Punters were clambering over each other – not for her – but to press guinness sodden fivers in her hand for horses, fart and leave. What’s this about? This never happened at Babestation. She only had to flash her tatas and the phones would buzz. Anyway, to her eternal credit, this girl has guts for sure, she knuckled down and gave Vicky (AKA – Ritzy Jiggler) and Stephanie (Tara Cream) a hand in fending off the drunken. Some of which were bookies, a lot appeared to be jilted ex’s of Stephanie. Brandy will be back next year to entertain the masses we hope

In keeping with gambling commission edict 198.259 sub section 5 ‘dealing with total morons’ – we checked with everyone if they were over the age of 13 and not in fact in the paid employ of the commission itself trying to catch us out.

By Friday morning – I was in a shell shocked state, given depressing results, and the prospect of shaming myself on the Morning Line Saturday- my office had taken the phones off the hook and the website down. Come back Ffos Las, all is forgiven. Results outside the championship races were pretty fair – especially the ridiculous plunge on China Doll in the Queen Mother Champion Chase. Surely more likely to pull up than compete seriously?

It was a festival for the new. The performance of the meeting wasn’t the unchallenged Vautour for me – nor Faugheen, but the Denman-esque performance of Conygree. By the start of the 2nd circuit, he had many class performers firmly off the bridle. He quite simply ran them all into the ground. And who WAS that jockey??

conygree
Surely the BHA should lamp Bradstock with a 60 day ban for ‘upstaging Mullins’? Well done to the authority, however, for having the last ‘laugh’ as usual and a whip ban in the gold cup to a lesser jockey – they never disappoint

Was it the best Festival in modern times? – that’s hard to say, Loads of talking points.  it certainly was out with the old and in with the new. Everyone knows I worry about the all enveloping nature of it. Months of discussing five runner graded events and odds on chances is something a caring authority wants to take very seriously, with the prospect of a repeat next year.
I have one suggestion, which will have some people nodding in approval, the purists in horror,  and the BHA copping a deaf un. That Mares race. 6 years in a row a grade one animal reducing the worst rated event at the meeting to somewhat of a procession. Not really the point is it? Not good for the finances non plus. Perhaps an upper rating level of some description? We all know Annie Power will line up again next year – but in reality she should be in the World Hurdle, and not hiding away in selling class.      NAP

I always mention the whiners. Taking a break from the Betfair Forum. Those who moan about Channel 4’s coverage could only be uber impressed at some of the amazing images treated to our screens, the features, the slo mo’s. Fine, I’m an occasional guest, but I’m entitled to an opinion and in comparison to the beeb? No comparison. Enjoy the float race Clare. Dreadful choice over the Grand National, really it is. But we’ll have Luck and Gok- fair trade.

apm
And finally, yes, you made it. To one jockey. Given the amounts of cash I’ve heaved out over the years over this man, the times I’ve cursed the man, you might be surprised I’m as teary as the rest of you at the departure of a legend. I think to put it into some kind of perspective,  the British public admire most the total and unadulterred energy he put into every ride. His iron will over sometimes doubtful horses. It’s a shame Jonjos stable has been in such miserable form this season or he would have signed off with more winners. AP has carried himself wih humility and class and gave every punter 100% commitment. That’s why they love him. And I will very much miss the very engine of National Hunt Racing.