Royal Ascot – 2015 – The Bookies View

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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 ??)

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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

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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..

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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

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They don’t do Pomagne here!

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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.  .

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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..

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But I digress

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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.

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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.

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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’

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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.

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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’

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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??

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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)

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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

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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

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

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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!

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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

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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

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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

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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..

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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’

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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?’

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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 🙂

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See you at York – could it possibly get any better?
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THERE IS ONLY ONE DERBY

The Derby   Who could not enjoy the Derby? An iconic race on an unusual twisting track where the field drops into the straight and race downhill past rows of London buses. It’s one of the great British events. One of my favourite meetings of the year. buses On the eve of the Oaks, I was at Epsom to film a small fun segment for Channel 4. Hundreds of workers buzzing around, having meetings, preparing.  Epsom, whilst it is a great track, disappointingly only produces one meeting of merit a year. That’s not a comment meant to impugn Jockey Club. I think the reason being the unusual nature of the track makes running more premium events there difficult. I think that’s a shame. It also argues the importance to the track of a financially successful Derby.

Jockey Club Racecourses have a talent for organising large festivals. I’ve been behind the scenes on many occasions. It’s impressive. I don’t believe people realise how much is involved turning a racetrack that’s done nothing for months into such a showcase for the sport. Chairs, bands, bunting, car parking, food and drink. The organisation performs the same feat at Aintree for the National, Newmarket for the Guineas, Sandown for the Eclipse and of course Cheltenham, to name but a few. They know what they’re doing here. And I love every one of the aforementioned. I don’t want to suggest otherwise.

JCR are, of course, the commercial arm of the once rulers of British Racing. They have a debt book to manage and of course it is vital to turn as many events as possible to profit. That’s business. One of their most successful tracks commercially is Kempton, tumbleweed blows about the place and never strikes an ankle. A product engineered for the shops.  Little wonder Newcastle looks on with envy. The turf tracks such as Epsom and Sandown can struggle if their numbers dip

 

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The Derby, arguably, is the second biggest draw in British Racing. For the last century (at least) its traditional slot was the first Wednesday in June. This was changed to arguably more lucrative slot on a Saturday. I have a big problem with this. I fully recognise the commercial importance of the event to Epsom and I also understand the stance adopted by the BHA in favour of large betting concerns in supporting so many race meets on a Saturday and more generally. I have been at odds with them on this subject because I do not accept the Sport itself benefits from this arrangement, nor the volume of racing, as advocated by Ralph Topping or Andy Hornby. They are running the sport to their gain and our ruin. If it was the case our beloved racing was ‘furthered’ by so many meetings on a Saturday (8 of whom competed with Epsom) – we would surely witness LBO’s about the country pushing racing in their shop windows. However the opposite is most certainly true. Shop windows are dominated with banners pushing the machines racing has no financial interest in. Shoving FOBT’s down our throats with warnings about ‘responsible gambling’ – You couldn’t make it up. BlcYya1CMAArtbN

 

Mr Topping, shortly to retire from William Hill I’m glad to observe, led the pack of casino operators with an offer of 5/2 Australia to win the great race. After the flop of True Story in the Dante, William Hill were 4/6. £1 wagered netted £2.50 on the day of the race, yet would have won just 67p in profit the month before – a mere 32% drop in margin. Had Australia had one of his legs amputated I think the move would have been a fair one.Most business models would collapse at 5% drop in margin. Its a decision based on trying to suck customers away from rival firms  – and driving them to other products. It’s a Levy wrecking exercise because it drives the whole industry to offering an odds-on chance at 11/8 by the start time, an industry 18% worse off thanks to William Hill. Roulette wins- Racing loses. Yet they claim to be supporting the Sport? Tell me how is Racing advantaged?

In shops more famous for restrictions on Racing and Greyhounds, the margin in betting terms  on racing has collapsed, and let’s be clear on this – this is nobody’s fault but the Bookmakers. It’s a world dominated by pennies on exchanges and casino firms warring on market share. And it’s the latter that provides more liquidity, and therefore more price impetus. I’m suggesting alliances with such organisations are a waste of time if all they do is run the finances of the product to suit their own ends.

I don’t blame Paul Bittar for seeking a more convivial level with these firms. But I believe he has to recognise the realities in such a relationship. British Racing is a standalone product. The sport has become the conduit, the vital fodder such betting companies require to camouflage the presence of LBO’s proliferating our High Streets, as well as provide the background noise. There’s little chance of a fruit machine empire being granted free licensing by a worried government, but one that claims to be based on Horse Racing? Well that’s just British. At least it’s a British lie. Any potential profits from the Derby clearly sacrificed at the altar of market share. Should you care? Well for as long as betting profit funds the sport then the answer is yes. It happens at every festival, with rivals outdoing each other in offers so attractive they’re bound to be loss making. I’ll be glad when Ralph leaves, the firm might return to Bookmaking. I appreciate my view won’t be shared by Betfair, who have eaten King Ralph’s lunch for years..

The big story on the morning of the Derby – and the following morning, wasn’t Australia and his thrilling performance. The headlines were an England friendly. A French Open final won by a fox with nice legs. The Derby festival has competed in the past for critical airtime and exposure with England World Cup qualifying games and matches against Brazil. football

 

The same is true abroad, with their own sporting events in direct opposition to The Derby. Overseas markets are crucial to the success of British Racing’s commercial arm in selling Para Mutuel tickets and sponsorship. Our Sport also managed shoot itself in the foot by adding 8 other race meetings to the mix.  It’s all quantity. I hate using the term madness to such thinking, so I will use a different and less evocative term. Is JCR the only culprit in such activities? Absolutely not. York’s fabulous Ebor, Goodwood’s Stewards Cup. A couple of examples of races that are losing their identity.

I hear Channel 4’s Epsom figures as down 25%. That’s a very significant drop. Some would argue the format of the show as wrong. I’m no expert in television. I do, however, believe the network cannot be advantaged by forcing it to transmit in competition to so many other major sporting events, as well as air our sport in a more lucrative spot than Wednesday. I do believe Channel 4 should be beating on the door of British Racing to demand a better product to transmit.

Are such heritage events totally under the control of our racetracks as to when they are put on, or does the ruling body have to approve the change? I suspect the BHA has some control over such matters and if so I believe it’s time to resist further calls from tracks to move events to Saturdays where attendances gain, whilst the Sport unquestionably loses. I would go further. I think it’s time the sport restricted payments of Media and Levy to any more than two Premier Race Meetings on each Saturday. Broadly this means events such as the July Cup – would not be funded in opposition to Newbury and Chester’s big meetings on the same day. Is this so radical? Not really. Is it easily done in a BHA board with such a hefty racetrack bias? Ehm, er, well..

It’s time for a complete re-think on how we further the Sport both commercially, as in sales of TV rights and Betting abroad, and in its profile. Paralleled with providing improved midweek racing, to encourage traffic into our betting shops. We need to spread out the jewels – not compete for air time, coverage, newspaper space as well as for Betting by hosting The Derby on the same day as England vs Honduras. And yes, I’ll say it, less racing to deal with the issue of small fields. I don’t think people fully understand the negative impact on the sport when five runners set out to post.

And if you’re sitting there thinking the Oikball can’t compete with our Derby because we’re so fabulous? Bear in mind 1.5 Million watched Australia’s romp, and 7.5 Million watched the brainless ones flop about the field in a friendly. Let us not also forget sponsorship for the Derby was only recently saved by Investec who came in at the eleventh hour two years ago and doubtless saved themselves a few quid. Would a Wednesday Derby have been in the same boat for sponsors? Such investments prosper from sporting events from exclusive coverage and exposure.

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It’s time to stand up to the racetracks on this subject – and force these iconic sporting events to be moved back to their original midweek slots for a host of good reasons, contra their natural desire to profit more from a Saturday.  At the end of the day ‘ownership’ of the top races in the calendar carries a responsibility to produce more than numbers through the turnstile – although I doubt the Derby’s Saturday figures are that much better than when it was hosted on a Wednesday. I recall queues of traffic for the Derby. Last Saturday I breezed in. The race has certainly lost some of its mojo.

We should enthusiastically place Premier race events midweek with a rights and levy structure which encourages movement off of weekends. Why do we permit Chester, York, Ascot and Goodwood on one day and Leicester, Ffos Las, Windsor and Ripon on another? What are our expectations here? Would you walk into a store if the quality varied so much from one day to the next? Why was Newmarket for example permitted to move its July Cup from an unchallenged slot – to one where it competes and denigrated other fixtures, as is the case on ‘Super Saturday?’

Broadening the appeal of Racing involves dealing with the huge holes in the fixture programme left by top tracks abandoning midweek posts in favour of more lucrative weekend slot. Our winter and the great sport of National Hunt is dying on its feet, if you hadn’t noticed, with the smallest fields on record and a movement toward Cheltenham for the top horses which leaves months of high class, well-funded racing either subject to small ‘match’ races or worse simply won by lesser horses. Such issues are partly driven by a lack of control over racetracks and structures that permit horses to laze about in their boxes instead of being forced to compete in a qualifying number of races each season. We need tighter controls if we are committed to a quality product.

There’s only one Derby

 

Geoff Banks

June 2014