It’s hell for Cheltenham bookies as fans and favourites make light of wet
There was no hiding place for the layers on day one of the Festival as, despite the soggy conditions, punters cashed in and had a day to remember

Apparently the Guardian has never heard of the idea of a bookie balancing his books……

Still, congratulations to the bookie’s PR firm for placing that story……

12 comments on “Idiots

  1. Well, if a bookie balanced his books perfectly he would never make a loss. True.

    But he would also never make a profit.

    Bookies hate favourites winning. They lose.

    A string of longshot. 100/1 outsiders winning, on the other hand, and it’s luvvly jubbly time.

  2. Recusant said:
    “Well, if a bookie balanced his books perfectly he would never make a loss. True. But he would also never make a profit.”

    Surely the “balance” them with a built-in profit, so that they make money whichever nag wins? Basically they offer slightly lower odds than they would need to perfectly balance.

  3. Roulette with a 17% gross margin rather than 3%.

    But you play roulette somewhat quicker so the 3%s add up

  4. Just wait for the forthcoming scene where Polly strokes off Spud with the centrefold from the Racing Post

  5. The point of a bookie is to have equal amount of money on each side of the line. The bookie collects to the vig.

  6. All bookies have real-time profit/loss stats on their book and can lay virtually instantaneously (and automatically, in most cases). Typical overrounds are of the order of 5-10%. US books usually aim for five-and-a-bit percent vig. If you’ve got a deep enough book it’s really quite hard to lose money in the long term. The days of some bloke in a camel coat and a flat cap with his spotty teenage runner are long gone. These operations are Big Data incarnate.

  7. Is on-course betting still allowed? Some friends of mine went into turf accountancy after school and used to enjoy an afternoon out at Epsom on Derby day, making a book in the old-fashioned way and….. Every so often, getting it wrong. Fortunately they never got cleaned out by their errant laying of odds but they had some close shaves, which merely added to the thrill

  8. Still plenty of blokes in camel coats st point-to-points, which are by far the best way to go racing anyway.

  9. Re the auction story.
    Anyone know what they got for him?
    Just wondering if there’s an investment opportunity here…

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