Family Fun day, at Worcester ..

Was no fun ...

So, to set the scene ..

Have just spent the last 36 hours, on the road, or at Ascot, for a small profit, and now have to go and work at Worcester race-course.

The kit is different, so, obviously, we forget 2 vital screws, and we are on the back-foot.

Its raining (Cricket at Worcester, was reduced to a 16 over game), and people are few and far between.

Eventually create a work-around for the 2 missing screws .. , and we are working, trying to drum up business, from the reasonable crowd.

This was hard work .. the punters in the midlands are v price sensitive, so, in a competitive ring, u get v few mug bets.


All day, business was pathetic, taking maybe £300 a race, for the first 7 races, of the 8 race card.

Results were mixed, so, were just losing going into the last race.


We put up the prices for the last, and 1st bet we lay, is a 40/1 chance, £50 e-w.

This was solidly supported to 14/1 .. we laid a bet of £100 at 14/1, just before the off, and its a loser for us, of about £2k.

Its a active betting race, and also just before the off, we lay £200-e.w, to the owner of a 9/1 chance.

For the first time, we are holding over a £1000 in field money, but even thou the race was over 2 miles, we knew our fate a long way out, as they finished 1-2.

Its a right kick in the bollox, to lose £2k, on the last, and make it a losing week, even before expenses.

Bookmaking, is really hard - and it wasnt an especially fun drive home.

2 Day Ascot Meeting - May 10/11

2nd Day out at Ascot, which starts with a 5.30pm start on the Friday, followed by 1.30pm, on the Saturday.

So, just the 200 mile round trip x 2, and another 8 hrs wasted in the car.

The Friday night meeting starts too early, so, people cant get there from work, and even thou the price to get in, a very reasonable £13, not more than 4000 people attended.

This is v disappointing for the track, but its a theme up and down the country.

Nottingham racecourse must have gone to huge time/expense, or a similar 2 day fixture, and the crowd last night, was just pathetic.

Anyway, back at Ascot, had more trouble with keyboards not working, so had a delayed start.

Actually read the card v well, and really fancied 3 of the 6 winners. As such, even thou I only took £5k in total bets, I managed to keep £1500 of it, which was a nice change.

L-o-n-g drive home, after some traffic mayhem .. maybe getting back, at mid-nite.

Need to try and fix keyboard, for tomorrow (today), but its well knackered.

Visit a 24hr ASDA, and buy 2 usb keyboards for £10. Get that to work, have a quick look at form, for today's meetings, and hit the sack, at 1.30am .. never got to watch any of the golf, from The Players championship.

zzzzzzzzzzz


Woke up at 7am, stiff, with back-ache .. and re-start trip back to Ascot.

Load all kit, after its sat in garage re-charging, and finally meet colleagues, at 9.30 am.

I am doing the driving .. more stress, and when we get to Ascot, try and re-assemble kit.

I started, 90 mins before 1st race .. and everything is going fine, then, a software/server problem, delays everything, by 45 mins. Stress levels going thru the roof, (u can see other bookmakers taking bets, and it hurts), finally, get that fixed, and then the signals from the laptop to electronic board, get lost.

NO !!!

Re-start drivers on laptop, etc, and finally, can start taking bets, 20 mins before the 1st race.

On-course bookmakers these days, have to be computer experts, gambling experts, people persons, and be willing to get wet ..

It starts to rain ...

Some cover, but, people stay out of the rain, and business is crap.

After 5 races, battery power on 2nd laptop goes .. and I am rapidly losing it.

Get thru the day, and finish winning £900 after expenses .. big deal.

Drive home, and decide to stop in at Warwick races on the way back, as I fancy a horse in the last.

Get there for the 3d race, and just chill, till the 6th race, and my horse, drifts from 7/2 to 9/2, but wins handily !! Win £1200 on that, so, thats a pretty good end to the day.

Happy days ..

Drive home, and mind wanders, so, take-wrong turn on motorway .. finally get in a 10pm.

Been a long 2 days  ....


Off to Worcester later ..

Bank Holiday Monday, at Windsor

Windsor is a lovely course, attracting good horses, and a very fair number of paying public.

To encourage a younger crowd, they hold "Family Fun" days. One such day, was yesterday - a Bank Holiday. (which usually makes the roads a nightmare .. and this was no different, as the journey which should take 1hr40, took me 3hrs)

I would estimate, 5-6000 people attended .. unfortunately, the majority of which, were in a section f the racecourse, called the Silver Ring .. as that was where various Family attractions were located, so, business at my end the track, was only fair.

I had 2 decent punters, betting with me ..

One guy walked up, and asked for 600 at 33/1 .. that's to lose 20k, and I halved him .. laying it to lose 10k.

This is a v decent bet to lay .. not that most punters will acknowledge you need accommodating bookmakers.

The horse in question, only beat 2 home, and on the day, I laid the punter 500 at 5 or 6/1 a horse in each race, of which, only 1 won, so I beat him.

Another punter, was also betting in 400-600 sums .. but, my total hold, on the day, was 12k, so .. you can see, just how much, of my volume, came from these 2 punters.

On the day, 3 favs won, and I lost 400, plus expenses .. which, for 12 hours work, isn't much fun.

One day, I will actually win.

On Course/Off Course thoughts

This may be a little deep, but, its a topic that needs debate.

The present UK horse-racing markets, are attended by .. an average, of say 40 licenced bookmakers per-day, who make a market for each race, and the Starting Price for each race, is derived from these (unpaid) professionals.

These bookmakers, all have access to the exchange models, which bet to 101% .. virtually an efficient market, but, have far greater expenses than the Internet, so, not unfairly, they have to build in margin.

Just how much margin, is the rub.

If they bet, for, say 2% per runner, in a 10 horse race, they make take money, but .. informed people, with access to mobile betting platforms, may decide, not to bet in cash on the course, but via their mobile, into an exchange.

If they bet for 1% per runner, they are probably likely to operate at a loss .. not good .. but, would increase the money being attracted to the racecourse, and eventually, will strengthen the rings.

The other debate, is how much money, the on-course ring, attracts from the High Street firms. I am led to believe, these firms, have all but stopped hedging back into the rings .. effectively saying, they don't care, what SP, each race is returned to.

Either, this is because the amount of money traded in betting shops these days, is in such decline, it doesn't matter, or, there are more efficient ways of dealing with it.

So, if you were an on-course bookmaker, what margin, would you put on your board .. ?

Its tricky, and a lot depends, on whether you are thinking short-term, or long-term.

I am a firm believer, rings should bet to an average 10-12% over-round .. but, understand, this is not realistic, an a cold, poorly attended day.

At some stage, racecourses may pay bookmakers to attend, or greatly reduce the costs for standing, .. or, more likely, they will do nothing, believing all bookies make money.

On-course bookies, do not operate cartels, and .. it is a free market, which, often leads to disputes. There is much jealousy in the rings .. its .. easy to take money, in good locations on the race-course, but, its almost impossible, in bad locations .. so, what do you do ?

Good location bookies, will want to bet to a good margin, making profits. Bad locations, wont care, as they take little money, at good or bad profit margins, so, .. normally, either bet to absurd margins .. good or bad.

This gives the rings a bad name .. the public often gets ripped off, knowingly or not ..

(( As an aside, its unreal, how ill-informed some people are .. obviously, they don't care .. betting for v small amounts .. but, often, have taken sizable bets, when, the bookmaker next door .. 2 yards away, is offering a better price))

The whole debate, is a minefield, with each case, aggressively argued by each vested interest.


At a later stage, I will return to this topic, to look at each area, in more detail.

Ascot

This is a proper Grade 1 Track ..

We got in, 2 hours before racing .. (Bookies need to be there, 1 hour before racing, to be able to 'claim' your pitch ..), and it is great, they now have a drop-off point, where bookies can drop off all the kit, and not have to lug it all from the car-parks.

This kit, normally includes ;

A Digital Board
1 or 2 heavy duty batteries, to power the board/printers
Assorted printers
Assorted signs / name plates
Sometimes, a joint .. which self-assembles .. thou you can rent, for £25 a day

We had a fair drive thru, negotiating via some back-roads, which only taxi-drivers and bookies know.

We had high hopes .. as the car-parks were v busy, 2 hours before the first race.

Our kit, had some issues .. the bracket which holds the digital joint, was badly drilled, so it wouldnt fit properly. There is no-wi-fi on the course .. at least for us, and getting a cell-signal, is v tricky. The laptop software, was faulty .. so, all these problems, were both draining and an inconvenience.

Unfortunately, 'free' day, encourages locals to have a day-out in the sun, and just cruise, and it wasn't really a betting crowd .. so, although we had paid £60k for our pitch .. (14 days racing, a year), takings were v average, and results were poor, (including a winner for The Queen), so, we lost. It didnt help, about 70 other bookmakers turned out .. encouraged, as it was free-to-bet .. there were just too many bookies, for the crowd.

Am not really sure, the £60k was a good investment .. there are 2 meetings, next Friday night/Saturday, which will be a better guide, but, at this stage, its a disappointment.

All-in, we left, at 9.00am, and got back, at 8pm. Spent £700 in expenses, and lost betting .. so, have some headway, to make-up.

Racecouse thoughts

On the way to Ascot .. got a very decent pitch, in tattersalls, and its fee entry for the public.

This is a big deal, for racecourse's ..

Currently, most racecourses charge between £12 and £26 for Tattersalls entry, with just Towcester racecourse, to my knowledge, being free entry, every day. (I am a big fan, of Towcester .. its a v well run course, who get good attendances, and make a return from a great hospitality business, and selling the picture rights/food concessions).

As this is the fist race day of the season, Ascot have given locals, free entry passes, and a big crowd, of maybe 10000, is expected .. especially as summer, may be finally on its way.

Ascot is a grade 1 track, which spent .. maybe £40 million on a re-design, some years ago, and really decent races are run. We have only occasionally, bet there before, and it will be an interesting day .. especially as its a southern track, and people who come, might be expected to have a few bets.

There are many things currently wrong with the racing structure in the UK. Each vested interest, will have their own favourite, but some of mine, are :

1. Starting Price .. manipulation.

The reader should understand, betting shops are relayed the current betting prices, on events such as greyhounds/horses, from the bookmaker's working at those meetings.

These bookies, work to a betting over-round, of probably 1-2% per runner .. so, a 6 horse race, might have a 10% over-round, whilst a 20 runner race, might be 20%.

A 6 dog greyhound race, will always have an over-round of 20%, and its just theft.

On many occasions, a dog will be showing .. say 4/1, and this is the price, that's being bet, up and down the country, in the 8000 betting shops. On Betfair, the dog will usually be bigger, sometimes much, much bigger.
Last week, I saw a dog, that was 17/1 on Betfair .. and just 7/2 in the shops.

This cannot be right .. its blatant theft.

I understand a bookie has to have a profit margin, but, the un-informed many, need to be protected.

SP has to include the betting exchange mechanism, like it or not.


2. Bookmakers terms, are not uniform.

Generally, in a 8 horse race, each-way terms, are 1/5th the price, for a place. Some races, (normally, when the favourite is odds-on, these terms are unprofitable for bookmakers), and racecourse bookies, can legally change the terms .. as long as they are displayed. So, they might go, 1/7th the odds a place .. which is probably more realistic.

The problem is, all bookmakers bet differently, and its easy for the general public to get ripped-off - especially if they are casual punters. I am sure, standardised each-way terms will come, soon .. but, its already been too long.

3.Betting shops, wont lay a bet.

This a a thorny one, as these firms are now run by bean counters, who understand, their overheads, and want to dissuade professionals from betting, with them.

The bean counter will say, he wants to lay, the horse, or whatever, to a regular mug, who will more than likely, lose it back, on other bets. This makes business sense, but, gives the racing industry, a bad image ..

If a horse is available, at 7/2, to a mug, it should be laid to lose .. say £50, to anyone. I understand, people can walk round, the v many betting shops, placing bets in each one, and v significant liabilities can accrue, but, that's a process, the betting shops, need to manage - thru the pricing mechanism.

Racecourse Bookmaking

In a previous life, I was a racecourse bookie, and in some ways it was fun, others, a living hell.

Mainly due to taxation complications, of professional bookies, as opposed to professional gamblers, I moved away from the racecourse, but, 10 yrs on, Betfair has made life v hard for pro gamblers, and the racecourse is an option.

I have spent the last few weeks, looking at horse-racing in the UK.

There are about 60 horse race-courses in the UK, spread up and down the country. On any given day, there is probably an average of 3-4 meetings.

Each racecourse, have different numbers of fixtures. The all-weather tracks, like Southwell, Lingfield and Wolverhampton, have between 80-100, per year. Some have as few as 20, with an average of .. Say 25.

Raceourse bookmakers, now have to buy a 40 yr licence, to bet at each racecourse. These licences, are bought and sold, thru an auction process, for licenced bookmakers. Each licence, or pitch, as they are commonly known, is valued based on its seniority.

Seniority, is just that. Number 1 pitch, has first pick, where he wants to operate from, Number 60, has just that. So, at an average course, Number 1 pitch probably costs the bookie, £50k, Number 60, £500.

The difference in value, is just associated to what money, the bookie can hope to take, off the public.

Each bookie, will pay, to work on each day, 6 times the Tattersalls entry money .. so, if Joe Public pays, £21 to enter, the bookie will pay £126 to work.This payment, is the same, for Number 1, and Number 60.

They also, now pay a yearly marketing fee, of about 8 times, admission.

If we look at an average racecourse, where they race, 30 times a yr.

If you have number 1 pick, the cost of working on a day, is :

£50k for the licence, spread over 40 years, divided by 30 meetings .. so 50000/1200 = £400

The days licence - £121, plus marketing fee .. £8

You need .. 2 staff .. probably £100 each

The kit to operate as a bookie, costs .. £15k, so, lets take £50 a day for that.

Petrol etc .. another £50.

All-in, if you bet in a prime spot, the costs are £800. In a poor spot, £350.

Bookmaker income, is based on margin. In a good spot, you would hope to take £1000 a race, probably more, at 10%-15% margin. so 7 races, on average, you would hope to win £1100, less expenses of £800, u get £300 per day .. thou, you have a huge capital investment, in racecourse licenses, which will fluctuate in value, over the years.

A poor pitch, will take, maybe £400 per race .. at worse margin, so, its v v hard .. thou, u probably have less workmen, as its less busy.Poor pitches, only really have a value, on realy good days (summer usually), when a lot of people attend .. a racecourse might get 2000 people attending, a run-of-the-mill meetng, but, its summer days, might get 10000. On these days, all bookies will make money, off-setting, the v many poor days, where it rains, and few people attend.

Its a tough game, made harder by the effect of mobile betting, as people can now bet on their cell-phones, via apps. As a rule, people do like to bet in cash, but, in hospitality areas, the temptation not to move, to place a bet, is quite big.

Anyway, having seen quite a few raceourses over the last 3 weeks, its obviously an industry, going thru a lot of change, and is greatly affected by the strength of the local economy. South of the UK, is still fairly strong, as is the north, but the midlands, is really suffering .. (from industry moving away/closed).

IMHO, there are still too many racecourses in the UK, and the prime land, will no doubt, be lost to housing development. I would think, 40-50 racecourses would be sufficient - and more viable, for everyone.

The sheer cost, of becoming a bookie, makes fresh blood almost impossible. This is worrying, from the long term aspect, but, some bookmaking families will no doubt train off-spring. I would hate to be a new guy, starting out, with a bank, of .. say £30k. It would be v hard. With £200k to play with, you would have a chance, but .. banks, wont lend u anything, based on these licences, so, basically, getting the capital .. will prove beyond, most.

Working as a racecourse bookie, you see a lot of things, some funny, some not so.

In previous years, the off- course firms used to hedge a lot of their off- course liabilities, which may have accumulated at their betting shops, in the High Street. This hedging, would reduce the Starting Price, at which most off-course bets are settled, and everyone was happy. These days, the SP mechanism has become outdated, as its doesn't reflect betting exchanges, and less hedging takes place.

This is natural evolution, but, yet another source of income, for a bookie, that has dried up. Experienced bookmakers, with capital, will still win .. But, it's no fun. Working, when its pouring with rain, and your only cover, is an umbrella.

Getting the Value

Decided to go to Cheltenham races for the day .. despite the rain and cold.

Its been miserable in England . and really windy. Played The Belfry golf course yesterday, and, the intense cold and gusts of wind, made the course almost unplayable for the good golfers, let alone hackers like me .. lost about 6 balls, which was about right.

Anyway, got to Cheltenham, and had a right result, getting in ...

Its normally £20 for a mid-week meeting, and the usual touts are hanging around. I wont use them, unless absolutely desperate .. preferring to pay the course, full price, than saving .. say £5.

Anyway, as I make my way to the kiosk, I can see a guy, looking for someone he can give a spare ticket to .. so, I help him out !!!

I get in ok .. and ask him, if he has any tips .. he says, no .. so, I tell him to back the fav in the 2000 guineas trial, at Newmarket .. Toronado - at 4.05, which is about 1.80 .. and, I know will win.

I v rarely tip horses, or anything, as I hate the grief when they lose (as, they can do) .. but, this was a special case.

It duly hacked up, and is a very serious horse/contender, for everything.

I enjoyed the racing at Cheltenham, but was v sorry to see champion jockey, Tony Mccoy, have quite a serious injury, from a fall. Hes a model professional, who I hold in the highest regard, and wonder how many more years, he will put his body, thru everything, a steeple-chase jockey, lives with.

http://www.bbc.co.uk/sport/0/horse-racing/22208974

It will be a sad day, when he retires, but, overall, hes been a lot luckier than most, with injuries.