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The Art of Bookmaking
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Why do you try and beat the bookmaker, without knowing the basics of the business? The bookmaker offers punters prices based on his/her expertise, luring you to invest in a betting scenario from your amateur viewpoint. Yes, you have an opinion and might have even researched previous results and form guides from time to time, but unless you approach betting from a professional viewpoint, you will continue to lose money to the dreaded enemy. The Art of Bookmaking explains how 'Turf Accountants' approach any potential betting scenario, and the (simple) mathematics that govern transactions. From a detailed look at 'percentages' through to frame betting in snooker, it shows you how to 'price up' any sporting event in the calendar. And it will show you how the Odds Compilers create prices for tournament betting (World Cup—US Open Golf Championship—Wimbledon etc), and inform you of the mistakes bookmakers have made down the years. This publication will change the way you look at betting. You will be playing on a level playing field.....at last!
High Stakes Publishing; December 2009
ISBN 9781848397316
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ISBN 9781848397316
Read online, or download in secure PDF format or MobiPocket
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Without wishing to get dragged into legal jargon, I could not write this book without mentioning the legal requirements of what we class as an old-fashioned bookmaker, which is as far removed to those of you who are looking to become unofficial, but not illegal, layers on the betting exchanges. The simple truth comes in two parts. You are legally required as a person to apply for a bookmaker’s permit. This is not to be confused with a bookmaker’s licence, which actually applies to a place of business (betting shop), which requires a licence with which to trade. A person requires a permit to be classed as a bookmaker which, given other financial criteria (references), would allow them to set up as a layer on-course. They would then require a licence for any premises that might be bought or leased to be utilised as a betting shop. Both the permit, for a person and a licence, for premises, can only be obtained through a court hearing. Permits are easier to obtain because, providing there is no history of problems relating to the person who is applying for the permit, there is no obvious reason for the court to deny the application. Licensed premises are entirely another matter. There could be umpteen reasons why a magistrate might be convinced that the local area does not require more premises where people can legally bet though, equally, it is far easier to convince local people of the requirement of such outlets these days. Since the national lottery came into being in 1994, local magistrates have, in a fashion, had their hands tied, as post offices, newsagents and any local leaseholder can seemingly encourage people to part with their money through televised bingo. Potential bookmakers have jumped on the bandwagon and applications for licences are supposedly backed up by disabled persons who cannot gain access to the betting shop down the road because of the lack of a ramp or suitable toilet facilities. The magistrates have about as much chance of denying an application nowadays as Foinavon had of winning the Grand National in 1967! Now we have got the legal jargon out of the way, we can approach the subject in question, which is bookmaking, in concise, yet as easy to read detail as I can offer. I was a mere lad of thirteen when the aforementioned Foinavon won the Grand National but had already backed my first winner of the great race in Team Spirit three years earlier and was well on the way to being hooked by the sport of kings. It would take half the book to establish my experience within the business, suffice to say that this is my sixth published title, following efforts as a betting shop manager, an odds compiler, a bookmaker (both on and off course), a commentator, a greyhound steward, a statistician for both Tote Direct and Channel 4 Racing and a daily columnist for sportinglife.com. These points are not made to boast in any form because, like most of us within the trade, I haven’t perfected anything. The facts are simply listed in the hope that the reader will understand that I have been around the block a few times and that I am still running! Bookmakers or turf accountants, to offer such professionals the correct term, officially opened their betting shops for business back in May 1961, though ‘runners’ were still to be found on many a street corner in those days, with selections scribbled on the back of cigarette packets and scraps of paper. William Hill was arguably the first of the bookmakers to hit the big time and I remember visiting their head office at Hill House over Blackfriars Bridge in London back in 1970. Men stood on ladders literally chalking up prices on massive blackboards at Hill House, though companies producing whiteboards and marker pens were soon to flourish through the logical requirement of betting shops, which simply did not have the space to accommodate the old fashioned ways.