| Bookmakers | | | | choice" he said. |
| | | | |
| There are several subdivisions of bookmaker: | | | | Chandler continued: "at the Cheltenham |
| | | | meeting last Sunday we did a survey and asked |
| - Some operate spread betting services | | | | people whether they bet at the races. |
| | | | |
| - Some operate a telephone credit service or | | | | Only 37% said yes. The rest either don't bet |
| postal betting service | | | | or bet in small sums with the tote." |
| | | | |
| - Some operate betting shops off-course | | | | Victor continues "That confirms that the |
| | | | culture of racing has changed. My on-course |
| - Some make a book on the racecourse | | | | business has been decimated in the last two |
| | | | years. For example three or four years ago at |
| Bigger bookmakers will offer two or three of | | | | the Eclipse meeting at Sandown, we took |
| the above activities. At the racecourse bets | | | | 200,000 on the big race. |
| are agreed with the backer at starting price, | | | | |
| and are settled at the quoted price. | | | | Last year we took £8000...on Sundays, you |
| | | | see an enormous number of prams they are not |
| Bookmakers activities on or off the course | | | | our punters." |
| are determined by what is occurring in the | | | | |
| market on the racecourse. | | | | The on-course bookie is doing less and less |
| | | | business nowadays, however the prices paid |
| Immediately before a race, a betting market | | | | for pitches at the auctions is still |
| is formed. The total amount of money being | | | | considerable, demonstrating that they are a |
| wagered on a horse causes the price to move | | | | long way from going bust. |
| up and down. | | | | |
| | | | Box walker |
| Significant larger amounts, are signaled by | | | | |
| tic tac between the rails, Tattersalls, the | | | | A horse who is unsettled and walks round and |
| silver ring and bookmakers out on the course | | | | round its box. The horse can begin to lose |
| itself. | | | | weight and become hard to train. The horse is |
| | | | often found to need a companion and is often |
| The level of this fluctuation within the | | | | given a goat. |
| market depends largely upon the strength of | | | | |
| the market. | | | | Breeze up |
| | | | |
| In the early stage of a betting market being | | | | When horses are allowed to "breeze up" along |
| formed, the prices are not generally decided | | | | a racecourse for a few furlongs in view of |
| by the amount of money wagered, but rather on | | | | prospective buyers for the purposes of |
| what the larger Tattersalls board operators | | | | bloodstock resale. This gives buyers a better |
| think the price of each horse should be. | | | | look at a horse as oppose to the conventional |
| | | | method of just being led around the sale |
| Very often the early prices available are | | | | ring. |
| somewhat shorter than they should be. | | | | |
| | | | British Horse Racing Board |
| Before the war, the true market price was | | | | |
| generally dictated by money on the course, | | | | The administrative and governing body of |
| often provided by the bigger backers and | | | | racing. It came into existence in June 1993 |
| professionals, commission agents acting on | | | | and effectively took over control from the |
| behalf of others such as trainers and owners, | | | | Jockey Club. |
| or the owners themselves. | | | | |
| | | | This marked a significant watershed in |
| Since the 1960's there has been an explosion | | | | British racing history and provided a much |
| in off-course betting which has considerably | | | | needed shake-up of the existing power base |
| changed how the markets function. It's | | | | within racing that had been in place for over |
| unheard of nowadays for an owner to go to the | | | | 200 years. |
| rails, command a price about a horse, and so | | | | |
| affect the market accordingly. | | | | Racing now had an accountable, democratic, |
| | | | representative governing authority, so giving |
| More money is wagered off-course than | | | | the industry an executive role in shaping its |
| on-course nowadays, information regarding | | | | own future. |
| these bets is transmitted by phone, and | | | | |
| online via the internet to tic tac's acting | | | | The BHB's principle responsibilities include: |
| for big bookmakers. The on-course market now | | | | |
| reacts within seconds. | | | | - planning strategy and policy within racing; |
| | | | |
| Off-course money is often referred to as | | | | - improving the financial position of racing; |
| "Office Money". | | | | |
| | | | - representing racing in dealings with |
| Where big bets are placed off-course | | | | government; |
| affecting the market about a horse, this | | | | |
| horse is known in the ring as a "betting shop | | | | - the fixture list; |
| horse" | | | | |
| | | | - race planning, including the supervision of |
| This concept is crucial to understanding | | | | race programs and the employment of |
| trading on the Betting Exchanges. | | | | handicappers; |
| | | | |
| It is now the Betting Exchanges and the | | | | - marketing and promotion of racing; |
| Betting Shops themselves which affect prices | | | | |
| on the course. Not the other way around. | | | | - nominating racing's representatives on the |
| | | | horse race bettings levy board; |
| Data from online bookies and live on-course | | | | |
| feeds can be used to confirm price movement | | | | - liaison with the betting industry; |
| data, but should not be used to predict it. | | | | |
| | | | - encouraging and fostering breeding of |
| Most of the heavy betting nowadays is coming | | | | bloodstock; |
| into the market via Betfair and Betdaq. | | | | |
| | | | - collection and control of funds required |
| During the pre-race market, money coming in | | | | for the administration of racing, including |
| for a horse will either reinforce the | | | | those required by the jockey club for the |
| bookmaker's opinion or go against it; prices | | | | protection of the sport's integrity; |
| alter accordingly with supply and demand. | | | | |
| | | | - the development and maintenance of programs |
| Watching and learning from the market is | | | | of training and education within racing; |
| crucial to your performance on the exchanges. | | | | |
| The market is your bible in respect of what | | | | - the contract under which Weatherbys supply |
| you should or should not back. | | | | administrative services to racing. |
| | | | |
| Following the market on the course is | | | | The principal aim of the BHB is to provide |
| actually more difficult than off-course | | | | leadership towards putting British racing |
| nowadays with bookmakers erasing prices and | | | | back on a firm financial footing. |
| overwriting them as they change. The prices | | | | |
| are visible on the boards at the course and | | | | In order to do this the BHB must aim to |
| the major action is in the 10 minutes prior | | | | ensure that racing uses its resources |
| to the off. | | | | efficiently, maximizes income from outside |
| | | | racing and has a single clear voice when |
| On the exchanges and top websites, or in the | | | | airing its views to parliament, the press, |
| betting shop, following the market is made | | | | amongst the BHB, members and representatives |
| really easy with television, videos and | | | | of the racecourse association, the Jockey |
| streaming online media. | | | | Club, race horse owners association, |
| | | | thoroughbred breeders association, and |
| In the shops and online the major price moves | | | | industry committee's. |
| are backed up with commentary and text | | | | |
| regarding the likely causes of price moves. | | | | Bumping and boring |
| | | | |
| Weak and Strong Markets: | | | | Towards the latter stages of a race when the |
| | | | horses are tiring, a jockey may find his |
| The strongest betting markets of the year are | | | | horse veering off the straight i.e. "bumping" |
| provided by the Cheltenham festival for | | | | and "boring" other horses off their original |
| National Hunt racing and Royal Ascot on the | | | | course. Naturally this is unfortunate for an |
| flat. | | | | opponent and in certain cases may prevent a |
| | | | horse wining a race. |
| Less patronized courses where the racing is | | | | |
| poor or trainers are "testing" provide | | | | There are frequent objections when this |
| considerably weaker markets. | | | | happens from the losing rider. |
| | | | |
| In a weak market a few hundred pounds can | | | | In cases of bumping and boring there will |
| causes a price to move dramatically, whereas | | | | usually be a steward's inquiry. Evidence will |
| in a strong market, tens of thousands of | | | | be taken from film provided by the camera |
| pounds would not move the market at all. This | | | | patrol and the video re-run. |
| should be noted carefully if trying to move a | | | | |
| price on an exchange, a tactic reserved only | | | | By and out of |
| for real experienced punters. | | | | |
| | | | Relates to the parentage of a given horse. |
| Conversations with Victor Chandler in 1999 | | | | i.e. a horse is described as being "by a |
| revealed some fascinating observations and | | | | sire" (stallion), or "out of" the dam (mare). |
| changes within the betting arena. | | | | The origin will usually be indicated in pen |
| | | | in brackets giving the name of the stallion. |
| "The racecourse punter has never had it so | | | | |
| good. To be a punter now is heaven. With no | | | | Example: Commander in Chief by Dancing Brave |
| expenses, being a professional punter | | | | out of Slightly Dangerous. |
| compared to a bookmaker has to be the best | | | | |