A Dictionary Of Horse Racing Terms - B - Part 2

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