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