| 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 services | | | | professional punter compared to a bookmaker has to |
| - Some operate a telephone credit service or postal | | | | be the best choice" he said. |
| betting service | | | | Chandler continued: "at the Cheltenham meeting last |
| - Some operate betting shops off-course | | | | Sunday we did a survey and asked people whether |
| - Some make a book on the racecourse | | | | they bet at the races. |
| Bigger bookmakers will offer two or three of the | | | | Only 37% said yes. The rest either don't bet or bet in |
| above activities. At the racecourse bets are agreed | | | | small sums with the tote." |
| with the backer at starting price, and are settled at the | | | | Victor 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 are | | | | decimated in the last two years. For example three or |
| determined by what is occurring in the market on the | | | | four 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 horse | | | | an enormous number of prams they are not our |
| causes the price to move up and down. | | | | punters." |
| Significant larger amounts, are signaled by tic tac | | | | The on-course bookie is doing less and less business |
| between the rails, Tattersalls, the silver ring and | | | | nowadays, 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 depends | | | | are 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 of | | | | its box. The horse can begin to lose weight and |
| money wagered, but rather on what the larger | | | | become hard to train. The horse is often found to |
| Tattersalls board operators think the price of each | | | | need a companion and is often given a goat. |
| horse should be. | | | | Breeze up |
| Very often the early prices available are somewhat | | | | When 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 generally | | | | buyers for the purposes of bloodstock resale. This |
| dictated by money on the course, often provided by | | | | gives buyers a better look at a horse as oppose to |
| the bigger backers and professionals, commission | | | | the conventional method of just being led around the |
| agents acting on behalf of others such as trainers and | | | | sale ring. |
| owners, or the owners themselves. | | | | British Horse Racing Board |
| Since the 1960's there has been an explosion in | | | | The administrative and governing body of racing. It |
| off-course betting which has considerably changed | | | | came into existence in June 1993 and effectively took |
| how the markets function. It's unheard of nowadays | | | | over control from the Jockey Club. |
| for an owner to go to the rails, command a price | | | | This 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-course | | | | existing power base within racing that had been in |
| nowadays, information regarding these bets is | | | | place for over 200 years. |
| transmitted by phone, and online via the internet to tic | | | | Racing now had an accountable, democratic, |
| tac's acting for big bookmakers. The on-course | | | | representative 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 "Office | | | | The 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 into | | | | administration 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 or | | | | training 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 to | | | | The principal aim of the BHB is to provide leadership |
| your performance on the exchanges. The market is | | | | towards putting British racing back on a firm financial |
| your bible in respect of what you should or should not | | | | footing. |
| back. | | | | In order to do this the BHB must aim to ensure that |
| Following the market on the course is actually more | | | | racing uses its resources efficiently, maximizes income |
| difficult than off-course nowadays with bookmakers | | | | from 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 and | | | | BHB, 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 betting | | | | association, thoroughbred breeders association, and |
| shop, following the market is made really easy with | | | | industry committee's. |
| television, videos and streaming online media. | | | | Bumping and boring |
| In the shops and online the major price moves are | | | | Towards the latter stages of a race when the horses |
| backed up with commentary and text regarding the | | | | are 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 are | | | | opponent and in certain cases may prevent a horse |
| provided by the Cheltenham festival for National Hunt | | | | wining a race. |
| racing and Royal Ascot on the flat. | | | | There are frequent objections when this happens |
| Less patronized courses where the racing is poor or | | | | from the losing rider. |
| trainers are "testing" provide considerably weaker | | | | In 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 causes | | | | provided by the camera patrol and the video re-run. |
| a price to move dramatically, whereas in a strong | | | | By and out of |
| market, tens of thousands of pounds would not move | | | | Relates to the parentage of a given horse. i.e. a horse |
| the market at all. This should be noted carefully if trying | | | | is described as being "by a sire" (stallion), or "out of" |
| to move a price on an exchange, a tactic reserved | | | | the 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 revealed | | | | Example: Commander in Chief by Dancing Brave out |
| some fascinating observations and changes within the | | | | of Slightly Dangerous. |
| betting arena. | | | | |