Posts Tagged ‘bookmaking’

Aussie bookies should learn the art of bookmaking

The recent “scandal” surrounding the Melbourne Storm breaching the NRL salary cap has highlighted the double standards existing amongst the Aussie bookmaking fraternity.

Bookies are crying foul that some punters managed to get a few quid at $250 for The Storm to take the wooden spoon, and that they used “insider information” to profit. And this is so unfair on the blokes with the satchels. How very dare a few intrepid punters do this!! It’s a disgrace.

Well come on bookies – lets take a look at the basic model of bookmaking. You offer prices based on the knowledge you have, you build in a margin, and then you try and “sell” betting opportunities to punters. Correct?

In doing this, you employ traders and odds compliers who have the greatest skill and judgement. And you trust them to beat the punters – which most of the time they do.

If a sports team has an injury worry, you know before punters. If a horse is well fancied for a race, you know before anyone else. And if a horse is “unfancied”, you know first and extend the price accordingly to tempt more bets. All of this is inside knowledge, but is an accepted part of the Bookies v Punters battle. Which is why we all love it.

So when, once in a blue moon, you are caught napping, please don’t complain. It is pitiful. Just hold your hands up and pay out. It’s good PR for you, and punters will come back and return their profits to you, with interest.

Tags: Bookies, bookmaking, insider infromation, odds
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