Thursday, 4 July 2013

Most Bookmakers Do Not Like Winners by Joseph Buchdahl

I mentioned the links that Jamie sent me last night, and have read the article titled "Most Bookmakers Do Not Like Winners".

It's in two parts, and written by Joseph Buchdahl, who some of you may know as author of Fixed Odds Sports Betting - Statistical Forecasting And Risk Management. I have the book myself.


It's mostly a personal story of his attempts to open and use online bookmaking accounts - specifically Corbettsports and Meridianbet, neither with much success for reasons discussed here over the past few days.

Joseph suggests that bookmakers who don't like winners are missing a trick and that the more enduring business model will be that epitomised by the likes of Pinnacle Sports.

He concludes with these words:
Bookmakers, naturally, will always be able to fall back on the argument that whilst betting requires the consent of two parties, it remains their right not to accept a bet if they choose. In the meantime, therefore, it is essential that customers continue to vote with their feet. Bookmakers like Meridianbet and Corbettsports have no place in the world of online sports betting, and the sooner such brands can be consigned to the scrap heap of history where they belong, the better. If punters refuse to bet at all with such bookmakers it will only be a matter of time before they fold and disappear. Low turnover brands and those who despise winners are of little use to the sophisticated sports bettor, other than to make a quick buck before the predictable restrictions are imposed. If you're not being restricted then it probably means that you are losing money, and if you're not losing it yet, "Egobet" believes you soon will be.
Egobet are the bookies known to close or restrict winning accounts very quickly, e.g. Stan James.

Note that final sentence - If you're not being restricted then it probably means that you are losing money, and if you're not losing it yet, "Egobet" believes you soon will be.

The article in full is here - Part One and Part Two. Worth a read, and if I hear from Danny on the topic of account preservation, I will let you know.

6 comments:

Danny Murphy said...

Cassini,

You like to act as judge and jury over the bookmaking industry yet as I understand it your sole experience is a couple of closed accounts with Coral and Ladbrokes circa 1983!

While we are on the subject of ancient history, how exactly did you cane the bookies with your 'system', which was apparently something to do with a dodgy 1970's soft rock band? In those days you could barely bet singles anyway so how did you do it?

Do you personally have any online accounts or should we treat everything you say as heresay? What have you got to lose by trying it for yourself, you could go through Mark's links by way of thanks for all the readers he brings you.

As for account preservation I can give a couple of pointers:

1) Don't open an account and make your first bet on an out of line price.

2) Stick to the big markets, mainly weekends.

3) Don't hit and run.

4) Mix up your betting.

5) Don't be too greedy.

6) When the inevitable happens accept it with good grace.

Listen the bookies are small potatoes compared to what you do but it doesn't mean they are all useless.

AL said...

No comment from SBC about their glowing endorsement of bookie sponsored GYTO?

A fine example of how bookie sponsorship taints ones reputation.

The methods to slow down your account being limited are really arbitrary if you are winner. Your casual punter doesn't come close to someone churning large amounts.

Danny Murphy said...

While we're on the subject of limited possibilities, what news of our old friend the ELO ratings? I do believe it is some months since they graced these pages and they appear to have faded like some old Dire Straits chord.

As I understand it they started with chess - if I beat you I 'own you' as the kids round here say and I get your points. Something like that. Then throw in some shots on target, shots and goals and weight it (I once read that hitting the post is not a shot on target!). Then if you are still awake it spits out a WDL number and you rush off to Betfair in your case to bet accordingly.

So how did the ELO ratings perform? Is it a case of 'this time this year we're millionaires Rodney!' Or did they hit a bum note and you quietly Jonjo Shelved them?

Cassini I'm going to steal your thunder. The only explanation must he this - Pinnacle, on hearing of your fabled 1980's exploits against the London bookmaking trade, have LIMITED YOU!

Peter said...

"No comment from SBC about their glowing endorsement of bookie sponsored GYTO?"

Al - completely incorrect statement, we have never even reviewed GYTO let alone endorsed them

Howard said...

This is cool!

Bookmakersbet said...

It is obvious. Nobody likes to take his money, most bookmakers impose limits on bets that professional is not able to make huge bets and win even greater sums of money.