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Peter,
It has little to do with setting
odds.
For racing, the course sets the market not the
off-course bookies.
However, they still try to feed in small amounts to
cancel any large shop liabilities.
In the good old days when Bookmakers were gamblers
and there were no computerised records of every activity then you could hold
long term winning accounts. Nowadays, it is run by accountants, every shop and
office has to make a weekly profit or else.
What modern business gives cash to its customers,
is the accountant's mindset. Anyone who appears like they may know what
they are doing is quickly dealt with, as damage limitation. In UK, bookie shop
punters are just as happy betting on cartoon video racing and pokies so it is
now actively encouraged to be "just a bit of fun". Even the UK Tote close
winning credit accounts, so the only meaningful salvation is the
exchanges.
Robert
----- Original Message -----
Sent: Wednesday, December 22, 2004 2:07
AM
Subject: Re: [racebase] Bookies eh! Who
would have them.
Fair enough Robert.
But I wonder if there is any point
in me hoping that bookmakers are
allowed to operate in this country if I am
to be eventually banned if I
win. My whole intention to being a punter is
to win and I would only
ever use a bookmaker if I thought I could
long-term.
Are bookmakers therefore telling us that they aren't actually
very good
at setting markets ? The maths are already on their side in
that
long-term they should win if they set the market
correctly.
Peter.
Fords wrote:
>
> Peter,
>
> You could say it also unethical for bookmakers to take bets
from
> losing punters.
> Bookmakers are mostly very honourable
business men and go to great
> lengths to ensure that payment is made
out on any winning bets with
> them. It is unethical (as on-course
Australia) to force them to take
> bets they do not wish to
take.
>
> If the bookmaker accepts the punters' offer of a bet
then that is
> different from refusing to accept their custom at all.
The former is
> contractual (but even so, a bet is not legally
enforceable to be paid
> out in UK, at present). The latter is just
commercial judgement - they
> are not charities. There is no contract
made for the latter - in fact,
> the opposite applies. I wonder what the
whingers would say if the shoe
> was on the other foot, and the
bookmaker claimed that he should be
> able to force the punter to back
what the bookmaker decided and at
> what price and what amount.
Bookmakers read these forums and I am sure
> that certain names are now
blackballed throughout the industry. Some
> of these Aussies do not live
in the real world.
>
> Robert
>
> ----- Original Message
-----
> From: Peter
Harrop
> To:
[EMAIL PROTECTED]
> Sent:
Wednesday, December 22, 2004 5:27 AM
>
Subject: Re: [racebase] Bookies eh! Who would have them.
>
> Fords
wrote:
>
>
> >
Peter,
>
>
> > What's
new?
> > This is a long-standing
standard practice in UK.
> > Thou shalt
not win!
> > In a free market, you
decide what you want to bet - they
>
decide
> > whether to accept or
not.
>
> Don't get me wrong, I
would love to see bookies here in NZ.
>
The more
> competition the better, and it
would offer better choices,
> at least
for
> those that are losers. It just seems
to me completely
> unethical
that
> someone who was winning is banned.
It is akin to an
> insurance
company
> refusing your custom because you
have had a run of bad luck
> and
you've
> been making too many claims. Hang
on .... they do ban those
> people
don't
> they
!
> I vaguely remember doing a uni paper
on commercial law and
> from
this
> vague memory I have an even vaguer
one about a law of offer
>
and
> acceptance. Somebody offers their
goods for sale at a
> certain
price.
> This is the offer. Someone picks
up the said goods and takes
> them to
the
> counter. This is the acceptance. At
this point the contract
> is made.
The
> seller can't then say ... 'Oh that
price tag is wrong, it is
> $1.20
not
> $1'. The seller also can't say ....
'I don't like the look
> of you,
I
> won't sell it to you'. I can't see why
there should be any
>
difference
> for the bookies. I guess it
must be legal to refuse a bet
> because
they
> do it and no one has successfully
sued them as far as I am
>
aware.
> Peter.
>
>
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