The Art of Bookmaking: How to Compile Odds for Any Sporting Event

176 Pages·2006·0.43 MB·English

by  Malcolm Boyle

Other titles by this author from High Stakes
Nursery Class
The 2006 World Cup Betting Guide
The Tote Placepot Annual NH 03/04
Win at Fixed Odds Football Betting
The Art of
Bookmaking
And the Compiling of Odds
Malcolm Boyle
High Stakes
First published in 2006 by High Stakes Publishing,
21 Great Ormond Street, London WC1N 3JB
www.highstakespublishing.com

© Malcolm Boyle 2006
The right of Malcolm Boyle to be identified as the author of
this work has been asserted in accordance with the
Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reproduced, stored
in or introduced into a retrieval system, or transmitted, in any form or
by any means (electronic, mechanical, photocopying, recording or
otherwise) without the written permission of the publishers.
Any person who does any unauthorised act in relation to this publication
may be liable to criminal prosecution and civil claims for damages.
A CIP catalogue record for this book is available from the British Library.
ISBN 10: 1 84344 026 1
EAN 13: 978 1 84344 026 0
2 4 6 8 10 9 7 5 3 1
Typeset by Windrush Publishing Services, Gloucestershire
Printed and bound in Great Britain by Cox & Wyman, Reading.
To Wendy
Horse racing (gambling in general) dominates a great deal
of what otherwise might be classed as leisure time, and
the partners in our lives have to be extremely tolerant of
the situation. I picked a great one out of the ‘paddock’ in
all honesty, and my wife has been my personal favourite
ever since. We’ve managed to foal a couple of corkers in
Charlie and Lucy, even though my stud fee now sits at an
all time low.
I thank God for what I have, and Wendy who has
delivered the rest.
Contents
Foreword 7
1. Basics of Odds Compiling and Legalities 9
2. Percentages 21
3. Watching, Listening, Inventing 31
4. Horse Racing 51
5. Greyhound Racing 83
6. Football 95
7. Snooker, Golf and Cricket 107
8. Cup Ties, Tournaments and Inventive Odds 123
9. Tennis and Side Issues 133
10. Betting Exchanges 139
11. Survival 151
12. Summing Up 165
13. 2006/2007 Events Update 171
Foreword
Having read through the pre-edited chapters, I confess that
I’m not at all sure if I have written this book on behalf of
the bookmakers or the punters!
I offer advice to bookmakers to take advantage of punters
on one hand, but berate the layers on occasions because of
the lack of invention to fight off the opposition of betting
exchanges. Bookmakers have had their own way for far too
long, and only the strong will survive the exchanges.
I am heartened by the fact that Freddie Williams (no less)
was literally the first person to enquire about the book,
and no, he was not potentially looking to criticise the
publication, according to his daughter Julie. It is this type
of attitude that will win the day, because as big a player as
the Williams’ team is in the ring, it is not afraid of learning
more in its quest to offset modern technology. I also like
to think that the Williams’ team have their ears open to
new ideas, which I think I can offer, certainly as far as new
wagers are concerned.
Part of this publication is also written to offer punters the
chance to level the playing field, by acquiring knowledge to
form their own prices before placing a wager.
Essentially, every punter should know the minimum price
8 The Art of Bookmaking
they are prepared to accept before placing a bet. This book
will hopefully point the punters (and the bookmakers) in
the right direction.
CHAPTER 1
Basics of Odds Compiling
and Legalities
Without wishing to get dragged into legal jargon, I could not
write this book without mentioning the legal requirements
of what we class as an old-fashioned bookmaker, which is
as far removed to those of you who are looking to become
unofficial, but not illegal, layers on the betting exchanges.
The simple truth comes in two parts.
You are legally required as a person to apply for a
bookmaker’s permit. This is not to be confused with a
bookmaker’s licence, which actually applies to a place
of business (betting shop), which requires a licence with
which to trade. A person requires a permit to be classed as a
bookmaker which, given other financial criteria (references),
would allow them to set up as a layer on-course. They
would then require a licence for any premises that might be
bought or leased to be utilised as a betting shop. Both the
permit, for a person and a licence, for premises, can only
be obtained through a court hearing.
Permits are easier to obtain because, providing there is no
history of problems relating to the person who is applying
for the permit, there is no obvious reason for the court to
deny the application.
Licensed premises are entirely another matter.
10 The Art of Bookmaking
There could be umpteen reasons why a magistrate might
be convinced that the local area does not require more
premises where people can legally bet though, equally, it
is far easier to convince local people of the requirement of
such outlets these days.
Since the national lottery came into being in 1994,
local magistrates have, in a fashion, had their hands tied,
as post offices, newsagents and any local leaseholder can
seemingly encourage people to part with their money
through televised bingo.
Potential bookmakers have jumped on the bandwagon
and applications for licences are supposedly backed up by
disabled persons who cannot gain access to the betting shop
down the road because of the lack of a ramp or suitable
toilet facilities.
The magistrates have about as much chance of denying
an application nowadays as Foinavon had of winning the
Grand National in 1967!
Now we have got the legal jargon out of the way, we can
approach the subject in question, which is bookmaking, in
concise, yet as easy to read detail as I can offer.
I was a mere lad of thirteen when the aforementioned
Foinavon won the Grand National but had already backed
my first winner of the great race in Team Spirit three years
earlier and was well on the way to being hooked by the
sport of kings. It would take half the book to establish
my experience within the business, suffice to say that this
is my sixth published title, following efforts as a betting
shop manager, an odds compiler, a bookmaker (both on
and off course), a commentator, a greyhound steward, a
statistician for both Tote Direct and Channel 4 Racing and
a daily columnist for sportinglife.com.