Bookmakers Closing Accounts Debate

[BillyHills]

 

Many people myself included has at sometime had a bookmakers account closed, suspended or restricted. You here of some pathetic stories from so called 'major bookies' and there was an interesting article in the Post recently. 

 

Some of the points made:

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Contrary to some opinion, that has not just been from high-rolling gamblers but from small-staking ones as well, and not just from winners but sometimes from losers, too.

Account 'closure' is self-explanatory, but it has become apparent that some 'restrictions' are so draconian that they serve much the same end, while – the cynic might suggest – leaving the door ajar to a spin or two on the virtual roulette table.

There are countless anecdotes about bets being restricted to derisory sums, and bookmakers have confirmed that some customers have been 'factored' to a minute fraction of the bets they request.

 

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HBF ran a survey of the betting public in 2016, to which there were nearly 1,000 respondents, with 59 per cent of those who stated that they had had accounts closed or restricted claiming to have suffered a reduction in interest in the wider sport as a consequence.

 

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Those accounts have been for average bets of just £15 and have effectively done no more than break even over a number of years.

The individual’s apparent 'crime'? It was that, in among those bets, he backed enough horses at odds longer than SP to have aroused suspicion.

 

 

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However we do manage what we allow a very small percentage of customers to bet. Of our horse racing customer base, totalling well over 1m people in the last 12 months - around 97 per cent of these customers have no restrictions relating to their account. Around 2 per cent are restricted to the extent that they can bet to win £1,000 for major races. And even the remaining 1 per cent can bet to win £100 in major races

 

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Another, related, option is to offer punters 'no frills' accounts, without promotions and/or best-odds guaranteed, but with this commitment to a minimum bet. This should be an option, rather than an obligation - different punters will want different things.

 

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And the fact the majority of betting markets now operate to such low margins and the whole industry is so competitive with special offers and concessions means more people than ever find themselves able to make a profit from their betting provided they shop around for best prices, show discipline and avoid the temptations of casino games and slots.

 

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So how does this whole situation play out? Well there are two scenarios that are clearly unfeasible. Firstly, no bookmaker can be expected to lay every bet that every punter wishes to place.

And secondly, it cannot be right that no punter is allowed to show a profit unless he or she happens to get lucky with a one-off multiple wager for example.

 

 

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So if bookmaker A was offering heads at 11-10 and bookmaker B was offering tails at 11-10 punters could back both for all the money they could get their hands on and would guarantee a profit. These opportunities do present themselves on a regular basis.

Put simply, if bookmakers had to lay all bets the margins would have to increase significantly, special offers and concessions like best odds guarantee would be under threat, and every punter would face a world in which there was less value than before.

 

 

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So for example if Lucky Boy is a 10-1 chance for the 2.30 at Haydock each bookmaker would be obliged to lay an individual customer a bet of £50 at those odds.

If that rule applied across the industry a punter with accounts with a ten bookmakers could place a total of £500 on Lucky Boy if they were all offering 10-1.

It sounds fine in theory but one has to be aware that plenty of shrewd punters with a strong desire to get big bets on at best prices already have a number of accounts with the same bookmaker, often opened in the name of friends, relatives and neighbours.

 

https://www.racingpost.com/news/news/are-bookmakers-unfairly-closing-customer-accounts-views-from-tuesdays-debate/316874

[Sir Puntalot]

There's lots of talk that the UKGC may make all bookmakers take a minimum of a £50 bet. That would make bookmakers become bookmakers again, instead of traders.