Cautionary Tale for Betfair users

[billvernon]

Found this and thought it was interesting - looks like there were 6 very happy punters after Binocular won 1000-1 dreams Six Betfair punters will be hoping Binocular does take his place in the Smurfit Kappa Champion Hurdle field. Nicky Henderson's charge was expected to miss the race but is now back in training and could book his place at the Cheltenham Festival if he pleases connections next week. J P McManus' charge drifted to the maximum price on Betfair when he was ruled him out of the Champion three weeks ago - £52 was matched (£26 backed; £26 laid) at those odds - and a colossal £881 has been matched at 100 (99-1) or bigger on the one-time favourite. In addition, he has also been matched at 980 (979-1), 880 (879-1) and at all rates down from 720 (719-1) on the exchange. There are six lucky Betfair backers at 1000, with £10 being the biggest individual bet struck. Binocular is currently trading at 28 (27-1) on Betfair. Betfair spokesman Tony Calvin commented: "Kicking King is one of the most famous Betfair betting stories, winning the 2005 Gold Cup as the 4-1 favourite after trading at 999-1 when being effectively ruled out of the race weeks before. "But if Binocular were to win the Champion it will eclipse even that legendary betting tale, mainly because of the monies traded at three-figure prices are so huge. Some Betfair punters are sitting very pretty this morning.

[fintron]

Re: Cautionary Tale for Betfair users a perfect example of layers not understanding value in betting. I couldnt lay a horse at that price even if it was dead, the return doesnt justify the risk imo.

[Vilamoura04]

Re: Cautionary Tale for Betfair users

I couldnt lay a horse at that price even if it was dead

:rollin I'll give you 2000-1 on this dead horse

[RussP]

Re: Cautionary Tale for Betfair users

a perfect example of layers not understanding value in betting. I couldnt lay a horse at that price even if it was dead' date=' the return doesnt justify the risk imo.[/quote'] :rollin....but surely it's a 'value' lay Fin;)

[fintron]

Re: Cautionary Tale for Betfair users

:rollin....but surely it's a 'value' lay Fin;)

I just dont see the point. Its like backing a horse at 1/1000. Even if you know it is dead, youve seen the ashes scattered and tucked into the buffet at the wake, at the end of the day you are only ever gonna win 1/1000th of your stake. Collectively, the layers had a £26k liability and the best they could have ever hoped to win was £26!! They should learn how to back bet properly rather than trying to scrounge money off back punters they are trying to take for mugs! I know technically it is value because it was impossible for the horse to win, but when you bet at those type of odds there is no margin for error. Theyll spend the next few months laying horses in running at high odds to try recover the thousands squandered now. There has to be a cut off for the type of price you lay at, anyone that has tried laying knows it is not easy and you have to cap your liabilities somewhere. On the subject of dead horses, the other year I went to Cheltenham and saw Granit Jack die. He was still priced up in the market the next day. I would imagine stakes would have been returned on that second day with him being a non-runner and that bet in particular not being an ante-post bet, but even still there is sort of an ethical issue for punters there. Should you lay a dead horse? I personally can't, for all money and gambling is what makes me interested in racing, it must take a cold bastard to lay the fallers and dead horses.

[Gingertipster]

Re: Cautionary Tale for Betfair users Fin, I remember when Persian Punch died at Ascot. That evening I happened to look on betfair's Gold Cup market and found him still on there with one person trying to lay Persian Punch at something like 50/1. I was so incensed I e-mailed betfair. They replied, thanking me for pointing it out and saying it was an oversight. Betfair do not allow bets on dead horses and if I ever see this again please get in touch. For any bet to be a legal bet, there has to be a chance of winning. Obviously when a horse is dead there is no chance and therefore it is null and void. My concience stops me from doing some things. Once visited David Elsworth's yard where the stable lad told me Salford City (5th in both Guineas and Derby) had been sold to race in the States and leaving that week; so will not be running in the Eclipse. When I got home I saw he was still in their betfair's market. I put a price in and stake I wished to lay and left the bet on there. However, my conscience did not allow it. Had to go back and cancel the bet. Salford City came back and went hurdling in ireland.