Backing horses…..

[bolo 2]

….is a mugs game I know! Nevertheless, when a visiting friend who likes a flutter said that he was going down to the bookies, I decided to have a one off bet too. I picked four horses and wrote out the line shown above, exactly as my friend did with his choice of horses. As you can see, I had 2 winning and 2 placed horses. I’m hoping that there is someone here who can verify 1. That my stake is correct(I thought otherwise but it was accepted by the clerk), and 2. Tell me what my winnings should have been. I have no idea what they should have been. Last point, I turned down the offer of ‘prices’ which sounded too complicated.
PS. I thought that the stake should have been £14.

 

[RandomGrinch]

I'm afraid I can't answer your questions, sorry!

But what has always struck me about betting:
The employees in the 'betting office' have to be paid. The rents, administration and corporate offices with plush carpeted board rooms all have to be paid for. And profits have to be made for the shareholders.
This suggests to me, that the odds invariably favour the bookies!
Basically, you could view it as a charity!
You are going into the offices to make a donation to support the employees - occasionally, you may be given a reward to incentivise your return!

 

[bernardgreen]

But what has always struck me about betting:
The employees in the 'betting office' have to be paid.

Many years ago I knew a retired bookies runner, he had conducted street corner betting before betting shops were legal. His advice was to never consider gambling as a way to make a living unless you are running a betting shop.

A successful turf accountant needs to master the skill of setting the odds. A process which has little to do with the horses' form in previous races but does have a lot to do with the mathematics of how much money is being laid and which horses it is being laid on

 

[Deleted member 292770]

I'm afraid I can't answer your questions, sorry!

But what has always struck me about betting:
The employees in the 'betting office' have to be paid. The rents, administration and corporate offices with plush carpeted board rooms all have to be paid for. And profits have to be made for the shareholders.
This suggests to me, that the odds invariably favour the bookies!
Basically, you could view it as a charity!
You are going into the offices to make a donation to support the employees - occasionally, you may be given a reward to incentivise your return!

like premium bonds ,lottery ,scratchcards etc, except none of those involve any fun whatsoever.

 

[Deleted member 292770]

Many years ago I knew a retired bookies runner, he had conducted street corner betting before betting shops were legal. His advice was to never consider gambling as a way to make a living unless you are running a betting shop.

A successful turf accountant needs to master the skill of setting the odds. A process which has little to do with the horses' form in previous races but does have a lot to do with the mathematics of how much money is being laid and which horses it is being laid on

he did say it’s a one off.

 

[AngleEyes]

I tend to agree that gambling can be an entertaining past time, as long as that is what it remains.
I have had many meals 'at the dogs' having a flutter at the same time. It's a very civil and social evening.
I've even attended 'parties' 'at the dogs' where areas are set aside and buffet food provided. Obviously I'm talking PP (pre-pandemic) times.

Also, at one time, if you were having a party, a family celebration, etc, you could pre-warn a casino that you and a few friends would be visiting for maybe the first time, and they would lay on a special table for you, with limited types of games, but with low stakes, and for a limited time, just as an introduction. You were free to leave after that limited time.

And to some, some of the more famous horse meetings are on wish lists, like F1 enthusiasts might have Monaco on their wish list, etc.

 

[Harry Bloomfield]

Many years ago I knew a retired bookies runner, he had conducted street corner betting before betting shops were legal. His advice was to never consider gambling as a way to make a living unless you are running a betting shop.

A successful turf accountant needs to master the skill of setting the odds. A process which has little to do with the horses' form in previous races but does have a lot to do with the mathematics of how much money is being laid and which horses it is being laid on

Correct, or at least as much as I understand it. They constantly change the odds, so that no matter what the outcome, they will win every time.

Likewise, I have never, ever been tempted to bet of any variety. Never on horses, football, lottery or any other form of betting - they are not there to let you turn a profit. What ever happens, they are there to simply make a profit.

 

[RandomGrinch]

Also, at one time, if you were having a party, a family celebration, etc, you could pre-warn a casino that you and a few friends would be visiting for maybe the first time, and they would lay on a special table for you, with limited types of games, but with low stakes, and for a limited time, just as an introduction. You were free to leave after that limited time.

Again... A calculated risk for the casino!
These companies are not noted for their altruism!
'Free' hospitality will only be provided if, in most instances it will pay for itself!

 

[Mottie]

I've had a few bets occasionally when we've been to the dogs but in my crude estimations of the chances of winning to losing, like betting shops, I always notice that there's far more windows available for them to take your money than there is for them to give you their money.

 

[Harry Bloomfield]

I've had a few bets occasionally when we've been to the dogs but in my crude estimations of the chances of winning to losing, like betting shops, I always notice that there's far more windows available for them to take your money than there is for them to give you their money.

That would still be the case, even if they were a no profit organisation - there are always many more bets placed, than winners.

 

[ic1927]

You can work out the winnings here on this bet calculator
https://betcalculator.paddypower.com/

 

[AngleEyes]

Of course at the dogs, the horses, the casino you will invariably lose more and more frequently than you will win.
But like I said, it's an evening, a day, or whatever, entertainment, and as long as it's seen in that light, how much does an evenings entertainment normally cost.

At the dogs, at least, there are runners employed by the house to take your bets.
There is usually free food and soft drinks at the casino.
It's up to you if tip the runners/waiters/waitresses.

 

[bolo 2]

I decided to have a one off bet too.

Not strictly true! When I was around 16 in 1962/63 my dad gave me money for a haircut and while I was waiting in the barbers I picked up a paper, looked at the back page and the name Lester Piggot jumped out at me from a race meeting. Forgot about the haircut and went straight to where the bookies runner hung out and placed a bet on Piggots 3 horses, Saphus, Taphus and Idium. They all won: at 100/8, 100/7 and 5/1. When I went home my dad went mad because I hadn’t got the hair cut and had spent the money on horse racing. He collected my winnings, didn’t tell me how much I’d won and never gave me a penny of it.
It’s taken me 69 years to dare go back again.

 

[bolo 2]

You can work out the winnings here on this bet calculator
https://betcalculator.paddypower.com/

Got a bit lost with that but anyway, I got £34.60. Can anyone tell me if that is correct?

 

[Alec_t]

It’s taken me 69 years to dare go back again.

To the hairdressers?