Backing horses…..
- Thread starter bolo 2
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Surely it would be an even split if they are not making a profit?
Nope. Think about it - if there are 100 placing bets and only 1 in 10 wins, they only need 1/10 of the number of payout windows, even if no profit is made and assuming each bet and payout occupies the windows for the same amount of time.
If only one in ten wins, they won't be a non-profit company!
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No, still no cigar - for someone to win, someone has to lose. If making no profit the winner will get the entire contribution of the bets of the other nine bets, plus their own bet back.
What's the odds on that happening............
What's the odds on that happening............
Zero - they have to make a profit.
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A mates dad was a bookie, on course, hound trails, dogs, no shop only outlay was a stand & blackboard, lived in a huge detached house, drove new top end Volvos (70s)
You never meet a poor bookie or a poor farmer.
What's the odds on that happening............
have you heard the term "a zero-sum game?"
If four friends meet to play cards for money, and each brings £50 stake money
the total at the beginning is £200
At the end of the evening, maybe one player has won the lot and the others are all penniless
The total at the end is still £200
Total winnings minus total losses is zero.
But when you bet with a bookie, he skims his wedge off (and you pay tax)
so the total among the punters is less than they started with
The only way to win at gambling is to own the house
Unless you are Donald Trump, who can go bankrupt even if he owns the casino.
D
Deleted member 292770
did anyone answer the op?
did anyone answer the op?
No!.
did anyone answer the op?
I think the stake should have been 9 quid, don't know about the winnings.
Many many years ago I was invited on a race day to Epsom, champagne breakfast at 8.30 before getting on the coach. I was quite shocked at the amount of people playing cards on the way there, winning and losing heavily. This would have been in the 80's, I took about £50 or £60 quid for the day just to have a flutter, all drinks and food were gratis. Everyone on the trip worked in freight forwarding at Heathrow, one of the the guests was a lovely chap called Cliff Bennett, who in the 60's had a group called 'Cliff Bennett and the rebel rousers', successful group whose biggest hit was 'got to get you into my life'. He'd finished all that and had a small forwarding company at Heathrow, I think he later went back into music when there was a demand for 'nostalgia tours'.
Anyway, last race of the day, we look at the names of the horses and there was a runner called 'rebel rouser', it was a divine intervention, a message from God himself. I think without exception everyone in the group put every last penny they had on that horse, the bastard came last.
Anyway, last race of the day, we look at the names of the horses and there was a runner called 'rebel rouser', it was a divine intervention, a message from God himself. I think without exception everyone in the group put every last penny they had on that horse, the bastard came last.
And that's also not even including salaries, rents and admin cost etc. that still have to be paid for in a 'not for profit' company.
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