Bookies âDodge a Massive Bulletâ at Royal Ascot
4 years ago22 Jun
If the swings in poker feel huge at times, then spare a thought for the horseracing bookmakers â Frankie Dettoriâs four in a row at the recent Royal Ascot festival seeing them literally shaking at the prospect of a bank-busting fifth straight winâŚ
As with casinos, very few would be shedding tears at the âhouseâ getting hit by a massive upset â but it was still the âbiggest liability the firm had ever seen on a single horseâ when Dettori mounted his steed Turgenev.
Priced at 1/3 â a three to one on favourite - GVCâs racing trading director James Knight breathed a sigh of relief as Dettoriâs mount failed to win, according to egr.globalâs Brad Allen.
âThat getting beaten was the biggest swing we had seen,â Knight stated afterwards, explaining: âClearly if that had won then the number on Questionnaire (Dettoriâs 6th ride of the day) would have been completely unprecedented."
Knight added:
âWe are talking an order of magnitude that was several times larger than Annie Power back in 2015.â
The Annie Power near-debacle for the bookies became known as âthe $50million fallâ when the Irish thoroughbred mare toppled at the final hurdle to lose.
With the Mullinsâ stable owners having already counted three winners that day, had Annie Power stayed on her feet the number of combination bets would have brutally exposed many bookmakers to $million losses.
Back at Royal Ascot this week, bookmaker William was another one feeling the heat, Hillâs Rupert Adams stating:
âI got an email from the trading room after the fourth (Dettori win) saying âdonât bother coming into work if the last two win.â
A relieved Adams said of Dettoriâs Questionnaire ride:
âWhen he was collared on the line the only people in the place cheering were me and another bookie I was with!â
The effect of a very bad dayâs racing from the bookiesâ perspective, says Adams, is a genuine worry:
âWeâre a ÂŁ100m business these days rather than a ÂŁ250m business, and a really bad day genuinely knocks us on the chin now. We clearly wouldnât have gone bust but a smaller operators might well have doneâ.
Over the years poker players have given casinos similar scares, though in the gambling pits rather than at the poker table, the most famous story involving Archie Karas.
The inveterate gambler ran a string of pool, poker and latterly dice and baccarat wins together, turning his last $50 into a $40million fortune!
At one point Karas owned all the $5k chips at Binions Horseshoe Casino, but the incredible two year run eventually saw him crash and burn, much to the casinoâs relief.
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