Bookies laying bets

Trampas

Often hear that bookies lay bets.

Is it true?

How often does it happen?

What kind of bets do they lay? Long term or just high loses?

anything else?

Devastator

Trampas wrote: »

Often hear that bookies lay bets.

:eek::eek::eek::eek::eek: THEY WHAT? :eek::eek::eek::eek::eek:

ValueSeeker

I think he means they use the exchanges to cover their liabilities. It's true, they do. I'd imagaine it would only be on the more popular markets with the big money invested.

Trampas

Sorry I mean to cut their liabilities

myflipflops

Sports wise, very few would do it unless they had liabilities that exceed the allowed amount where plc companies are concerned. This would happen most often with golf tournaments.

Racing could be different.

westportpoultry

Yes they do and most days in fact. Done differently but I know that a particular bookmaker like most have teams of traders. In this instant the trader rings a certain rival bookmakers telebetting line with a credit limit of €70,000. He lays a 2 grand double with his rival. He might have several such transactions throughout the day. It works both ways. If you only knew the half of the things that goes on.
I heard of a particular instance where an individual did a lucky 15 bet and it was going very well. He had 3 seletions up out of 4 and his last selection was priced at 66-1. If it were to come in his lucky 15 docket would pay out over a million bucks. So a certain bookmaker sees the potential liability of the bet. He then rings from Ireland one of his buddies one of the leading uk bookmakers who is on th track at this uk meeting. So he asks his mate at the track to throw 2 grand on this 66-1 selection. He does surely and the horses price was slashed from 66-1 to 2-1 within a couple of minutes thus cutting the payout of the lucky 15 to under 600k . I cant remember exact figures but it amazed me how this could be done and is done frequently so i hear.

myflipflops

westportpoultry wrote: »

I heard of a particular instance where an individual did a lucky 15 bet and it was going very well. He had 3 seletions up out of 4 and his last selection was priced at 66-1. If it were to come in his lucky 15 docket would pay out over a million bucks. So a certain bookmaker sees the potential liability of the bet. He then rings from Ireland one of his buddies one of the leading uk bookmakers who is on th track at this uk meeting. So he asks his mate at the track to throw 2 grand on this 66-1 selection. He does surely and the horses price was slashed from 66-1 to 2-1 within a couple of minutes thus cutting the payout of the lucky 15 to under 600k . I cant remember exact figures but it amazed me how this could be done and is done frequently so i hear.

You read some stories on internet forums but this is one the best.

The Walsho

Yep, it does happen. Usually with multiples on horses. For example, someone does a €3 Lucky 15 (so €45 total bet), and the first one wins at a nice price. The bookie may look at doing a treble on the remaining three, just in case they all come up.

okidoki987

2 grand on this 66-1 selection. He does surely and the horses price was slashed from 66-1 to 2-1 within a couple of minutes thus cutting the payout of the lucky 15 to under 600k . I cant remember exact figures but it amazed me how this could be done and is done frequently so i hear.

This might have lost something in the translation :rolleyes:
There's no way a horse would go from 66 to 2's in a couple of minutes unless you were talking 1975?
2k on a 66/1 would only be taken by 1 guy of he could lay it off at higher on the exchanges, a load of guys might take 200/300 on it and then they would cut it to around 20/25/33's.
Further money would see it go down in price.

Bookies lay off all the time but differs for different size bookies and different reasons.
Obviously a large chain would have much bigger limits and therefore less inclined to cover. A small independent wouldn't have the same turnover and therefore wouldn't have the spread that a chain would have in a race.
An example would be punter does a €10 accum on the soccer, 10fold,
Independent might hedge it after 5 winers, chain might do so after 6/7.
Something that people forget is bookie limits, a lot of independents would only have 100,000 on an accum, Major chains might be a million.
So if you had a 10fold for a tenner would make sense to check the limits before placing the bet.
Have heard stories about guys doing accums and after half of the selections won, the bookies limit had been reached so his liability would get no higher and it would be pointless for him to cover the bet as he had the last selections going for him with zero future cost.

someone does a €3 Lucky 15 (so €45 total bet), and the first one wins at a nice price. The bookie may look at doing a treble on the remaining three, just in case they all come up.

Don't think that's a good hedge.
Lucky 15 is 4 singles, 4 trebles, 6 doubles and 1 fourfold accum.
If one comes in and the bookie does a treble to cover, and 2 of the remaining 3 win and then the punter will win with his
3 singles, 1 treble, 3 doubles.
Bookie has that payout and the payout for the losing treble hedge.

The Walsho

okidoki987 wrote: »

Don't think that's a good hedge.
Lucky 15 is 4 singles, 4 trebles, 6 doubles and 1 fourfold accum.
If one comes in and the bookie does a treble to cover, and 2 of the remaining 3 win and then the punter will win with his
3 singles, 1 treble, 3 doubles.
Bookie has that payout and the payout for the losing treble hedge.

Depends on the prices. Could look at doing a trixie on the remaining three. Most often the bookie just wants to cover itself if the worst case scenario should occur. Three horses coming up generally wouldn't be a huge problem. You just don't want to be looking at a Lucky 15 with three horses up, and one to run, and if that last horse wins, it could cost you thousands. To lay it off then would cost hundreds.

Laying if off by doing the treble after one is up might just be a tenner.

westportpoultry

Im not sure how much the price shortened but it was rediculously low. This only happned 6 months ago. Apparently one of leading bookmakers hear and a uk top r best of buddies and do such favours regurarly. Baffled me but info came from within if ya get me.
Even if it came in a 66-1 the chap would of only got max liability of a million. Think thats what he got not what i originally said. I forget the exact details but anyway ya can see what happens. Ive learned so much from workin within a bookies its crazy, has obviously benefitted me.

Vurnon San Benito

Aren't bookies quite literally layers themselves?

x PyRo

Doocey wrote: »

Aren't bookies quite literally layers themselves?

I joke.

But obviously they are, crazy question.