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Bookies - reserve law

  • 23-02-2011 5:22pm
    #1
    douglashyde
    Registered Users, Registered Users 2 Posts: 694 ✭✭✭


    Hi Guys,

    Cant seem to find this anywhere.

    Does anyone know how much reserve a bookie is suppose to keep in cash. For example, banks are required to have a 10% fractional reserve.

    What law applies to bookies?

    Thanks for the Help,
    D


Comments

  • #2
    noelpat
    Registered Users, Registered Users 2 Posts: 322 ✭✭noelpat


    why? are you going to rob one? :pac:


  • #3
    wicklowdub
    Registered Users, Registered Users 2 Posts: 847 ✭✭✭wicklowdub


    I think its the levy board, but dont think its really enforced - google dixie dalton.


  • #4
    Bluetonic
    Registered Users, Registered Users 2 Posts: 7,588 ✭✭✭Bluetonic


    douglashyde wrote: »
    Does anyone know how much reserve a bookie is suppose to keep in cash
    No law governs it.

    They can keep nil.

    A bookmaker who is publicly floated may have rules governing it, but those would be stock exchange rules.


  • #5
    CiaranC
    Closed Accounts Posts: 6,300 ✭✭✭CiaranC


    douglashyde wrote: »
    What law applies to bookies?

    Thanks for the Help,
    D
    No law applies to bookies, they are nothing like a bank. They dont even have to pay you if they dont want to.


  • #6
    Posy
    Moderators, Recreation & Hobbies Moderators Posts: 27,753 Mod ✭✭✭✭Posy


    I worked in one for a few years and the general rule is you have in cash how much you have to pay out from the day before plus about €500. So if there's €500 of unpaid bets from the day before you would have €1,000 in the shop.
    The average betting shop actually carries very little cash, barely enough to cover their pay-outs. It would be very rare for more than 2-3k to be on the premises at any time, and almost all of that is under time lock.

    That is why, if a punter has a large bet, say a couple of grand, to collect and it's a few days/weeks old or is from a different branch of a particular chain, the bookies usually won't be able to pay it that day in cash, simply because they carry so little.


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  • #7
    Mellor
    Registered Users, Registered Users 2 Posts: 39,900 ✭✭✭✭Mellor


    Posy wrote: »
    The average betting shop actually carries very little cash, barely enough to cover their pay-outs. It would be very rare for more than 2-3k to be on the premises at any time, and almost all of that is under time lock.

    We must have a different definition of rare, but there is easily more than this placed in the one shop on single races regularly.


  • #8
    douglashyde
    Registered Users, Registered Users 2 Posts: 694 ✭✭✭douglashyde


    sorry, I should have made myself more clear.

    I didnt mean how much cash do they hold on site, rather, What is their reserve ratio, as in 10:1.

    for every 10 euro bet they get in they need to have 1 euro in actually cash to payout.


  • #9
    Bluetonic
    Registered Users, Registered Users 2 Posts: 7,588 ✭✭✭Bluetonic


    douglashyde wrote: »
    sorry, I should have made myself more clear.

    I didnt mean how much cash do they hold on site, rather, What is their reserve ratio, as in 10:1.

    for every 10 euro bet they get in they need to have 1 euro in actually cash to payout.
    I think your question was answered in that they don't have to keep anything.


  • #10
    Posy
    Moderators, Recreation & Hobbies Moderators Posts: 27,753 Mod ✭✭✭✭Posy


    Mellor wrote: »
    We must have a different definition of rare, but there is easily more than this placed in the one shop on single races regularly.
    In a few shops I worked in, the average bet was €10-€20 singles. You would accumulate a few hundred throughout the day, but that would be all. In higher staking shops, someone would be bound to get a big win and cut the money on the premises down, plus the staff would bank the takings a couple of times a day. There could be a few grand in the time-lock on a busy afternoon, but the bulk would be banked as soon as the staff have the opportunity.
    @douglashyde- as Bluetonic said, they don't need to have anything, just enough to cover the unpaid bets from the day before plus €500-€1,000 float, depending on the shop size. There is no actual set amount.


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