Betting operation stings Irish bookmakers

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skysaw
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24 Jun 2010, 4:24 am

Quote:
Precision betting operation sees Irish recruitment company sting bookies

http://www.metro.co.uk/news/832496-prec ... ng-bookies

It was an operation that had been planned with military precision. Some 200 agents were given money, synchronised watches, written instructions and a taxi ride to their drop-off points to pull off a spectacular, and legal, betting tactic.

At precisely 6.55pm they swung into act­ion and netted the masterminds as much as £165,000 – despite a few hiccups because most of the agents were foreign and could not read the English instructions.

Bookmakers in Ireland were taken to the cleaners after a recruitment company paid 200 people to each place a £165 bet on the same horse at different betting shops.

They were promised £25 each if they placed their bet when the watch alarm went off, five minutes before the race start.
The horse, D Four Dave, won easily at Kilbeggan in County Westmeath on Monday at odds of 5-1, sparking the pay-out for MCR Group, whose managing director Douglas Taylor part-owns the horse.
...

‘It’s an absolutely amazing story,’ said Sharon Byrne, chair of the Irish Bookmakers Association, adding that the operation was not illegal.

‘The staff could see two watches on most of the [punters’] wrists and were aware that something unusual was happening. I was on to all the various bookmakers this morning and they were all done.’

The instruction note read: ‘Dear Emp­loyee, enclosed you will find: a completed betting slip for the betting shop you have been sent to and €200 in cash for which you need to place the bet.’

It then told them to be at the counter before the alarm went off, to hand over the slip and say to the person: ‘I will take the price’.


Can anyone tell what the trick here actually was? Because I can't. Am I just being dense, or is this just bad journalism (or is the writer perhaps reluctant to reveal how the trick actually works)?
And couldn't this have been done online instead?



Ambivalence
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24 Jun 2010, 4:27 am

Maybe it's just that the bookies wouldn't have taken a single large bet at those odds, but were happy to take lots of small bets?


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skysaw
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28 Jun 2010, 6:34 am

Ambivalence wrote:
Maybe it's just that the bookies wouldn't have taken a single large bet at those odds, but were happy to take lots of small bets?


Maybe, but I think there has some other explanation.
If it was just a matter of placing several small bets at different bookies, a single gambler could have done that himself without having to worry about the timing and without having to employ other punters to help him.



kc8ufv
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28 Jun 2010, 11:38 am

Most bookies try to balance things. They can only react so quick, though. Most gambling establishments put a limit on bets, as they are required to have enough money to handle the (from their prospective) worst possible payout. If the bookies were working togeather to set the odds, they all have to talk regularly, and in this era, it is likely by computer, and someone is sitting at a computer analyzing all the bets placed, to revise the odds.



kc8ufv
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28 Jun 2010, 11:39 am

Most bookies try to balance things. They can only react so quick, though. Most gambling establishments put a limit on bets, as they are required to have enough money to handle the (from their prospective) worst possible payout. If the bookies were working togeather to set the odds, they all have to talk regularly, and in this era, it is likely by computer, and someone is sitting at a computer analyzing all the bets placed, to revise the odds.



Wuffles
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30 Jun 2010, 4:17 am

If the money had been bet earlier in the day the bookies would have slashed the odds (which is why it would have had to be done right before race time); and they wouldn't have taken it as a single bet at such large odds. Since it isn't humanly possible for a single person to place so many bets, that close to race time, in different establishments, they had to recruit lots of people to do it. If it had been done online they would have fallen foul of both of these.

Well known sting.



Asp-Z
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30 Jun 2010, 4:20 am

Sounds like someone betting the same thing at different places. I don't see how it's a big sting at all.



Wuffles
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30 Jun 2010, 4:23 am

It basically tricks the bookies into taking a bet that they would otherwise refuse at the current odds.

It involved 200 different people, hired through an agency and paid E25 to place a bet at the same exact time in different locations, right before the race. It was organized by one of the horse's owners.



skysaw
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30 Jun 2010, 5:39 pm

Wuffles wrote:
If the money had been bet earlier in the day the bookies would have slashed the odds (which is why it would have had to be done right before race time); and they wouldn't have taken it as a single bet at such large odds. Since it isn't humanly possible for a single person to place so many bets, that close to race time, in different establishments, they had to recruit lots of people to do it. If it had been done online they would have fallen foul of both of these.

Well known sting.


Ok, this sounds more plausible. And you say it is a well-known sting.
But I still don't see why it could not have been done earlier (preferably in sync). What does it matter to a punter if the bookies slash the odds on a horse winning if that punter has already placed a bet at the higher odds?
And why was the "mastermind" behind this operation so keen that his agents bet on a horse that he owned. Perhaps he'd been spreading rumours in the racing world that the horse was slower than he really was?



kc8ufv
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30 Jun 2010, 7:42 pm

skysaw wrote:
Wuffles wrote:
If the money had been bet earlier in the day the bookies would have slashed the odds (which is why it would have had to be done right before race time); and they wouldn't have taken it as a single bet at such large odds. Since it isn't humanly possible for a single person to place so many bets, that close to race time, in different establishments, they had to recruit lots of people to do it. If it had been done online they would have fallen foul of both of these.

Well known sting.


Ok, this sounds more plausible. And you say it is a well-known sting.
But I still don't see why it could not have been done earlier (preferably in sync). What does it matter to a punter if the bookies slash the odds on a horse winning if that punter has already placed a bet at the higher odds?
And why was the "mastermind" behind this operation so keen that his agents bet on a horse that he owned. Perhaps he'd been spreading rumours in the racing world that the horse was slower than he really was?


An individual bet isn't at specific odds, the odds change. The odds are as of when the last bet is placed. So, the bets needed to be placed at the last minute to preserve those high odds.



psych
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01 Jul 2010, 9:21 am

kc8ufv wrote:
An individual bet isn't at specific odds, the odds change. The odds are as of when the last bet is placed. So, the bets needed to be placed at the last minute to preserve those high odds.


You are taking about the 'starting price' or SP, this is the default price that is set at the track, all bets are usually settled at this price

UNLESS

the better says 'i will take the price' as the bet was placed. (the cashier then marks the trifoliate with the current offered price) This is how this sting operated (see the OP)