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Couple Lose Despite Backing Every Greyhound

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no wonder the eCONomy is in such a mess

theres an sucker born every minute :lol::lol::lol::blink:

A British couple took almost £47,000 (€54,000) in cash to back every dog at a greyhound track but what they thought to be a foolproof strategy turned out to have a crucial flaw.

The pair, in their 50s, were hoping to scoop a British record breaking greyhound jackpot of £101,110.39p at Sheffield's Owlerton Stadium.

They travelled hundreds of miles from the south coast of England with their stake money and what they believed to be a fail-safe plan.

The unnamed punters placed £46,656 in bets to cover every possible placing of six dogs in six races, using cash they brought in a Tesco carrier bag.

But the couple had not bargained on two other ticketholders backing all six winners and the jackpot being split three ways. It meant that their share of £33,703.46 left them with a net loss of around £13,000 (€15,000).

John Gilburn, Owlerton's managing director, said: "The couple arrived at the track before racing saying they wanted to play all the permutations on the jackpot and produced a Tesco carrier bag stuffed full of money.

"We took them into the cash room and it took us an hour to complete the count. I don't know if they were part of a syndicate or what, but when they came for their money they were very, very philosophical about the situation."

One of the jackpot winners was a local punter who also wished to remain anonymous and the other an internet gambler known as the Scoop6 Squirrel.

http://www.independent.ie/world-news/europ...nd-1831206.html

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Lol.

I remember the automatic arbitrage bets people made on betfair, but missed out a crucial flaw...!

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Lol.

I remember the automatic arbitrage bets people made on betfair, but missed out a crucial flaw...!

A friend of mine has 16 people working for him doing this (and other related services). He doesn't just use betfair, but has relationships with bookies over the world. It can be done, but you need to know your tech, your bookies, and your maths!

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Gamblers are fools.

Arbitrage bets are not really bets per-se; you should always win doing it. I have, and made about £2000 over the last couple of years. Very slow, but a nice feeling to rip bookies off. Eventually though, the bookies ban you.

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Arbitrage bets are not really bets per-se; you should always win doing it. I have, and made about £2000 over the last couple of years. Very slow, but a nice feeling to rip bookies off. Eventually though, the bookies ban you.

Mate does it on betfair with some home made software, it averages a 100 quid a day tax free profit (although betfair has caught on and 'tax' him/take commission on a % of his profits because he is so profitable). He makes hundreds/thousands of very small automatic bets each day.

Edited by moosetea

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Gamblers are fools.

“You had the authority to prevent irresponsible lending practices that led to the subprime mortgage crisis. You were advised to do so by many others,†said Representative Henry A. Waxman of California, chairman of the House Committee on Oversight and Government Reform, in October 2008, to Alan Greenspan. “Do you feel that your ideology pushed you to make decisions that you wish you had not made?â€

Greenspan conceded: “Yes, I’ve found a flaw. I don’t know how significant or permanent it is. But I’ve been very distressed by that fact.â€

Stephen Roach says monetary policy will need to shift away from the Greenspan-Bernanke reactive post-bubble cleanup approach toward pre-emptive bubble avoidance. He says it may be tricky to judge when an asset class is in danger of forming a bubble.

Roach advocates that Congress should add financial stability to the Fed's existing mandates of price stability and full employment.

He says there would be no room in a new financial stability mandate for the ideological excuses of bubble denialists. Alan Greenspan, for example, argued that equities were surging because of a New Economy; that housing forms local not national bubbles; and that the credit explosion was a by-product of the American genius of financial innovation. In retrospect, while there was a kernel of truth to all of those observations, they should not have been decisive in shaping Fed policy. Under a financial stability mandate, the US central bank would have no such leeway. It will, instead, need to replace ideological convictions with common sense. When investors and speculators buy assets in anticipation of future price increases — precisely the case in each of the bubbles of the past decade — the Fed will need to err on the side of caution and presume that a bubble is forming that could pose a threat to financial stability.

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Mate does it on betfair with some home made software, it averages a 100 quid a day tax free profit (although betfair has caught on and 'tax' him/take commission on a % of his profits because he is so profitable). He makes hundreds/thousands of very small automatic bets each day.

There are customers on Betfair making considerably more than that, think £300K+ a year tax free. They are charged a premium rate as premium customers, they suck a lot of liquidity out of the system and so Betfair wants to make a little more comission to allow these punters to make a very good living. This is all explained to the premium customers and most of them understand and accept this as fair - its a good deal for everyone.

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A Tesco bag full of cash... :blink:

possibly money laundering... ;)

Or just a couple of MP's who've just picked up their expenses?

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There are customers on Betfair making considerably more than that, think £300K+ a year tax free. They are charged a premium rate as premium customers, they suck a lot of liquidity out of the system and so Betfair wants to make a little more comission to allow these punters to make a very good living. This is all explained to the premium customers and most of them understand and accept this as fair - its a good deal for everyone.

You can't arb on a single exchange though, can you? They must be placing or laying bets at other bookies at the same time. The risk is always that one half of your arb won't be accepted, leaving you uncovered on the other half.

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As someone who does quite alot of the above.

Yes, it can be profitable. But there will always be someone out there with better/faster software than you (ie me!).

PS hope everyone was on "Ingleby Star" in the 17:00.

Ladbrokes kept the price open for too long :P

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You can't arb on a single exchange though, can you? They must be placing or laying bets at other bookies at the same time. The risk is always that one half of your arb won't be accepted, leaving you uncovered on the other half.

Well you *sort of* can.

For example

Correct score market: 0-0 priced at 6-1

Total goals market: 0 priced at 7-1

You could back total goals and lay the correct score.

Now it's never that easy on Betfair, ever, but the point is that there are markets that can cover the same bet and the odds aren't always the same.

A friend of mine, a profitable pro-gambler of many years wrote this book:

http://www.amazon.co.uk/Sports-Arbitrage-I...7900&sr=8-1

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As someone who does quite alot of the above.

Yes, it can be profitable. But there will always be someone out there with better/faster software than you (ie me!).

PS hope everyone was on "Ingleby Star" in the 17:00.

Ladbrokes kept the price open for too long :P

How do you know without seeing their book?

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Lol.

I remember the automatic arbitrage bets people made on betfair, but missed out a crucial flaw...!

Money Saving Experts wasn't it?

Maybe this makes me an asshole, but I swear, I never laughed as hard at anything in my entire life.

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Maybe this makes me an asshole, but I swear, I never laughed as hard at anything in my entire life.

Me too </AOL> That was one of the funniest things in a very long time. For those who missed it, a poster on MSE suggested there was a riskless profit to be made by making a certain bet. The bookmaker's computers could also be convinced of this, and would advance credit against the unrealised 'gain'. It then took just the ability to press a button a lot of times to build up a massive leveraged position, which many did. The bets then lost.

Would you happen to know what happened to the highly cunning arbitrageurs in the end? MSE closed the thread before the outcome became known. They were trying to get a refund of the money they lost and didn't have. It would be a great shame if they did not end up with debt collectors chasing them for every penny.

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Me too </AOL> That was one of the funniest things in a very long time. For those who missed it, a poster on MSE suggested there was a riskless profit to be made by making a certain bet. The bookmaker's computers could also be convinced of this, and would advance credit against the unrealised 'gain'. It then took just the ability to press a button a lot of times to build up a massive leveraged position, which many did. The bets then lost.

Would you happen to know what happened to the highly cunning arbitrageurs in the end? MSE closed the thread before the outcome became known. They were trying to get a refund of the money they lost and didn't have. It would be a great shame if they did not end up with debt collectors chasing them for every penny.

Quite. In my friend's case, the biggest risk is a large bet being repudiated by any one of a number of far eastern bookmakers who consider it part of their job to use physical force to make their business deals for them. Managing this risk with suitable algorithms and maintaining relationships with them is incredibly important.

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