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  • Problem Gambling?

    There is a ugly side to gambling which the bookmakers have successfully kept well hidden form the public at large. Increasingly common and at odds with the proliferation of TV ads urging US to 'BET NAW". Yes, it is the restricted account.

    If you have been around for a while and won a lot of money off a bookmaker you may expect to have your account closed. Maybe a nice letter telling your account is not 'econmically viable' and that it will be closed. A badge of honour and that was the way thing used to work, but not anymore.

    Now you do not even have to win money off a bookies to have your account restricted, not closed, but your maximum stake limited to such a pathetic amount that in effect, it is closed.

    If you have decided that the best way to make bettig pay is to become a specialist in one or two sports, that is enough to flag your account up as undesirable, even if you have lost. Too many bets on golf match bets? Restricted. Too many on minor sports? Restricted. Bet lots of correct score accas on footy, or super yankees on the nags? Your more than welcome and while your here have some free cash to get addicted to our vitual casino and Poker.

    Some of the 'big' named top rated bookies on here are prime examples. Just this weekend I wanted just £40 on a 5/4 F1 bet, hardly a massive liabilty for a company the size of William Hill, but no, maximum bet allowed was £28. But at least thats better then Paddy Power who offered me 40p on a bet earlier that week but that was for an 80/1 shot so they were only going to 'risk' losing £32.

    I wonder what the general public would think if they were educated as to just how the modern day bookmaker operates? I understand they are there to make money and do contract my services to bookmakers to help them do so but the times they are a changing. Do bookmakers really want to be in the business of betting on sports at all? At the moment they have to, but they are trying to move customers away from the traditional markets into new, low risk, high profit products which are good for the bookie but dangerous for the punter.

    Fixed odds betting terminals have saved the high street bookmaker but ruined many more vulnerable punters. Instant hits of adrenalin in short succession is a good way to get someone hooked to playing what is in effect a rigged game. The bookmaker cannot lose in the long run and just needs to cover the cost of the machine, premises, staff and overheads. And those machines do that and plenty more.

    The modern betting shop still shows horse racing and dog racing but increasingly you will look at the screen and find that the nags in question are running in a computer generated 'race'. To the punter that just needs a fix this is accpetable, but just like the FOBT's the game is riggged to make sure the bookie wins a nice risk free profit margin, and turnover can still survive a winter cold snap.

    The added benfit of these games for the bookmaker is that you do not need to employ expensive odds compilers and risk managers, you are not at risk of being the victim of a well planned gamble or even corruption and cheating on a grand scale. You just get a steady cash flow and skim off your required marging, pay your tax and everyone is happy. Except the punter.

    The nature of FOBT's for example is that they said to be the 'crack cocaine' of the betting world. If you are predisposed to becoming a gambling addict, and there are plenty that are, you should not play these machines because after just a few games, you can be lost to them. The reason that boomakers are taking over the high street is a result of the success of these machines making money. But have a look at who playes them and where those shops tend to be. The well to do middle class profession with the money to burn? Or the unemployed, under employed, under educated person struggling to make ends meet? Shops clustered in leafy avenues or the more run down inner city areas were the economy is grinding to a halt?

    The New Boomaker is a million miles away from the public perception of the traditional bookie. They do not want you as a customer if you show any signs of being remotly intelligant or having thought about what you are going to bet on. But if you are just addicted to getting that rush from having a gamble then its come on in, your just the sort of mug we want and we don't care if you can't really afford it.

    The prospect is that if you like betting on sport and are lucky enough to only lose a little of your money, you will have your account restricted, unless you want to play the virtual stuff, or poker, or in the casino of course. On the other hand the gamblers with addiction problems will be accomodated and encouraged. Do not be fooled into believing all the guff on websites about them supporting 'responsable gambling' just take a look in your local betting shop. They do not want 'responsible gamblers' they want unreasonable gamblers and addicts.

    There are now two types of 'problem gamblers'. Those that cannot get a decent bet on and whose chance of winning money is severly restricted. And those who become addicted to the high profit margin games. The second you may hear of on programs like Panorama now and then, the first, another dirty secret of the bookmaking industry.

  • Nice write up jamespunt. Maybe the title of the thread should be "Problem Gambling & Problem NOT Gambling" :-)

    I had one example over the summer. During the Olympics I placed 3 x £50 bets with BetVictor, based on favorable value from an odds comparison website. Prior to the outcome of these bets, I received an email saying that the BetVictor traders had deemed my account uneconomical and that they have decided to close it down. I was very surprised, as why would they offer good odds on a comparison site, and advertise themselves as having great odds, yet if you bet with them for these reasons they close your account. I would understand if it was thousands, but 3 x £50 is just crazy. Shows that certain bookmakers just want mug punters.

    The point that the bookmakers want players to go towards casino and games instead, as they know that they can make more money. I see sports betting as a skill like poker (if you are disciplined).

    There is however still many books that let you have a bet and have larger limits.

    Comment


    • It is, unfortunately, extremely common for bookmakers to limit nowadays. This can seem incomprehensible to punters who ask a big bookmaker (insert almost any name you care to mention) for a relatively small bet and get knocked back, sometimes to pennies. The reason for this is not all that hard to find.

      When bookmakers make a "book" on an event, they factor in a profit margin, called an "overround" which in theory means that they will make a profit whichever result happens. However, nowadays odds comparison sites and oddmatching software are commonplace on the internet, and instead of punters sticking with the same bookie for all of their bets, they will shop around to get the best prices. This leaves the bookie with a lopsided book, and if the result goes the wrong way they make a loss on the event. One group of people who fit this pattern are the "arbers" - these are people who will only bet on prices which are higher than the odds at the betting exchanges such as Betfair. Bookmakers know that arbers are only taking the best value bets, and that in the long term their accounts are likely to show a loss to the bookmaker. They therefore routinely monitor accounts for this sort of activity. Unfortunately ordinary punters can get caught in the net, particularly if they use odds comparison sites and bet on the highest odds available on the event.

      It looks extremely odd for a bookie to advertise a top price on an event and then limit punters who take advantage, but when you realize that these top prices are the ones that cost the bookies money, it perhaps isn't quite so odd after all. Some bookies almost certainly use these enhanced prices to catch the value seekers. They want the publicity, but they don't want the smart punters.

      Comment


      • Hello lads, i`m kinda new to this forum, but this tread is probably one of the best i have read during this 2012 year. I have noticed the same problem as well, but since my memory is not fixing on this problem i use to forget the time to time about it. So i put this favorite ones thanks once more

        Comment


        • @Corner - Major bookmakers with liquidity can make money, if there traders are skilled. If they have great prices initially, they build up the pot and then alter odds accordingly. Pinnaclesports manages to do this to a great effect, and make a small margin on great odds. Bookmakers like BetVictor, William Hill, Ladbrokes, bwin, bet365, Stan James and Paddy Power should be able to do similar - they have enough liquidity (especially for major markets).

          @OskarPB - Welcome to BMR

          Comment


          • I grossed about $4000 on betvictor, and they immediately closed my account with no explanations.. They offered to refund my balance to my **********, yet demanding frustrating verification procedures from me. I still find it difficult to understand why they cant easily pay me through the same account I deposited with them. An account I had verified with my passport document, less than a month ago. Its so painful. Its a flagrant violation of the principle of uberrimae fidei..

            Comment


            • Lawmakers sees gambling as one source of government revenues, one reason why they passed a law permitting more casino and bingo halls to operate. However, what they really don’t know is that more people become addicted to gambling and rehabilitation cost is expensive. Get a payday loan to pay for your gambling adventure.

              Comment


              • Have you ever tried losing large amounts of money to bookmaker? Whether your arbing, value betting or just plain lucky its uneconomical for bookies to allow you to play - so make it profitable for them, lose large amounts of money! Even if they knew you were 'a long term winning player' they would not limit you if you regularly lost to them every week without fail. During the week value bet all you like, but at the weekend simple match your profits out with the martingale (or parlays/ accumulators). You win, they win, everybody happy! All the best.

                Comment

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