… From the desk of Andrew David
I’ve said it before and I will say it again, Banks & Bookies have the best business models you can get bar none!
Let’s look at why. Firstly Banks – here is an institution that can apply for government bailouts (in other words your money) when making heavy losses that threaten to bring the whole banking system to a stand still. Then, stitch you up with high transactions charges when making profits – you just couldn’t make it up!
Bring back the co operatives and ‘true’ building societies I say and fast!
Now let’s look at the other of the gruesome twosome – Bookies.
Here’s another ‘want it all their own way’ institution that take your bets at any size when losing, then slap a stake restriction on you when you have found a profitable method or service that constantly beats SP and makes money. Again you couldn’t make it up. A classic Win – Win!
It’s abundantly clear bookies want losers and plenty of them.
Hence why I can never understand those that say they want to protect their bookie accounts from been restricted – why? when they are of no use whatsoever to make long term profits?
So having said all the above about bookies, can you imagine the rage I felt when I read the article below from a prominent figure in bookmaking (Geoff Banks). Here’s a man that had the brass neck to lodge a complaint with the Gambling Commission over the activities of a “matched betting” website, which recently flooded his own website with punters hoping to exploit a promotion to make guaranteed profits.
“Matched betting” allows backers to lock in profits by balancing free bets or offers of bets at inflated odds against “lay” bets on a betting exchange such as Betfair. Banks is a critic of the “bonus culture” in modern gambling, which uses promotional bets to entice new customers, and would like to see such incentives banned, but says he is forced to operate such schemes to compete for new clients.
In short, Banks is simply narked that punters are attempting to beat him (and others) at their own game and trying to find ways into making money from them, in the same they do by taking bets of any size from punters when they are losing and restricting them if they are winning. The ‘bare faced cheek of them’ as my Nan would say in complaining about punters opening multiple accounts to gain more bonuses.
Put it this way, if a punter opened multiple accounts and was losing on all of them would they restrict him/her Mmmm – I think not is the short answer. In fact, I know not as reported by a few of my service members over the past.
The hypocrisy stinks and makes my blood boil. I would love to hit a bookie for six with a major synchronised gamble (maybe something for the future me thinks?). Trouble is, if we did pull it off I’m sure they would do their utmost to wriggle out of paying. Maybe using a recent angle they are now trying of withholding big payments suspecting the money placed by the punters was given to him/her by a third party – I kid you not! But that’s a rant for another day.
They are simply a law upon themselves, and as for the gambling commission? Well they are about as much use as an underwater fishtank. Although a few years old this article says it all about the Bookies attitude towards punters trying to beat them at their own game. You can see it here: