I spoke last week of the chain of events that occur with insider information and how money only changes hands once the race had finished. There is another source of insider information that I’ve written about in the past and they are of course the turncoats. A breed of men who sneak around behind the scenes and look for their little nuggets of gold and keep it to themselves. They then use this privileged information and use the bookmaker to profit. Having several accounts with some of the top firms they simply ring up, get a their stake on and the bookie goes straight into the market and cuts the price. It’s a good relationship that works for both of them and the turncoat does very well out of it. He will however be on his own at the bar of an evening as he’s so sly he’s cut all social ties! I’m serious. All the turncoats I know operate on their own and although they’re known to certain parties they keep themselves to themselves.
Anyway that’s the world of inside information, today I was going to talk about pulling the wool over the bookies eyes. There is a well known trick that involves a few phone calls and get’s the bookies every single time.
This method is to strike a bet on the wrong horse so they shorten up and push the price out on other horses. You then get a better price for the one you really want to back. This only works if you’re well known to them and you have large stakes. Another popular one is to ring up and ask for a price. Whatever they offer you, you state that you can get on at a better price elsewhere. As soon as you’re off the phone they shorten up. You then get someone else to ring up and put a larger stake on the one you want!
One of the greatest racing coups of all time though had to be the one that Patrick Veitch organised. The horse was called Exponential and was ruled out on the day of the race as a no hoper. He opened on course at 100/1 and was steadily backed in to 8/1. The horse won comfortably and Veitch reportedly won over half a million pounds in cash. Not bad for a days work!
He’d spent months preparing for the race and everything was kept very quiet before the race. No one had a clue what was coming and the actual betting only happened 10 minutes before the race started. A perfect plan well executed.
That’s it for this week, back next week with more tales from the world of horse racing.