bookmakers

How Safe Are Your Funds with a Bookmaker?

The online betting world has heightened concerns about personal data security. Recent data protection measures like GDPR have introduced new layers of compliance, with frequent pop-ups and consent requests. While this process may feel inconvenient, it’s crucial to protect both personal data and funds in betting accounts, as financial security is often more sensitive than mere information.

Why Data and Fund Security Matter in Betting:

When it comes to betting, safeguarding funds is paramount. Bookmakers, as regulated by the Gambling Commission, are required to meet specific standards to ensure the security of customer funds. However, not all bookmakers offer the same level of protection. In contrast to platforms like Facebook, which may only track your online behavior, a bookmaker holds financial assets. It’s vital to confirm that these assets are stored securely.

The Role of the Gambling Commission:

The Gambling Commission mandates that betting companies licensed in Great Britain store customer funds in separate accounts, known as “ring-fencing,” which means these funds are isolated from operational accounts. However, this requirement does not equate to full protection; bookmakers can choose from varying levels of fund security, ranging from basic to high.

The Commission’s message is clear: money deposited with betting companies is not government-protected like personal bank accounts. The terms and conditions for each bookmaker specify how they secure customer funds. Let’s look at these levels:

Basic Protection: No extra security beyond separation from the business’s funds. If the company fails, funds are at risk.

Medium Protection: Separate accounts are supplemented with measures, like insurance, to improve fund recovery if the business closes.

High Protection: Customer funds are held in legally separate accounts managed by independent auditors, enhancing fund security.

If you frequently hold larger balances, consider choosing bookmakers with at least medium or high fund protection.

What If a Bookmaker Fails?

If a bookmaker goes bankrupt, the level of protection will impact your ability to recover funds. With basic protection, funds might not be retrievable. However, medium and high protection levels increase the likelihood of fund recovery. Active bets are usually held separately until settled, while withdrawals may face delays or be canceled if the company is under legal action.

Signs a Bookmaker Might Be in Financial Trouble:

Staying alert to changes in a bookmaker’s operations can help protect your funds. Warning signs include:

Withdrawal Delays: Uncharacteristic delays could indicate cash flow problems.

Unrealistic Promotions: Overly generous offers often signal an attempt to bring in last-minute funds.

Reduced Communication: Limited responses to customer inquiries could mean the company is in crisis.

If you notice these patterns, check forums or social media to see if others have had similar experiences and withdraw your funds if needed.

Choosing Safe Bookmakers:

To avoid unnecessary risks, opt for bookmakers offering medium or high fund protection levels. Companies like Betfair typically offer these security measures, while others with basic protection—such as BetVictor and William Hill—might not provide sufficient fund safety if they go under.

How Common Is It for Bookmakers to Close?

Though rare, bookmaker closures do happen. Bookmakers operate in a profitable industry, and the Gambling Commission’s licensing standards are stricter than ever. For smaller or struggling bookmakers, however, closures may result in being bought out by larger companies. Although rare, recessions or market downturns can lead to shutdowns.

Examples of Past Bookmaker Closures:

Canbet: A promising bookmaker in the 2000s, Canbet eventually closed after liquidity issues and owed players over £1 million.

Bet Butler: Known for finding the best odds across multiple bookmakers, Bet Butler’s model became unsustainable, leading to closure in 2014 due to an influx of withdrawal requests and other financial challenges.

Final Takeaway: Choose Security First

Protect yourself by choosing bookmakers with solid fund security. The industry’s strong regulation makes large bookmaker collapses uncommon, but individual vigilance and choosing the right operators can ensure your money remains as safe as possible.

Photo: JC (Taken at Huntingdon. A lovely racecourse with plenty of good, honest bookmakers, too)

UK Bookmakers: History Of The Tote

The Tote holds a legendary status in British sports betting, with a history dating back to 1928. Its unique approach to betting introduced a new way for punters to wager, and although much has evolved since its inception, the essence of Tote betting remains largely unchanged.

How the Tote Works:

At its core, Tote betting is pool betting. Instead of betting against fixed odds from a bookmaker, punters place their money into a pool for a specific market. If their bet wins, their payout is a share of the pool—proportional to their stake—called a dividend. This approach initially transformed betting on horse racing and has since been adapted for various other sports.

The Early Days:

The Tote was founded in 1928, not by private bookmakers but under government oversight, with Winston Churchill playing a pivotal role in its establishment. In a time when the betting industry was often chaotic, the Tote aimed to provide a safer betting environment. The Racehorse Betting Control Board oversaw operations, and by 1929, the Tote began taking bets at major race meetings like Newmarket and Carlisle. Its innovative pool betting approach, backed by the government, quickly attracted punters, marking its early success.

By 1930, Tote Investors Limited was established to ensure the Tote’s practices were aligned with the interests of both the company and horse racing. The Tote continued to grow steadily, and by the 1960s, it had become a key player in UK betting. The Betting Levy Act of 1961 legalized betting shops, and though many bookmakers rapidly opened high street locations, the Tote was initially restricted to racecourses, maintaining its unique reputation and government-aligned mission.

High Street Expansion:

In 1972, the Tote’s restrictions were lifted, allowing it to open high street shops. This expansion followed growing demand from punters and board members. With the opportunity to reach a wider audience and offer bets on more sports, the Tote quickly gained popularity, establishing hundreds of shops and a significant presence at racecourses across the UK. By the mid-1980s, the Tote continued to innovate, introducing live sports coverage in its shops.

Collaborations and Growth:

In 1992, the Tote struck a deal with high street bookmakers like Ladbrokes, Coral, and William Hill, who began offering Tote pool betting in their shops through Tote Direct. This partnership gave the Tote a massive new audience, further solidifying its position in the UK betting landscape.

By the late 1990s, the Tote was recognized as one of the world’s leading parimutuel betting companies. Its commitment to horse racing earned it unique partnerships, including collaborations with Channel 4 Racing to showcase bets like the Scoop6, which awarded substantial payouts to lucky punters.

Push for Privatisation:

For decades, the Tote’s government ownership provided reassurance to punters. But by the late 1980s, discussions around privatization began, though initial attempts failed due to industry pushback. In 2004, Labour’s Jack Straw made significant headway, passing the Horserace Betting and Olympic Lottery Act, which set the stage for future bids.

Several privatization attempts in the late 2000s failed for various reasons, including changes in financial markets and regulatory shifts. It wasn’t until 2011, under a coalition government, that the Tote was officially put up for sale. Following a lengthy bidding process involving 18 companies, Betfred secured the Tote in June 2011 for £265 million.

Why Betfred Wanted the Tote:

Betfred’s founder, Fred Done, was long familiar with the UK betting scene. Securing the Tote granted Betfred access to 60 UK racecourses and over 500 betting shops, bolstering its presence in the market. The deal also required Betfred to allocate millions to the horse racing industry over subsequent years.

The Future of the Tote:

Betfred’s exclusive rights to the Tote at UK racecourses extended until 2018. However, tensions between Betfred and the racing community arose, with some arguing that the company wasn’t contributing enough to the sport. As a result, the Jockey Club and Arena Racing Company (ARC) began working on an alternative bid for UK pool betting, aiming to channel more funds into horse racing. Backed by the majority of UK racecourses, this potential takeover reflects ongoing efforts to ensure the Tote’s legacy continues to support British horse racing.

Photo: JC

Stephen Little: The Gentleman Rails Bookmaker Who Took on High-Stakes Gamblers

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Stephen Little: The Gentleman Bookmaker Who Took on High-Stakes Gamblers Stephen Little, a prominent rails bookmaker in British horse racing, made a name for himself through an astute understanding of odds and an undeniable presence at the racecourse. Known as the “gentleman bookmaker,” Little gained recognition in the racing world for his professionalism, integrity, and an ability to take on big bets—a rare quality among bookmakers of his era.

Starting in the 1970s, Little carved out his niche by specializing in accepting substantial wagers. Unlike many bookmakers who would shy away from high-stakes gamblers, he welcomed them, including figures like J.P. McManus, the legendary Irish gambler and entrepreneur. McManus, himself a fascinating character in horse racing and betting circles, was known for placing large, calculated bets. Little’s willingness to accept bets from someone of McManus’s caliber cemented his reputation as a daring bookmaker, unafraid of risk and respected by both bettors and fellow bookmakers.

Throughout his career, Little was known for his meticulous approach to odds-making. He would often stand by his betting decisions, even when it meant significant financial exposure. His confidence in his assessments meant he didn’t frequently alter the odds on his board, signaling to gamblers that he was sure of his positions. This earned him the trust of many bettors, who admired his consistency and honesty in handling bets.

Little’s approach was somewhat unconventional in an industry where many bookmakers are quick to adjust odds or refuse larger stakes to avoid losses. By contrast, he believed in honoring wagers and taking a long-term view. His success can largely be attributed to this balance of integrity and astute risk management, which allowed him to thrive even when facing high-stakes gamblers who sought out opportunities for sizable wins.

One of the remarkable aspects of Little’s career is his professional rivalry and respect for J P McManus. Both men represented a time in British and Irish racing when wagering was as much a battle of wits as it was about financial gain. McManus, known for his complex betting strategies and immense knowledge of the sport, found in Little a bookmaker willing to match his stakes. This dynamic contributed to the allure of racing during that era, with bettors and bookmakers alike drawn to the prospect of sizable, high-stakes confrontations.

Though Little eventually retired from his role as an on-course bookmaker, his influence on the field remains significant. His dedication to upholding traditional betting principles—such as offering fair odds, taking large bets, and maintaining an honest reputation—serves as a model for modern bookmakers. His legacy is particularly notable in today’s betting environment, where large-scale corporate bookmakers often impose restrictions on winning bettors. Little’s openness to both large and small punters, combined with his sharp wit and genuine love for the sport, left a lasting impact on the betting world.

Star Sport – #BettingPeople

Stephen Little’s story is one of resilience, calculated risk, and a deep-seated passion for horse racing. His interactions with legendary gamblers like J.P. McManus exemplify a bygone era in racing, one where bookmakers and bettors shared a mutual respect, adding a layer of intrigue and sportsmanship that remains memorable to this day.

Photo: Freepik

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Barry Dennis: The Bookmaker Who Bet on Boldness

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Barry Dennis: The Bookmaker Who Bet on Boldness Barry Dennis, a prominent figure in British bookmaking, is known for his lively personality, entrepreneurial flair, and deep-rooted philosophy on the betting industry. Born into a working-class family in London, Dennis’s path into bookmaking began at an early age. His fascination with betting started when he was a young boy helping his stepfather check horse racing results in the newspaper, and this early exposure ignited a passion for the betting world. By the time he was a teenager, he was already experimenting with small betting ventures, taking small wagers from friends at school. This early exposure set the stage for a career defined by bold moves and innovative strategies.

Dennis officially entered the betting scene in his early twenties, initially working in betting shops before establishing himself as an on-course bookmaker. He faced many struggles early on, particularly with cash flow issues, and often had to borrow money to keep his operations running. Dennis shared how he even pawned his wife’s fur coat to raise cash for his betting ventures, illustrating the lengths he went to stay afloat. His resilience and willingness to take risks eventually paid off, enabling him to establish a name for himself within the industry. By the time he gained traction as a bookmaker, Dennis was known for his larger-than-life persona and his ability to engage punters, which helped him stand out in a crowded market.

As an on-course bookmaker, Dennis cultivated a unique approach to customer interaction. Known for his humor and charm, he often used promotional tactics to attract attention and drum up business. His marketing antics ranged from witty banter to employing creative gimmicks, including having a relative stand next to him in body paint as a way to attract punters. Dennis took pride in his reputation as a “self-publicist,” believing it was essential for success in the betting industry. He saw his role as more than just a bookmaker; he wanted to create a memorable experience for bettors. According to Dennis, a successful bookmaker needs to forge a relationship with customers and add a touch of fun to their betting experience.

Dennis’s philosophy on betting is rooted in resilience and adaptability. He saw his role not just in terms of wins and losses but as a part of the larger spectacle of horse racing. Reflecting on his career, Dennis shared that he no longer stressed over day-to-day fluctuations, whether he was down £18,000 one day or up £5,000 the next. Instead, he focused on the bigger picture, aiming for consistent annual profits through a high turnover rate. This attitude helped him remain calm even during tumultuous events, such as Frankie Dettori’s famous “Magnificent Seven” at Ascot in 1996. That day, Dettori won all seven races, a feat that devastated bookmakers across the country, including Dennis, who lost £23,000. Despite the financial hit, Dennis remained philosophical, acknowledging the unpredictability that makes the betting world both challenging and thrilling.

Dennis has also been candid about the pressures of his profession, admitting that his lifestyle took a toll on his health. At one point, a doctor warned him about his heavy drinking and grueling work schedule, prompting Dennis to rethink his habits. Though he cut back on drinking, he later admitted that he never fully abandoned his love for whisky. Dennis’s reflections on his lifestyle choices highlight the demanding nature of the betting industry, where long hours and constant stress are common.

Throughout his career, Dennis maintained a belief in the importance of enjoying the ride, regardless of the financial stakes. He once remarked that “if you want to make a small fortune as a bookmaker, start with a large one,” a testament to the ups and downs inherent in the profession. Dennis’s career, marked by colorful stories and a bold approach, exemplifies the highs and lows of life as a bookmaker. Even after his formal retirement from the betting ring, Dennis left a lasting impact on the industry, and his journey continues to inspire both punters and bookies alike.

Photo: Freepik (Doesn’t depict Barry Dennis)

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Is Matched Betting Illegal?

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Is Matched Betting Illegal? Matched betting is a popular technique used by individuals to turn bookmaker promotions into profits. It is based on exploiting free bet offers and promotions by betting on all possible outcomes of an event, ensuring a profit regardless of the result. This form of betting has gained significant attention in recent years, especially with the rise of online betting platforms, but many wonder if it’s legal or if it breaches any betting regulations. In this article, we’ll explore the legality of matched betting and provide insights into the rules and regulations that bookmakers impose.

Background on Matched Betting:

Matched betting is considered a low-risk form of gambling because it takes advantage of the free bets that bookmakers offer to new and existing customers. The process typically involves placing a bet (a qualifying bet) on a particular outcome with a bookmaker, followed by laying the same bet on a betting exchange. The laying bet acts as a counter wager, which means you’re betting against the outcome, ensuring that regardless of the event’s result, you cover all bases.

Over the years, matched betting has gained a reputation as a legitimate way to make consistent profits without relying on luck. However, while it is not illegal, it can lead to restrictions from bookmakers. Below, we’ll outline five key points regarding the legality of matched betting and the rules bookmakers enforce to regulate the practice.

1. Matched Betting Is Legal:

From a legal standpoint, matched betting is not considered illegal in the UK or most other countries. This is because you are simply placing bets on legitimate betting platforms and are not engaging in any form of fraud or deception. However, bookmakers may view it unfavorably because it takes advantage of their promotions without the punter taking on the usual risk. Despite this, there are no laws that prohibit matched betting.

2. Terms and Conditions on Promotions:

Bookmakers often set strict terms and conditions on their free bet offers and promotions. These terms are designed to protect the bookmaker from exploitation. For example, free bets may only be used on specific markets or at particular odds, and winnings from free bets may be capped. If you fail to adhere to these conditions, the bookmaker reserves the right to void your bets or withhold any winnings, which can hinder your ability to benefit from matched betting.

3. Multiple Accounts Are Prohibited:

One of the key rules bookmakers enforce is the prohibition of multiple accounts. Some people may attempt to open multiple accounts under different names or use friends or family members to gain access to more free bets. However, this is against the terms of service of most betting platforms, and if a bookmaker suspects foul play, they can suspend or close accounts and confiscate any winnings.

4. Gubbing:

‘Gubbing’ refers to a bookmaker limiting or restricting your account due to matched betting activity. This is not illegal but is a common occurrence when bookmakers suspect that a customer is consistently using their offers without the intention of long-term betting. When an account is gubbed, the bettor may be excluded from further promotions or have betting limits placed on their account, making matched betting more difficult.

5. Know Your Customer (KYC) Checks:

To prevent fraud and abuse of their systems, bookmakers carry out strict Know Your Customer (KYC) checks. This involves verifying the identity of their users, typically through documents such as a passport or utility bill. These checks are designed to prevent individuals from setting up multiple accounts for matched betting. Failing KYC checks can result in account suspension or closure.

Conclusion:

In summary, matched betting is not illegal, but bookmakers have implemented strict rules and regulations to protect themselves from being exploited through their promotions. While it is a legitimate strategy for turning a profit, those who engage in matched betting must be mindful of bookmaker terms and conditions, as well as the potential for account restrictions or closures. By understanding these regulations, bettors can avoid issues and continue to benefit from free bet promotions.

Photo: Freepik

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bookmakers

How Safe Are Your Funds with a Bookmaker?

UK Bookmakers: History Of The Tote

Stephen Little: The Gentleman Rails Bookmaker Who Took on High-Stakes Gamblers

Barry Dennis: The Bookmaker Who Bet on Boldness

Is Matched Betting Illegal?

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