SBC News Voice of the Sports Betting Industry
After a frantic summer season of racing in the UK, today we take the opportunity to discuss the state of the market and the fate of the sport with major northern bookmaker Nick Corbett of Corbettsports. Nick is in a unique position to offer a view on racing, with superb pitches on-course at the premier meetings in the north and a fleet of betting shops. (interview conducted by Stephen Harris of bettingexpert.com)
SH: How has this 2014 summer been on-course for a bookmaker? Has turnover stood up well and business been good?
Nick :The good news is, that turnover has stood up, and we are seeing similar figures for the same period as last year! Bearing in mind that we are operating out of very good pitches. The one worrying trend is the drop in average stake per slip at a couple of the courses we attend! It seems to be holding up everywhere accept York and Haydock, both top courses where you would expect it to be strong! I have made comment recently, that the average stake per slip at Bangor is better than York, this is fact!
SH: What has been you best and worst meetings results wise?
Nick :It has been a decent year up to now. This year I thought I would try something different, making old fashioned books for all days at Royal Ascot, standing the favourite and working around it! Unfortunately I couldn’t be in the office for the five days, and I thought I didn’t want to be consistent for three days and inconsistent for two! So I left it (which was a good move given the large number of very heavily backed horses at the meeting).
The bad results didn’t affect us in anyway, the shops and the online just took the money and we stood anything for 25k before looking at it! It ended up a good Royal Ascot for a change…especially at a time when results tend to be in the punters favour.
SH:Which track offers the best value for the punter? If you had to choose a favourite track or festival, what would it be?
Nick : Have to say the best value for money tracks are Haydock and York. It is ironic as I have previously mentioned these two courses for their low stake per slip, and I say York with the proviso that it is poor value for money for the Ebor meeting. The entrance costs are far too high, and the Yorkshire racegoers vote with their feet.
For me the top race of the year is the Ebor, and it is run on the second quietest Saturday of the entire year. At least by my reckoning looking at our figures. My favourite flat festival has to be York, top class racing in top surroundings, and a great atmosphere. Just a crying shame they choose to up the entrance price and crucify the bookmakers with the betting badge fee.
SH: Are there many bookmakers left in the ring betting to opinions and standing decent bets? Who are they? Does Betfair now dominate the prices and the hedging?
Nick :I don’t think there are many bookmakers left betting to their opinion, with the exception of the likes of Geoff Banks and Dan Daly. If I’m being honest I don’t think there ever was, on-course layers get the favourite laid and look after their regular customers. Let the punters have the opinions and give you the books.
And work from there, that isn’t really betting to an opinion, is it? What is more critically important is consistency. Whichever way you decide to bet, stick with it. Thats what we try to do. If you want to stand the jollies for 25k do it. If you want them for £100 then stick with that, otherwise you are gambling.
SH: Which tracks are not coming up to scratch in terms of facilities and value for money?
Nick :All the tracks I attend (and we have invested heavily for the privilege) seem to offer excellent facilities. As far as the punter is concerned, York, there is a reason why it won racecourse of the year so many times.
I just wish some of the racecourse staff would treat bookmakers with a little more dignity and not like common criminals.
SH: Turning to the off-course industry, where do you see the future going with the likely clampdown on FOBTs/tax changes?
Nick : The off course industry is sadly deteriorating as far horse as racing is concerned, falling margins and spiralling costs have forced the industry to push the likes of football hard and the younger punters just cant get enough of it.
I can see a proliferation in non horse racing products. I am a horse racing fan, and I love working on course, but the non festival or big Saturday meetings are no longer attractive to the shop punter, the core product is fast becoming the non core product.
SH: Will bookies be forced to close shops/lay off staff if FOBTs are banned or restricted?
Nick : Good question! This will definitely be the case as far as we are concerned, we have identified at least five shops that will cease trading, and probably more, high media costs will make these shops unprofitable.
And the sad thing is, these shops are long standing community shops, that have stood the test of time.
SH: Does racing still hold a major draw for the regular punter? If not, where is it going wrong and what more could be done?
Nick :The big festivals i.e Chester, Cheltenham will always be a major draw, but racing urgently needs some new ideas. Lets not kid ourselves here, most of the big punters have gone. And its no coincidence they disappeared after the exchanges arrived, so its not just the off course industry that has suffered, it’s the on-course also! Punters moan about layers offering poor value, but remember this, it’s because the offshore exchanges and plc that are avoiding levy, and tax, and are therefore able to offer more attractive terms.
As it stands there is no level playing field.
Sometimes the industry shoots itself in the foot. Only a few weeks ago a shop punter said to me “did you see that jockey on the morning line this morning, you know the one ..the drugs cheat!” I could go on with more examples, but I think you get the drift of public perception.
The perception of the people that matter, the people in the shops, who do incidentally pay the levy. In my opinion the industry just does not police itself rigorously enough, stricter penalties and more active policing would restore confidence in the product.
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Interview content provided by Stephen Harris sports betting journalist for bettingexpert.com
