So I’ve seen a little bit of fuss going around recently about people having their accounts limited by bookmakers. It’S nothing new been going on for a number of years, but I thought I’d tell you the story of when I was first limited by bookmakers because it was a long time ago, and it was the thing that actually kicked me out of the industry. Even before I got started and that’s what I’m going to talk about in this video click here to subscribe to our You, Tube channel you’ll get instant notification of new videos as they’re released. So you take yourself back to the early 90s. I was actually working for a retailer back then, and I was really interested in carrying forward the work that I’d done on the football course in the sort of mid to late 80s, and so I came up with this brilliant system that involved backing the draw.
As a multiple – and it was quite a clever system – even if I do say so myself, because what I used to do is I used to look for mispricing on the draw and other results. And then I used to line up carefully all of my positions so that they would end up in a very large multiple. I would get massive odds on it and what I used to do is I I was going to use the word sketch gum. It’S the wrong word to approach. I would intelligently think out how the bets were going to be placed, arrange them in a certain pattern.
So that I would place many many beds, but one of those lines would result in a huge payoff that would more than cover all of the other bets that I particularly placed so I used to back then, of course, odds were not updated so frequently and what Used to happen was they would do the odds of the weekend or whatever and maybe update them at some point. But I’d be looking for discrepancies on pricing across all of the coupons and prices that the bookmakers offered. I would then exploit that by rearranging them in clusters of bets so that one of those would pay off because, of course, even if you find value it doesn’t mean that it’s going to pay off immediately. So I would place multiples of bets in a number of different ways in the same way that I did on the football pools to allow one of those lines to eventually pay off.
So I would go in and handover quite a complicated bet, shop manager would check it and then suggest take my money because they knew that. Basically, most people were inverted gamblers and fools. They had no idea what was about to hit the, but what I actually did was started winning money, but not only did I win money, it was big enough that they couldn’t pay me from cash.
They had to write out a cheque and as soon as that happened, obviously the alarm bells started to ring because area manager or head office, or somebody would sort of say you know. Yes, I see there’s another. Five grand check has been written out. What’S going on there there and it’s like well there’s this chap this young chap that comes in always places on football always does a similar sort of bet quite complicated, and obviously the instruction was given at some point to stop taking those bets, because I turned up Happily, one Friday evening, after knocking off from work to place, my bet – and they said sorry, we you know we’re not going to take your bed and I just went what you must do you have to do it and they said no we’re under no obligation whatsoever To take your business, if you want to go down the road and do it there, so I was like there. Surely they can’t do this because coming from a retail background at that particular moment in time, I knew that root them out.
Consumers had all sorts of rights, so I went to the Citizens Advice beer on my day off the next week and asked them what rights did. I have and they basically said absolutely none you’re gambling, it nobody gives a toss. You can’t do it’s not legally impossible.
A gambling debt is not legally impossible, they’re on an obligation to take your bet. They can do whatever they like, and our situation more or less persists until today, because if you place a bet with a bookmaker, if you win they’re losing now that doesn’t happen. On exchange, if you win on an exchange, the bookmaker doesn’t lose because the exchange makes its money by effectively taxing winners, but with a bookmaker, if you win, they lose so one of the tactics that they use to stop themselves from losing is to close your account Limit it do any number of tricks to stop you from taking note, but there’s no obligation to take the bet so yeah.
I was furious at this, but there was nothing I could do. I’D learned that there was nothing I could do so. I just had to start getting clever, started using different shops and then started going to different towns, but eventually I just ran out of all avenues. I was not welcome any of these venues.
There was no way of legitimately doing it and you could get somebody else to do it, but eventually they would be stopped. The pattern was, you know my the bet was so unusual that it was pretty obvious what was going on so I became limited and my my face was probably pasted on the counter of every bookmaker within a 50-mile radius, and they said if this guy walks in Just you know kick him out again immediately, and that was surprising for me because I you know I some reason. Naivety. Probably I just assumed that if I found a way of winning, I would be able to win forever and start ramping up the stakes, but that was the thing that actually threw me out of the betting industry, because I just thought I don’t want anything to do This it’s rubbish, how can you know it’s my inner initiative against theirs and because they lost they’re just throwing their toys out the pram, and how can this happen?
You know there’s no future in this. Why would I bother to do this, so it was actually that was the final thing that I did before I left the entire gambling industry. I just decided to pack it in and just thought, there’s no, no future in this.
There’S no point in doing this. Why would I do this, and that was when I moved on to financial markets and started trading financial markets and getting more interested in financials and then, of course, we ended up going full circle when Betfair and betting exchanges were launched, because suddenly, all of those things I learned, although she is ago, suddenly came back into play again and I thought well. This is a fantastic opportunity which is exactly what it turned out to be, but yeah. That is the story of how I was originally limited and how I almost never got to this stage.
If it wasn’t for betting exchanges, I would have never come back. I’D be doing something else now, so we have to be thankful that exchanges came around to give us the opportunity to be able to bet without being limited or restricted. It’S an absolute boon for somebody, that’s willing to put the work and effort in but yeah.
That was my story on being restricted by bookmakers, if you’re interested in learning more about that angel visit, bet angel, comm and download a free trial today,