Why bookies hate the Olympics

The 2008 Olympics will have been the biggest Games yet for betting, with an estimated £25 million wagered worldwide, according to William Hill, the bookmakers.

Although not traditionally a major gambling event, the growth of online betting is the reason for the sudden surge in numbers.

With so much British interest, the 2012 Olympics look set to cost the bookies even more money.

Here are a few reasons why bookmakers hate the Olympics.

1. Usain Bolt.

The sprinter has cost bookmakers an estimated £250,000 by beating the 200m world record, according to Betfair.

One punter won £25,000 on a 4/5 bet that Usain Bolt would win the 100m.

What the bookies said:

"We never thought it would be broken in our lifetime" - a Ladbrokes spokesman. Ladbrokes lengthened the odds from 25/1 on to 7/4 before the 200m race.

"After his 100 m heroics, he may be happy to just do enough to win the 200 without worrying about setting a new record" - a William Hill spokesman, who would now probably like to eat his words.  William Hill had lengthened their odds from 11/10 to 5/2 to 2/7.

2. Beijing golds.

Ladbrokes have more than halved the odds of team GB scoring 41 medals from 10/1 to 5/2. If they reach 41 medals, Ladbrokes says it will lose £200,000

William Hill has upped its estimate of GB Gold medals from 17 to 19.

What the bookies said:

"We are really sweating on the total medal tally"

"We have offered odds on every event this year, but given the medal tally, we might not do this again"

- a Ladbrokes spokesman

3. Everyone's an expert

Bookies are losing out because now anyone can research the best sports men and women, not just specialist sports experts.

What the bookies said:

"There was once a time when only people who had specialist knowledge on obscure athletes can clean up, so we weren't too worried about losing money. Now, since the birth of the internet, anyone can find out about who is the next big thing and make a bet" - a WIlliam Hill spokesman

4. 2012 hopefuls .. and their parents

Relatives and friends stand to make massive gains if Britain's young athletes do well in 2012.

What the bookies said:

"When London was awarded the 2012 games, we took hundreds of bets from proud parents that their up and coming youngsters would go on to win Olympic medals. Now that team GB seems to have got its act together, we might need to slash the odds" - a William Hill spokesman.

Ladbrokes won't even offer odds on this type of bet.

For example:

Jemma Simpson, 800m - Should Jemma win gold in 2012, Hill will pay out £53,600 to her parents, June and Ted.

15-yr old Camilla Hadland, from Stratford upon Avon, is tipped to be the next rowing sensation. She will earn a family friend £10,000 if she wins a medal in 2012, after betting £100 on 100/1 odds.

Shawn Pease, 17, will win godfather Kevin Rowden £10,000 if he wins gold in the Javelin in 2012, at odds of 500/1

James Shane, an 800 metre runner, will win a family member £17,500 if he wins a gold medal in 2012

Claire McMurdock, 19, will win her father Philip £17,500 if she wins the 800m in 2012

Emily Pidgin, a long-distance runner from Berkshire, has been backed down from 250/1 to 33/1 to win a medal at 2012 and she will be a six-figure loser for the bookies should she win a medal.

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Comments

[Howard]

It seems like the Bible harms your spelling, punctuation and grammar abilities.

Oh, I won £50 on the Grand National this year. That was only the second time I've ever gambled, the first being a college poker game where I lost £1.50 :(

[Bill Bird]

What's the odds on the second coming? (although in Rory's case, it could well be the first)

[Rory]

Will, If I unerstand the meaning of your crude 'street talk', it is evil minded, I am not a married man

Tal, i am not, the bible says sarcasm is the lowest form of wit

[Tal]

Am I the only one who thinks Rory was being sarcastic?

[Will]

Rory needs to get laid.

[John Edmondson]

Bookies don't loose money. The odds they quote will always include a least a 10% profit margin. Occasionally the odds they give will be wrong and the punter may recover some money, but in the long run the bookie will always be ahead.

[Fabio]

I have a bellybutton.

[Mark]

I'll have £10 on Rory eventually commenting without making a spelling mistake.

[Alex]

Rory, since when did having an opinion different to yourself make someone a sinner? Your attitude shows up the intolerable biggotry of religion.

[Mark Bebbington]

I fully agree with the article. I only had 1 bet on the Olympics. It didn't involve a certain Mr Bolt but in my opinion was a certainty. Did my research, looked at the opposition, listened to the experts and made the bet. Still deciding what to do with the winnings.

[Nick]

Can someone bring Tom back to give Rory another classy putdown?

[Rory]

a lot of sinners are attacking me now but I forgive them because I am a christian and we turn the oither cheek.

[AG]

The bible is a sin, I say so, so please do not promote it!!!

[Ash]

The bible is a story book used for brainwashing the young and feeble minded. Please do not promote it...

[george snee]

why should be we dictated to by the bible Rory? Everyone is free to make their own decsions with their disposable income. Buying a house is a gamble, as we have seen of late, investing in pension fuds is a gamble, so why should investing in sporting stock be any different?

[David]

Only greedy bookies stand to lose.

All the tactics mentioned in this article put the bookie in the position of just another player Bookies can make good money on the overhead cost. If they're greedy or think they're smart they start to gamble right along with the people that show up at the betting offices.

It's a freaking racket they get money for doing mostly nothing but setting up shop and providing an outlet for all the gamblers. If they break the tried and true business rules of being a Bookie I've got no sympathy for them. They can lose and pay out, it's not like they're not going to get it all back from their regular gamblers anyhow.

[tom]

Religion is a cult, please don't allow Rory to promote it.

[Rory]

Gambling is a sin, the bible says so, so pleade do not promote it!!!