Coral anger punters by restricting betting on Dettori

[steveh35]

Coral caused anger with punters today by restricting betting on 5 and 6 folds involving Saturday's races with Frankie Dettori and would only offer SP prices on the final two races involving accas.

The decision also ended up with itv racing Matt Chapman getting into a heated debate with Coral rep Dave Stevens live on itv racing and Chapman read out the companies profit to the viewers after the confrontation had ended.

The company claimed Frankie's recent performance at Ascot and his popularity build up big liabilities for betting companies and the rep even claimed that betting companies were one race away from going broke.

Chapman's confrontation must have rattled Coral as Chapman appeared to be forced to defend Coral later in the show claiming they were great for the sponsorship of the Eclipse.

It appears the bookmakers have not prepared properly for the removal of FOBT's and have relied on them too much now they are claiming poverty to keep their massive profit margins.

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[goatwack]

"Our current position would see us lose £15-£18 million were he to win on all his rides. On the Friday of Royal Ascot [the day after Dettori's four-timer] those liabilities were close to £180 million – so, the simple reality is, as a trader there's the daily possibility of something terrifying and you're just hoping he doesn't have a magical day at the office."

I know f*ck all about horse racing but this sounds rather like betting companies telling us what we can bet on! Bastards!

 

[colinsunderland]

I'm not sure what the problem is, this has always happened. When he went through the card the last time you could barely put a double on his rides for weeks afterwards, let alone trebles and above, and that was in the days before FOTB's were popular, so not sure what they have to do with anything.
The traders make daily decisions on pricing/stakes etc and obviously a deluge of money on a certain horse/horses is going to affect one or the other, or both.
Of course the flaw in the cashout system that was exploited wouldn't have helped either

 

[dealer wins]

They can always lay off their liability, what a shambles of a company.

On a side note I cant believe they have that many customers not limited to a max win of £0, they are not a bookmaker they are a mugs only wanted fake bookmaker.

 

[colinsunderland]

Lay them off where, the liabilities with Coral alone were £180 million going onto his 5th selection, so assuming the big 5 all had similar, who would lay to lose the billion £ needed?

 

[xpdeus]

That's why i stopped using them