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Bookies are struggling – but they’ve got a dead cert coming up, honest

The likes of Paddy Power have reported modest results, but all eyes are now turning expectantly to the US and ‘liberalisation’ In the moaning and whingeing stakes, bookmakers are the thoroughbreds. The government expects us to pay too much tax! Horseracing is always asking for too much money! Sporting results have gone against us! These are familiar refrains that usually provoke cheers rather sympathy. So, last week, one of the trade tried a new one: revenues had slipped, Paddy Power Betfair sobbed , because, er, the bookie had been winning too much off its punters. As sporting excuses go, it is right up there with goalie David James blaming his butterfingers on his PlayStation or Zambian tennis player Lighton Ndefwayl putting a defeat down to his underwear and his opponent’s flatulence. (“He beat me because my jockstrap was too tight and because when he serves he farts,” Ndefwayl explained.) Continue reading...

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