Gambling

[bennydorano]

Your own bets are easy worked out surely but the stats for the public as a whole would be interesting. Not information that would be easily accessible I'd imagine.

[Taylor]

Your own bets are easy worked out surely but the stats for the public as a whole would be interesting. Not information that would be easily accessible I'd imagine.

Correct Benny - impossible to get.

You can be sure the bookies didnt introduce it to give the punter value though

[Don Johnson]

Regularly footering with Skybet. Cash out is a great invention but puts you in a dilemma more times, there's absolutely no doubt in my mind that it's statistically better to cash out in 90% of bets, but the gambler in me keeps me there most of the time. Have only cashed out once were I got the sickener of the bet coming in. I'd say if you continually cash out they're bound to have some algorithm in place to deal with you.

Not sure about that. Are the bookies offering cash-out to be competitive with each other, or because it benefits them overall? I'm inclined to think the latter. It limits their risk and the cash-out value is always below what it should be, i.e. good margin built in.

You are completely right. Cash out is one of the most profitable things bookies have brought in this past few years.

I doubt the stats are available anywhere outside management in the industry but it would be really interesting to see the data. I agree they didn't bring it in for any altruistic purposes.

I've seen the data for smaller online bookies and it's ridiculous. Could only imagine how it looks for the likes of Bet365, Paddy Power.

[TabClear]

I would dread to think what I have gambled over the years, for years I was only a 50p Yankee and a £5 football bet on a Saturday, which progressed to betting every day. I was fortunate enough that I never got hooked and that I never gambled money I didn't have, but even now when I would do the occasional bet the same guys are on the gaming machines (which should be banned in my opinion). Only gamble with what you can afford to lose is wise advice.

I'd say that's how many people start but it gets out of control.

Those FOBT gaming machines seem to be one of the biggest problems. I would very rarely be in a bookies as on the odd occasions i do a bet its generally on the phone. But I know of at least 3 guys who have got into serious problems on those machines. I really cannot see the appeal of them but these guys would not generally have been big "traditional" gamblers as such, they would have done the odd football bet and Cheltenham  but you would hear stories of them sitting in the Bookies on these machines for hours on a Saturday. The numbers that they were rumored to be losing was scary.  I know the law has changed on these to reduce the maximum stakes etc which is a start.

Not defending the FOBTs but they are limited to £100 a spin. Ban them and what will the fellas do? They will go online where they can put on a lot more than £100 a spin. How do you stop it?

That's shocking TBH...I've never played them machines but i have watched a few do it and to think they could lose £100 every time that wheel spins is remarkable. I like a flutter (as you know Don) but i've never gambled money that i couldn't afford to lose but there are so many people you see standing in the Bookies shop wearing the same clothes talking the same sh*te to the same people and they're doing it years, they obviously gamble every penny they earn as they haven't a decent pair of shoes on their feet.
I know you say if you tell the people to stop they'll go elsewhere to do it and you're prob right, there's no real answer to it all.

Industry players trying to overturn the likely reduction in FOBT stakes. I see in the article  William Hill referenced as it derives 54% of its retail revenue from gaming machines., seems a massive proportion.

http://www.bbc.co.uk/news/business-43941046

[Smokin Joe]

Regularly footering with Skybet. Cash out is a great invention but puts you in a dilemma more times, there's absolutely no doubt in my mind that it's statistically better to cash out in 90% of bets, but the gambler in me keeps me there most of the time. Have only cashed out once were I got the sickener of the bet coming in. I'd say if you continually cash out they're bound to have some algorithm in place to deal with you.

That can't be right Benny.
Say you bet £10 on a horse at 5/1.  It is going well in running and has a 50% chance of winning from that point.  The means that the true odds are Evens but you will be offered (say) £19 to cash out, ie you will be paying another slice of overround if you cash out.

Financially you would be better to let your bet run, but psychologically it may be better to cash out because we find it hard to deal with losing runs.  So a possible answer to that would have been to back something at Evens in the first place instead of something at a bigger price!!

[bennydorano]

Think mine is a personal experience, the bets that I regularly do are like 4/5/6 team win accums, both teams to score or over 2.5 goals. I have honest to god lost count of the amount of times I've been offered decent cash outs but let them pass and then the accum inevitably gets sunk.

[MK]

Cash Out really is for mugs:
If a punter has an accumulator on it's last leg as in Man Utd yesterday:
Punter has £10 acc to win £70 and 1st  three teams win thus waiting on Man Utd  to win
Invariably at 1-1{at almost 90 mins) the Cash Out will barely cover the stake however when Man Utd score in injury time the Cash Out offer will be increased YET substantially less than the initial payout-in this case a simple back of Arsenal and Draw(to small stakes) would have provided a greater return than the Cash Out amount being offered

[bennydorano]

But it's not if you judge it right. £10 accum on 4 x Evs football teams pays £160 if it wins, if 3 are up and one drawing with 25mins to go you might get an offer of say £40/£50, say you cash out and the bet collapses into dung with equalisers in 1 or 2 games, if you've cashed out you've profited greatly and had the pleasure of sticking it to the bookie. This is the scenario that I'm talking about and I experience the most.

[lurganblue]

I can see the value in cashing out in certain situations but must admit it's something i've never done myself.  I'm too stubborn.  I picked a bet to win and will let that run it's course.  I can deal with that bet losing but i would have a hard time dealing with it winning and me having cashed out for a relatively small amount. 

[Taylor]

But it's not if you judge it right. £10 accum on 4 x Evs football teams pays £160 if it wins, if 3 are up and one drawing with 25mins to go you might get an offer of say £40/£50, say you cash out and the bet collapses into dung with equalisers in 1 or 2 games, if you've cashed out you've profited greatly and had the pleasure of sticking it to the bookie. This is the scenario that I'm talking about and I experience the most.

But sure if you are happy with a £40/£50 pay out then just back a 3/1 or 4/1 shot (or teams to this value).
Much better chance of winning than a 15/1 4 timer

[bennydorano]

f**k me is it that hard a situation to grasp. I'm well aware of the ins and outs of gambling, Cash out can benefit the punter too in some circumstances is my point - IF you play it right.

[Taylor]

f**k me is it that hard a situation to grasp. I'm well aware of the ins and outs of gambling, Cash out can benefit the punter too in some circumstances is my point - IF you play it right.

Not hard to grasp at all Benny. If cash out was in any way beneficial to punters do you really think all the bookies would have introduced it?

Thats like saying in some circumstances it benefits a person to gamble. Of course it does but gambling makes bookies rich as does the cash out option

[bennydorano]

It must be hard enough to grasp because it is beneficial to punters sometimes - in the EXACT way I've outlined. Big picture,  the bookie is well in front, but to say there's no benefit to the punter is just plain wrong, 100% wrong.

[Insane Bolt]

It must be hard enough to grasp because it is beneficial to punters sometimes - in the EXACT way I've outlined. Big picture,  the bookie is well in front, but to say there's no benefit to the punter is just plain wrong, 100% wrong.

Bit like going for the ride and pulling out at last minute Benny😜

[bennydorano]

Better playing the percentages/ proceeding with caution than  blowing your load and facing the consequences in 9 months