Just when you think you have the fundamentals right, the rules of the game change. Some coaches and players adapt to the rules straight away and others don’t. You don’t need me to tell you what happens to those that don’t adapt.
We were heavily involved in IASBET and in the early stages consulted with them, looking at ways to provide what punters want without giving away the edge. It worked for a while until the Government changed the rules and added to the costs by increasing taxes.
At first Mark Read told me that when they reached $250 million turnover the company would be profitable. The next time we met the “target” had reached $400 million and by the time turnover hit a billion that steady profitability was still beyond reach. In the end it was Mark Reads own punting principles that was keeping the company afloat before Sportsbet took them over.
We as punters are in a similar situation. We battle against the bookmaker, well we used to. They were the enemy and we used our guile against them. Now the enemy is different. It is the Government and their Racing taxes that are the enemy and we constantly seek a better edge. The strategies we used to have , without the added taxes , were good enough to create an edge for our clients but not anymore. That’s why we have spent so much time in finding answers that nobody else has.
It is working. Now can I get a new book together before they think of some other way to take more money from the hapless punting public? I don’t know but I will try.
Yesterday juts 4 winners from 26, although the dividends were close to average. I’m looking forward to the day when the strike rate and dividends line up.