Bet365’s operating profit in 2018 was £660.3 Million.
Bookmakers employ the same dirty tactics’ day in and day out, and it’s never talked about…
Bet365 aren’t the only company to employ these terrible tactics though, they are just the most successful.
In the below video, I detail how they do it and why it’s wrong:
What do you think about the way bookmakers can behave? What experiences have to had with them? Drop a comment below!
Why Bookmakers Close Accounts
The days of bookmakers taking bets and adjusting the odds to reflect the weight of money are gone. Bookmakers are essentially controlled by accountants now and have very little sporting or trading experts in the trading room. Just take a look at Oddschecker, they copy each other daily rather than taking a view, or “a stand” as they used to call it when a bookmaker would take on a favourite.
A lot of bookmakers are more marketing focused now too. Take Paddy Power for example, a lot of their budget goes into TV adverts and social media Ads, while they don’t employ trading experts. If they see a winning account, they just close it and there’s no coming back for the unlucky punter. Sometimes bookmakers will just close an account for beating the SP rather than winning.
The bottom line is bookmakers want losers. If they know you are not betting at value, they will increase your limits and allow you to lose money. If you ARE betting at value prices, you will be quickly limited and if you show any signs of placing shrewd bets your account will be closed.
Why Bookmakers Always Win
How many non-betting people have you heard ask this question? It’s a lot. The answer is simple, bookmakers always win because they will only bet against losers. If you show any signs of winning, you’re not allowed bet. The account is limited so quickly that you don’t have time to even win four figures. Even a win as small as £200 can get your account limited.
Bookmakers use algorithms to show them who is placing good value and bad value bets. Depending on what bets you place, your account will go into each of these sections. If your account appears to be betting on Acca’s, losing money on football or betting at bad value prices on horse racing – you go into the “good customer” algorithm and you’ll be offered bonuses, free bets and promotions.
And as you can see in the email above, if you’re betting at good value prices, these free bets and bonuses will quickly be taken away from you. Your account will be limited so much that it’s not worth using. Maybe even bets of less than £1 will be offered.
It’s funny how all these gambling companies market themselves as fun, and we always see the ads saying “bet smart, bet shrewd” etc, however when you actually do that they close your account. The irony.
Is This Legal, And What’s The Alternative
Sadly it is legal. Nothing is going to change any time soon. We have had plenty of debate on social media about bookmaker laying to lose a certain amount, but apart from big sporting events this is unlikely to happen. The reason why it won’t happen is there just isn’t enough winners compared to losers. For every winning account, there is more than ten losing accounts. The average 20 year old football Acca man doesn’t have a clue about account being closed. He loses and the bookmakers are happy to let him place whatever bets he likes.
The only alternative for shrewd punters is placing their bets on Exchanges like Betfair and SMarkets. They won’t close your account because you are winning.