TheCity

Tag: horseracing

  • Do they Really Know? – An analysis of horse racing’s biggest gambles

    Do they Really Know? – An analysis of horse racing’s biggest gambles

    Horse Racing is a sport synonymous with betting. A lot of people who go to the day at the races like to have a small bet on a race. However, every day, big gambles of a lot of money are put on horses in both Ireland and England. Andrew Blair White analyses whether these gambles are worth following or whether the old racing cliché that ‘the connections knew’ is not quite what it lives up to be.

    Picture by Andrew Blair White.

    First and foremost, what is a ‘gamble’ in horse racing terms? A gamble is when a lot of money is bet on a singular horse to win a race, often making the odds with a bookmaker contract as a result. The market support is sustained and is often assumed that it will go on and win. Over the last three weeks, many different races have been analysed to conduct this study. 220 races between Ireland and England – both with flat racing and jumps racing have been examined. 

    To make it easier to look at different types of market support, they have been split into three categories based upon the money on them. The first category is for horses who have been supported by up to three points in the betting book. (For example, from the odds of 3/1 into 2/1) The second category is market support from three to six points in the book. (For example, odds of 6/1 into 2/1.) And the final category is for much larger support at bigger prices, so from over six points downwards in the betting book. (For example, odds of 10/1 into 2/1.)

    The results that were garnered show that the market support for horses did usually give a decent long term effect for how well the horse ran – although that being said, there were many gambles that did not materialise. Of the category one support – there were 1462 horses that were in this criteria. Of those horses, 387 of those horses won and 516 were placed in either second or third. Overall, that meant that 62% of those horses that were backed in this category went on to run very well as a result. 

    In the second category, only 348 runners qualified for the criteria of being within that area of market support. Of this group of horses, only 58 horses ended up winning and 60 horses placed in second or third of their races. This was a percentage overall of 34% success of running well – which is well down on the previous category and maybe shows off that the bigger the price move, the less certain they are at times.

    The final category is for horses who have been backed from a bigger price into a short price by some distance and as a result – all winners in this category would be good gambles landed. There were 650 horses who ran across the races analyzed that were in this category, of which there were 53 winners and 165 places. Overall, this was a 34% strike rate of horses running very well in this category. 

    CategoryRunnersWinnersPlacedWin %Overall %
    Category 1 146238751626.561.7
    Category 2 348586016.733.9
    Category 3650531658.1533.5

    Barry Orr, Chief of Media Relations for Betfair, told theCity.ie:  “Everyday we get a lot of activity both on the Betfair Sportsbook and the Betfair Exchange. This gives the opportunity for punters to try to find overpriced horses and back them accordingly. We get a lot of steamers (well backed horses) each day and as a bookmaker – we have to be very cautious about which prices we are willing to lay (the odds being offered).”

    The data provided over a month long period shows a particular backing of horses at shorter prices and showing an overall decent percentage of good performances from those well backed horses. Also the percentage of good runs from bigger priced horses would make one more tempted to maybe back horses at bigger prices down the line. As is always the case with betting, if you’re backing horses at bigger odds – it doesn’t take as many winners to make a profit long term. 

    Orr said: “The customers that we are most concerned with are the shrewd punters. They look at overnight markets and highlight overpriced horses – if a punter is beating the price, he is well capable of beating the bookie.”

    Therefore, the data provided would indicate that despite the cliché ‘the connections knew’ – it is not as straightforward as that. Well supported horses have a chance of winning races there is no doubt about it, but horse racing is a complex sport and it is never just as simple as following the money. 

  • Being on the track at Horse Racing

    Being on the track at Horse Racing

    Since COVID 19, people have not been allowed to attend horse racing meetings around Ireland. However, over in England, they have been able to get owners in the door. Andrew Blair White talked to racehorse owner, Joshua Stacey and Racing Journalist, Jack Dawling about their experiences on track recently. They also talk about looking forward to returning to the track soon and what makes a day at the races so special.

  • Uncertain times leaving Irish racecourses in the dark

    Uncertain times leaving Irish racecourses in the dark

    One of the industries hit the hardest by the pandemic has been the horse racing industry, with behind closed doors race meetings having been implemented back in March. Andrew Blair White explores the massive struggles this has caused for racecourses in Ireland.

    Photo taken Coldy Banks. Sourced from Flickr.

    Leopardstown Racecourse would have looked at the year of 2020 with such optimism when entering the new calendar year. Massive renovations have been made to some of the on-course sites, making racing much more attractive for the average fan. After having a very successful Dublin Racing Festival in early February 2020, they only could host two more meetings this year before the initial lockdown of Ireland ensued in March. 

    Tim Husbands, the CEO of Leopardstown Racecourse, has admitted to what has been a challenging time for all involved. “At Leopardstown, we were all looking forward to hosting some magnificent summer action and to get some big crowds in the gates. 

    “The Bulmers Live Series has been very successful throughout the summer months in the last few years. Leopardstown Racecourse has firmly established itself at the forefront of raceday entertainment in Ireland, Bulmers Live is the epitome of this with unrivalled acts playing after racing during the summer months.”

    However, this has not been able to take place this summer – as racing was only allowed to continue behind closed doors. In fact, for the majority of the meetings at Leopardstown, owners of the horses themselves were not permitted to attend. This has cut off a lot of potential revenue streams for the course, with big gate receipts to have been expected for the Bulmers Live Series, Champions Day and of course, the Christmas Festival. 

    Despite all of this, Leopardstown have tried their level best to keep all their members in the loop with regular updates at all times. They pride themselves on their membership service, with tempting deals to entice new and younger people to the course with their Club 30 Membership package. Husbands added: “In these unprecedented times and with still so much uncertainty in relation to Covid 19 and racing, Leopardstown continues to operate in a dynamic backdrop that has in turn proven challenging to communicate with any degree of certainty as to when we can open our doors safely to both our valued members, but also the general public in the months to come.”

    In continuing to drive their own high standards of membership care, Leopardstown have offered two options to members – to refund or replace this year’s membership. Given the lack of money coming through the door from gate receipts, this is a very good touch from the professional outlook. However, one must wonder how long this can carry on for. Leopardstown are in a strong position that they have solid sponsoring and brilliant facilities to work with. This is not the case for some other Irish racecourses, where the facilities are that bit more basic and they don’t have the big name races to keep the show on the road.

    Given the uncertainty of when it looks like members and the public can go back to their respective tracks, it leaves the racecourses themselves in the dark. When can they plan for reopening the doors? When can they ensure members they will get fair value for membership? When can they let on-course bookmakers return? These are all questions that remain unanswered, and as a result, set out a terrifying precedent for racecourses in the future. 

    Leopardstown are doing an exemplary job right now, but how long can this feasibly last without guidance, or at worst, without hope.

  • Watch: Exercise for athletes during quarantine

    Watch: Exercise for athletes during quarantine

    For many people, exercise is an essential part of anyone’s lifestyle. Whether it’s a run in the morning, a couple of hours in the gym or even a few exercises at home – for athletes, it’s not a lifestyle, it’s their life. Third year TUD student journalists take a look for TheCity.ie.

    Athletes need to stay in shape in order to reach their peak condition, and with the sudden shutdown of all available facilities, athletes find themselves at a serious disadvantage. Many of the most hardworking and determined have had to adapt and use whatever they can to their advantage.

    Their exercises may seem silly to some, but they’re so important to others – even now, exercise can be used as a form of charity; to the frontline workers putting their lives on the live every night. We look at a variety of stories, from athletes to our own journalists, finding out how much their exercise means to them and why they are doing it so passionately.