Where Do Bookies Get Their Information?
Where do bookies get their information is a term that means how do bookmakers get and use information that allows them to compile odds for horse races. Where do bookies get their information is an interesting question, but the answer is not the same for all bookmakers.
The best bookmakers compile their own odds using their own team of odds compilers that will study ratings, form-lines, statistics, and a variety of other factors that they may use to price-up a horse race. The best bookmakers also have plenty of spies whose role it is to watch which horses are impressing on the gallops and find out which horses are expected to go well.
Other bookmakers use outside odds compilers who may compile the odds for a variety of bookmakers, while some smaller bookmakers simply wait until markets have formed and use a smaller team of odds compilers to work out their best market position.
The betting exchanges also play a big part, with market movers on the exchanges often reflected in the odds that are available from high street bookmakers. Big drifters on the betting exchanges are likely to be pushed out by bookmakers, while horses that contract on the exchanges are likely to be cut by bookmakers. Of course, the reverse scenario is also true in a world of online gambling that is governed by the influences of demand and supply.
Betting exchanges also have an impact on on-course bookmakers who offer a different service to high-street bookmakers. On-course bookmakers price-up races much later than high-street and online bookmakers, which can be an advantage.
But what on-course bookmakers are most susceptible to is an on-course gamble. In a time when so much information is available to both bookmakers and punters, shrewd connections will often play their hand late. If they fancy landing a big gamble, they will often restrict that information to just a few people.
They’ll then let other horses in the race be gambled first, which often means their horse will drift in the build-up to the race. This is when shrewd connections bet on-course, with the sudden influx of money sending shockwaves around the ring as bookmakers try to offset liabilities with other bookmakers.
How Big Bookmakers Compile Betting Markets
Big bookmakers such as William Hill and Ladbrokes are often thought to have an insight into some of the UK and Ireland’s biggest horse racing stables. Ladbrokes are often noticeably opinionated about runners from the Aidan O’Brien stable.
Top bookmakers also have moles that roam around the populated training areas, watching to see if any horses are burning up the gallops. They also listen to rumours about which horses are considered to be the next stars of various stables, horses that have improved from one season to the next, or ones that might be suited by recent changes in the going. This is especially important when it comes to young horses that are not fully exposed.
Odds compilers are also trained to use a variety of information to compile horse racing odds. Ratings are an obvious guide to what horses should run well. Of course, they also try and factor in what stables are in good form and which are not.
The going description can also be in favour of one horse or another. When offering ante-post markets, bookmakers may be willing to offer bigger odds about horses that want good ground if lots of rain is forecast in the build-up to the race.
The big races of the weekend and major festivals are the meat and drink for bookmakers, as this is often the type of race that punters want to bet in. Bookmakers will take extra care when pricing these races up, looking through stats to try and work out patterns that can help them work out whether a certain type of horse should be shorter or longer odds.
Why Do Some Bookmakers Use Outside Odds Compilers?
The biggest bookmakers employ their own odds compilers as part of their brand image, as it’s important that they stand out from the crowd by attracting punters to bet on the horses that they want to lay and are therefore willing to offer standout top prices about. Many big bookmakers also want to be market leaders and offer odds on many races before their competitors do.
However, lots of medium-sized bookmakers take a different view. They don’t want to stand out from the crowd, instead, they’re happy to take their share of the money for horses at prices that are readily available at many bookmakers. It is also cheaper to hire the services of odds compilers that work for lots of bookmakers, as you’re only paying part of their wages. Cutting costs in bookmaking is just as important as in many businesses.
Why Do Some Bookmakers Simply Copy Odds?
We’ve already mentioned that bookmakers like to cut costs and lots of smaller bookies are happy to let horse racing markets settle down before offering odds on them. This way they avoid potential standout early liabilities on horses and have more chance of having a balanced book on the race. Of course, copying odds is also as cheap as it gets, and these types of bookmakers can still make small alterations to prices if they have an opinion about a horse or race.
How Am I Supposed To Beat The Bookmakers?
Having discussed where do bookies get their information from; you may think that all the hard work that some bookmakers put into compiling odds means you just can’t beat them. But that’s not true.
Each bookmaker has its own mantra when it comes to compiling odds, but each of those mantras comes with its own weaknesses. The bookies that price races up early leave themselves open to taking lots of money on a horse their odds compilers may have got wrong.
While other bookmakers may not get caught like the top bookmakers, the fact that many offer the same odds as other bookmakers can make them sheep to the slaughter. Many clever punters will often wait until there is plenty of liquidity in the market and place lots of smaller bets with lots of bookmakers to avoid being flagged as a big-hitter, which can lead to their betting accounts being closed.
Basically, if you want to beat the bookies, your mindset must be that you want to be better than them. This is possible because you have a huge advantage over the bookies in that you don’t have to bet on every race. You just to bet on the ones you think the bookies have got wrong.
To do this, you need to be able to price up a race before the bookies release their odds. This way, you’ll be ahead of the game when the big bookmakers offer their prices. If a horse you think has an outstanding chance of winning is available at bigger odds than you think it should be – you have a bet. This is called finding the value and, if you’re good at it, you should make a profit from betting on horse racing in the long-term.
But being able to pick winners and understand when they are a value price does take a lot of hard work. If you’re willing to put that hard work in, we wish you the best of luck.
If you haven’t got the time to do this hard work, don’t worry, you can follow the advice of professional racing tipsters that make it their life’s work to find value winning tips. If you’re not sure about paying for tips, check out their free tips first.
We hope that’s answered your question, where do bookies get their information from. If you’d like more advice about betting, you’ll find lots more free-to-read articles here on the Betting Gods blog. Happy punting!