The South African Bookmakers’ Association blames tight operating ratios for its controversial decision to discontinue ante-post betting on all races except major features, writes Michael Clower on www.goldcircle.co.za
CEO Sean Coleman said: “It’s a matter of economics. Our margins are tight and we are averaging only ten or 11% gross profit on turnover which is less than half what the Tote gets. Its take-out averages 25%.
“There will still be some bookmakers offering ante-post but as an industry we have taken the view that there will be no more ante-post market – as it has traditionally been called – two days in advance of local meetings.
“But there will continue to be ante-post betting on the big feature race festivals like the July, Met, Summer Cup, Gold Cup, Emerald Cup etc.”
Coleman added that for most races and most bookmakers prices will go up at 10h00 on the day of the race and he maintains that the change will suit the majority of punters.
He explained: “The sharpies and the shrewdies like to get on early but most can’t afford to tie up their money 48 hours in advance. They want to invest and get a return.”
Several of the big firms are taking a slightly different line to the SABA policy change and Betting World, the biggest of them, says that it will price up all races at least 24 hours beforehand. Marshalls already price up the previous afternoon and the company plans to continue with this approach “If the market proves sufficiently settled.”
Hollywood has still to decide on a plan of action – “we are betwixt and between”- but it had its Fairview prices up at 9.00am last Friday and, interestingly, claimed that it was the first of the major players to do so.
Seemingly even the SABA could change its stance if the new policy proves unpopular with punters and they vote with their feet. Coleman said: “This is not cast in stone but rather something we would like to try.”
