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How to become a bookie: preparing for the perils of life in the betting jungle
'It looks easy but I've seen a lot come in like lions and go out like lambs'
By Peter Thomas
6:00PM, JUL 16 2018
How do I become a bookmaker? Some might say the more pertinent question is: Why would I become a bookmaker? With the betting ring routinely reported to be in freefall since the advent of Betfair, the number of hardy souls prepared to stand in the ring day in and day out is dwindling by the year, but there are still those who are attracted by the way of life and the potential for profit, so if you are among them, how do you go about becoming a bookmaker?
It's a family affair
Adrian Pariser, better known to racecourse regulars as Sam Harris, is one of the old school whose links with the industry were passed down by inheritance.
"It's a family business," he explains. "There was grandfather, father, me. In those days you had to go through a magistrates' court to get your licence and then renew it every few years but, as I recall, because I was just carrying on the family business there were no great problems getting a licence of my own.
"Increasingly small numbers want to become bookmakers but my son Mark, who works for me the same way I worked for my father, is thinking of taking a pitch himself. I've been online today, on the Gambling Commission website, going through the process."
'If you don't understand figures you will lose'
Robin Grossmith, 69-year-old director of the Federation of Racecourse Bookmakers, has seen many in his profession come and go. He comes across all different types and has clear views on who will make it – and who won't.
"Some of them are following in family footsteps and they're likely to be the ones who are successful," he says, "because they've been brought up in it, so they understand the business. You get people from the City who are fascinated by it and think it doesn't look too difficult, but I've seen a lot of them come in like lions and go out like lambs. Computers have brought simplicity to the job, but you can't get away from the fact that if you don't understand margins or figures you'll lose.
"I think the worst thing you can do is know horses, because if you know horses you become a judge and if you become a judge you're going to have a horse on your side who messes up the margins you bet to, and if you don’t have a margin you won't win. If anybody is that good a judge, they wouldn't want to be a bookmaker, they'd just be a punter.”
You need money to make money
So, you have a family connection or a good head for figures and an understanding of the game. How do you go about getting into bookmaking and how much will it cost? A lot more than it used to, that's for sure, as Grossmith confirms.
"I've been 35 years on course, betting on the rails, and all you brought with you then was a field book, a pen, flaps to hang over the rails, and away you went," he explains.
"If you want to become a bookie now, though, the first thing you have to do is apply to the Gambling Commission for a licence, part of which is a Criminal Record Bureau check and, assuming you pass that, you'll then register with AGT [the Administration of Gambling on Tracks Ltd], who administer all the lists and pitches.
"Then you need the equipment: a 'joint' [stand], computers, printers, keyboards. But there are two firms who supply them and if you contact RDT or Elite they can set you up overnight. Then you go to the bank, draw out some money and away you go."
The hard figures
A recent Racing Post survey revealed the costs of setting up as a bookie are roughly as follows:
Gambling Commission application fee: between £160 and £881 depending on how many days you plan to work.
Annual fee: up to £1,346 if you plan to work more than 200 days.
Equipment: Roughly £4,500 for a digital board (plus almost £1,000 for the battery); £2,600 for the joint; £640 for a computer; £220 for a printer. And the obligatory umbrella? Over £400, whether it's raining or not.
"I reckon you'd want about £8,000-£10,000 to get going," says Grossmith, "and you'll need a car big enough to hold it all."
Pitch battles take their toll
Prospective bookmakers should also bear in mind that over and above the setting-up costs they'll need to buy a pitch. These days that can be done through the auction pages on the AGT website, but the better the pitch the higher the cost.
Should they ever come on the market the best 'picks' at the best courses are worth their weight in gold, with the hot spots at Cheltenham valued at around £250,000 and two top pitches at York recently changing hands for £200,000. Even then, it takes expertise to make them pay.
Is the game worth the candle?
It's an expensive business becoming a bookmaker and even then it can be hard to squeeze a profit from a dwindling market on a wet winter Tuesday. So is there a future for an on-course layer?
"I think most bookmakers would be ideal to work in the City or in finance," says Grossmith, "and with the uncertainties in life now, I'd think long and hard about something more secure than bookmaking. Having said that, it's been a wonderful life and I've enjoyed every single minute of it and I still do. It's different now but that's just progress, no different to the City, and our business has only followed where the rest of the world has gone."
...How to become a bookie: preparing for the perils of life in the betting jungle
'It looks easy but I've seen a lot come in like lions and go out like lambs'
By Peter Thomas
6:00PM, JUL 16 2018
How do I become a bookmaker? Some might say the more pertinent question is: Why would I become a bookmaker? With the betting ring routinely reported to be in freefall since the advent of Betfair, the number of hardy souls prepared to stand in the ring day in and day out is dwindling by the year, but there are still those who are attracted by the way of life and the potential for profit, so if you are among them, how do you go about becoming a bookmaker?
It's a family affair
Adrian Pariser, better known to racecourse regulars as Sam Harris, is one of the old school whose links with the industry were passed down by inheritance.
"It's a family business," he explains. "There was grandfather, father, me. In those days you had to go through a magistrates' court to get your licence and then renew it every few years but, as I recall, because I was just carrying on the family business there were no great problems getting a licence of my own.
"Increasingly small numbers want to become bookmakers but my son Mark, who works for me the same way I worked for my father, is thinking of taking a pitch himself. I've been online today, on the Gambling Commission website, going through the process."
'If you don't understand figures you will lose'
Robin Grossmith, 69-year-old director of the Federation of Racecourse Bookmakers, has seen many in his profession come and go. He comes across all different types and has clear views on who will make it – and who won't.
"Some of them are following in family footsteps and they're likely to be the ones who are successful," he says, "because they've been brought up in it, so they understand the business. You get people from the City who are fascinated by it and think it doesn't look too difficult, but I've seen a lot of them come in like lions and go out like lambs. Computers have brought simplicity to the job, but you can't get away from the fact that if you don't understand margins or figures you'll lose.
"I think the worst thing you can do is know horses, because if you know horses you become a judge and if you become a judge you're going to have a horse on your side who messes up the margins you bet to, and if you don’t have a margin you won't win. If anybody is that good a judge, they wouldn't want to be a bookmaker, they'd just be a punter.”
You need money to make money
So, you have a family connection or a good head for figures and an understanding of the game. How do you go about getting into bookmaking and how much will it cost? A lot more than it used to, that's for sure, as Grossmith confirms.
"I've been 35 years on course, betting on the rails, and all you brought with you then was a field book, a pen, flaps to hang over the rails, and away you went," he explains.
"If you want to become a bookie now, though, the first thing you have to do is apply to the Gambling Commission for a licence, part of which is a Criminal Record Bureau check and, assuming you pass that, you'll then register with AGT [the Administration of Gambling on Tracks Ltd], who administer all the lists and pitches.
"Then you need the equipment: a 'joint' [stand], computers, printers, keyboards. But there are two firms who supply them and if you contact RDT or Elite they can set you up overnight. Then you go to the bank, draw out some money and away you go."
The hard figures
A recent Racing Post survey revealed the costs of setting up as a bookie are roughly as follows:
Gambling Commission application fee: between £160 and £881 depending on how many days you plan to work.
Annual fee: up to £1,346 if you plan to work more than 200 days.
Equipment: Roughly £4,500 for a digital board (plus almost £1,000 for the battery); £2,600 for the joint; £640 for a computer; £220 for a printer. And the obligatory umbrella? Over £400, whether it's raining or not.
"I reckon you'd want about £8,000-£10,000 to get going," says Grossmith, "and you'll need a car big enough to hold it all."
Pitch battles take their toll
Prospective bookmakers should also bear in mind that over and above the setting-up costs they'll need to buy a pitch. These days that can be done through the auction pages on the AGT website, but the better the pitch the higher the cost.
Should they ever come on the market the best 'picks' at the best courses are worth their weight in gold, with the hot spots at Cheltenham valued at around £250,000 and two top pitches at York recently changing hands for £200,000. Even then, it takes expertise to make them pay.
Is the game worth the candle?
It's an expensive business becoming a bookmaker and even then it can be hard to squeeze a profit from a dwindling market on a wet winter Tuesday. So is there a future for an on-course layer?
"I think most bookmakers would be ideal to work in the City or in finance," says Grossmith, "and with the uncertainties in life now, I'd think long and hard about something more secure than bookmaking. Having said that, it's been a wonderful life and I've enjoyed every single minute of it and I still do. It's different now but that's just progress, no different to the City, and our business has only followed where the rest of the world has gone."
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Replies: 11
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Very interesting Onlooker...
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I read this a few days ago in the RP and quite honestly I would be very surprised at anyone wanting to invest in such a business nowadays.
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Think il stick to arbing.
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Think il stick to drinking.
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On-course Bookmaking?
Now called, Let's see who can bet the nearest to the Betfair price and f*ck it up for the rest of them!  |
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What is this "Bookmaker" and "betting jungle". I heard a rumour that they once existed but no one is really sure.
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I don’t get it,it says it doesn’t help if you know anything about Horse Racing,if you don’t know anything about Horses how do you form an opinion about what horses you are prepared to Lay and ones you think have no chance,was at the July Meeting and almost all the horses I had backed in the morning were shorter on course,if there was better value more people would bet with them.
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Grossmith been betting on course a lot longer than 35 years. Bookmaker in Tatts under the name H&S in the early seventies!
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Would be interesting to know what the cheapest pitches are and how much .. also is there a second hand market for the clearly massively overpriced equipment.
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The most important point has not been made namely it is virtually impossible for a new bookmaker to make a living out of on course bookmaking.The overwhelming number of bookmakers now are part timers.The oldest joke re this issue is how to end on course bookmaking with £1 miilion is to start with £2 million.I am in my 46th year and like many others treat this as a leisure activity since it is easier to lose as a punter than a bookmaker but only marginally.
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minardi , the cheapest are £50 and available on almost every course.
second hand equipment is not so readily available but you can get what you need for half what is quoted above |