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Yes, as I said it must have been when you said at the start of the show on itv3, I think he was talking to Gleeson.
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Correct Glasgow it was on ITV and I saw it when I switched over after the Gunners big stumble ended on Sky footie channel. Gleeson had the docket in his hand even showing it to the camera. Johnny said he'd be trading some of it as it would put his firm out of business. Maybe that's the reason the price collapsed into 9/2 close to the off. It seemed strange that bookie was handing around the docket but maybe the machine could throw out a copy? Maybe it was all bluff!
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Says something about the 21st Century satchel-swinger when his first thought is to lay 8/1 and arb it back on the machine at 9/1.
Here is the Racing Post:- "No, absolutely not. It wasn't a publicity stunt," said Paul Byrne, the owner of Fitzwilliam. "The bet was laid. I thought it looked a good opportunity to lay at 8-1 and back it back at 9-1 or bigger to make an earn on the bet. At the time we laid the bet, he was 9-1 on the exchanges for good money. We took £18,000 at 9-1 and another £22,000 at a little over 8-1. After that, we decided to wait to move the rest." That's when the problem escalated for Byrne. "The price went under 8-1 all of a sudden," he said. "That's where we did the damage as it just kept getting shorter and shorter and shorter again. Look, overall it wasn't too bad but a proper bookmaker would be embarrassed to have the book I had on the race, but we got away with it." You don't need to be Einstein to figure out who placed the bet. This is 2026, not 2006, and £100,000 bets on any race, even the greatest jumps race of them all, are a rare commodity these days. That's why it was no surprise to hear JP McManus hint to our own Lee Mottershead that it might just have been him afterwards. Of course it was. It couldn't have been anybody else. https://www.racingpost.com/news/festivals/grand-national-festival/it-wasnt-a-publicity-stunt-and-we-laid-the-bet-100000-at-8-1-paul-byrne-reveals-the-truth-about-the-monster-wager-with-fitzwilliam-ajhNg9V5VDmf/ |
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They obviously thought the horse would drift, swings and roundabouts.
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If Byrne actually believed he could trade out of a £800,000 liability his time as a Bookmaker is not destined for longevity,especially when the horse is owned by JP
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Will JP restrict Byrnes' account for being a filthy arber?
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There's nothing wrong or illegal to arb. This is a good business sense to manage liability. The insurance companies do it all the time. So do airlines on the price of fuel.
It's only the horseracing bookies who frowned upon it. |