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Reply To: Betfair Million

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When Betfair announced the £1 million pound bonus on Oct 12 2005 when Best Mate was in contention and the same races had to be won to scoop the million I was told the premium was £250,000 to insure against the liabilty. <br>Incidentally that year Betfair gave owner Jim Lewis a free bet of £5k @33/1 that Best Mate would win the £1 million bonus the winnings were destined to go to charity.<br>As far as I know there has been no free £5k bets given @33/1 this season.<br>Indidentally the winnings are divvied up with<br>75% going to the owner<br>10% to the trainer<br>10% to the jockey<br>5% to the stable staff

Intersted to know what Smithy would have quoted in  premiums to insure against this risk? To me it seems about right.