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Cashless on-course betting?

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  • #1494596
    simonnottsimonnott
    Participant
    • Total Posts 272

    As people are getting used to living without cash, the betting ring’s existence is under more pressure. Do the racecourse bookmakers need to get proactive in marketing cash betting as an integral part of a day at the races? My latest blog
    https://www.starsportsbet.co.uk/simon-nott-bookies-want-cashback/

    #1494668
    paulostermeyerpaulostermeyer
    Participant
    • Total Posts 4591

    An interesting, thought provoking, article there Simon

    (I hope you’re keeping well by the way)

    I really do think on course bookies will struggle to get the cash punters, especially the more serious ones. Granny’s fiver may still be floating around but that will not be enough to sustain them – I can’t see the wads of cash being carried around like they used to be.

    As you say punters can get better deals on their phones and with the best will un the world, short of surrounding racecourses with giant faraday cages there is little that can be done to stop punters using their phones to bet.

    IIRC there was a clause in the racecourse entry conditions banning phone use to put bets on …… not sure if that’s still there but its basically unenforceable anyway. Even in the Press Room we would bet online, it was very rare we would pop down to the on-course bookies to have a bet. I would only do that if one was going it alone with a price on offer as I was coming back from the parade ring but that was increasingly rare.

    Like you I now rarely carry cash. Indeed I’ve just checked my bank statements and my last ATM withdrawal was the usual £50 I take out and that was on 15th March and I still have £40 of it in my wallet.

    #1495110
    adminadmin
    Keymaster
    • Total Posts 731

    my last ATM withdrawal was the usual £50 I take out and that was on 15th March and I still have £40 of it in my wallet.

    No surprises there Paul…. :)

    David

    #1495318
    simonnottsimonnott
    Participant
    • Total Posts 272

    Hi Paul, nice to see you again! I think that one big draw for cash betting is going to be the negative ‘Big Brother’ aspect of betting via your bank. There are already stories of people getting the ‘Timeform’ squiggle against their names when applying for mortgage, credit etc when it’s seen that they use bookmakers. I really do think that the increased novelty of cash could be a real marketing tool and unique part of a day at the races, alternatively I fear the ring won’t survive if they are forced to go cashless, ultimately a massive blow to racing.

    #1495414
    apracing
    Participant
    • Total Posts 3079

    Some issues I can picture happening if punters are using a debit card to bet.

    1) A punter that uses different bookies for each bet he has, is likely to find that the automatic fraud detection software used by the banks, will cut in and put a stop on the card.

    2) A punter that has a decent win, say £200, won’t be able to bet any of that on later races, as it won’t appear in his account for up to three days.

    3) And the same the other way, the bookie who takes bets via a card payment, won’t find the money in his account when he comes to pay out. So he has to have a starting balance sufficient to cover all the payouts he can expect over the entire meeting.

    Even I might feel the need to find out what a ‘smartphone’ is under these circumstances.

    #1496158
    paulostermeyerpaulostermeyer
    Participant
    • Total Posts 4591

    No surprises there Paul…. :)

    I must have some Scottish blood after all David :-)

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