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3. Accountants dominate traders

When I began as a trader in horse racing in the 1990s, we had no Betfair to guide us. Every race had to be priced up everyday from a knowledge of the formbook, a feel for stables with runners and an idea of what races were ok to play strongly in and those that weren’t. We had access to an industry tissue, but in all truth it had been copied out of the Sporting Life with one or two minor adjustments, and while it gave a framework it was hardly a reliable guide to the actual chances of the runners.

We put up prices and felt out the markets, got to know our punters (the hot ones were the best in fact as we tried to sculpture the books to “be with” their early bets), and moved the prices dramatically and often.

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