Bookmakers: could not lengthen prices of runners because of high activity
PICTURE: Mark CranhamChaos in ring blamed for huge National overround
BBC BETTING expert Gary Wiltshire, while not excusing the SP overround of 155 on the John Smith's Grand National - the worst for at least 20 years - said on Sunday that bookmakers did not have time to react in the face of what he described as the most chaotic scenes he had ever seen in the Aintree ring.
During the build-up to the race, Wiltshire highlighted that despite the number of horses being backed very few were lengthening in price, and this was reflected in a book heavily weighted against the punters.
Wiltshire said: "I think the bookies were so busy, they just didn't have time to react to the market. I have never seen anything likeit in 20-odd years of going to the meeting.
"In the hour before the race punters were queued at least 20 deep in front of the bookmakers. At the same time, the offices were backing about a dozen of the runners."
According to Wiltshire, the off-course firms initially attempted to shorten Big Fella Thanks before the gamble on winner Don't Push It gained momentum.
They also piled into Hello Bud, Cloudy Lane,Comply Or Die, My Will, Mon Mome, Dream Alliance, Royal Rosa, Beat The Boys, Nozic and The Package.
"As soon as we got there at midday, the offices went in to back Big Fella Thanks and shortened it to 9-1, but that didn't work, and he went off 10-1 joint-favourite. However, they were successful in shortening the other 11 horses," said Wiltshire.
"I've bet at Aintree, and have never seen so many people trying to get on horses. Bookies, because they were doing so much business, were shortening the horses they were laying, and that was it.
Mon Mome: attracted support
PICTURE: Edward Whitaker"I don't know if the bookies were using exchanges or not. If they had they would have backed it back and gone bigger, but they never did. The bookies had a captive audience and did not have to offer big prices."
He added: "It is all right saying the winner paid more on the exchanges but don't forget Betfair's market is win-only, and on the Grand National most punters want to play each-way."
National Association of Bookmakers president Keith Johnson, who lost more than £30,000 on the race, said: "I'm at a loss to explain the big overround, but where I was betting, the off-course firms probably backed six or seven horses.
"That meant I had very big liabilities - in fact, it was the worst race I have had in 30-odd years in this business.
"There were so many outsiders bookmakers couldn't lay. There were probably 12 I didn't see a penny for, so while you are obviously going to contract the prices of those you are laying, the ones that are 50-1-plus, it does not really matter if they are 50-1 or 100-1 because nobody would back them."
Ladbrokes' website suffered technical problems in the run-up to the National. The interruption to the service lasted for about ten minutes, and newcomers trying to log on for the first time were inconvenienced.
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