'Punters had a fair crack' - bookmakers' body defends National starting prices

The 2019 Grand National's overround of 162.6 per cent may have been the second highest since the turn of the new millennium but Federation of Racecourse Bookmakers director Robin Grossmith on Monday suggested punters "had a fair crack".

The 20-year average since 2000 is 148.9 per cent, but from 2000 to 2009 it was 143.3 per cent and since 2010 it has leaped to 154.4. The overround is the notional profit margin built into the collective odds.

Even in the context of those numbers, 162.6 per cent is big, but Grossmith defended the position taken by those on-course in a race that featured the shortest-priced winning favourite in 100 years.

Robin Grossmith: 'punters had a fair crack'Credit: Edward Whitaker

He said: "I looked at the overround and I'd say punters had a fair crack.

"The national average a race is 1.79 per cent per runner, and, given there were 40 runners, the National was 1.58 per cent – which is well under the average.

"One thing people don't seem take account of in this discussion is how colossally expensive it is to bet at Aintree. The cost of putting on the show is so much more than other meetings and quite simply if you are betting there you have to factor it in to make the whole thing viable.

Grand National overrounds last ten years

2019 162.6

2018* 152.7

2017 154.3

2016** 148.7

2015** 164.9

2014 150.8

2013 147.8

2012 152.2

2011 154.7

2010 155.4

*38 runners, **39 runners

"Bookmakers have to have a margin, this isn't a hobby for us, it's a business, and you're not guaranteed to win, so we have to build in a margin and I don't think it was that bad for the public."

The Horseracing Bettors Forum, whose mandate is to advance the interests of the betting public, registered its concern.

Matt Bisogno: HBF chair

Chair Matt Bisogno said: "HBF is concerned by the extremely high overround returned on Saturday's Grand National. While more and more bettors are taking an early price, often with extra places on each-way bets, the truncation in prices in the on-course market reflects poorly on the ring; particularly so in light of anecdotal evidence that off-course money was not hedged back.

"In an increasingly competitive marketplace, many on-course bookmakers continue to seemingly do little to foster a sustainable business. While that's naturally up to them, HBF encourages bettors to shop around for better value."

Since 2000, the lowest overround was in 2004, when it returned at 133.3 per cent. From 2000 to 2009 it tipped over 150 per cent just once, but since 2010 the Grand National overround has been lower than 150 per cent just twice.

That was in 2013 and, interestingly, 2016 – which was the year after the highest SP overround of 164.9 per cent, which was followed by a review by the Starting Price Regulatory Commission. They concluded the SP system continued to work well.

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