Societe Generale rogue trader scandal

What a surprise. Inside an ultra-greedy bank, one of its traders gets way in above his head and loses the firm £3.65 billion, far surpassing the Nick Leeson effort in the early 90s with Barings Bank. The only thing that surprises me about this is that there are not more cases of this. People with addictions can be found in all walks of life. Too many people with addictive personalities get into gambling when it really is something they should steer well clear of. And all financial trading is is another form of gambling....

This trader has speculated, got it wrong, cooked the books to cover his tracks while he gambled more to solve the problem. And then the hole he dug in the first place got worse...and worse... and worse. The biggest mistake people make when betting is trying to chase losses - all it will do is send you to the poor house mighty quickly.

Discipline is the most important trait for betting. Sometimes it just isn't your day - recognise it early and stop for the day. Walk the dog, go for a run, go to the movies, do anything but get away from the TV and the computer so you don't get back online and try to win back what you have lost. There's always another day, another race, another game....

Comments

It's all gone Pete Tong at Betfair!

The Christmas Hurdle from Leopardstown, a good Grade 2 race during the holiday period. But now it will go into history as the race which brought Betfair down. Over £21m at odds of 29 available on Voler La Vedette in-running - that's a potential liability of over £500m. You might think that's a bit suspicious, something's fishy, especially with the horse starting at a Betfair SP of 2.96. Well, this wasn't a horse being stopped by a jockey either - the bloody horse won! Look at what was matched at 29. Split that in half and multiply by 28 for the actual liability for the layer(s). (Matched amounts always shown as double the backers' stake, never counts the layers' risk). There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, natur

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2022

A competitive edition of the Melbourne Cup without being a great one. The La Nina weather cycle has made a mess of sporting events down the east coast in recent weeks and Flemington has not escaped that. It did race very well on Saturday considering the conditions, so fingers crossed that continues. At this stage it seems like the track will be Soft 7/Heavy 8 - rain is forecast, hopefully not enough for the track to deteriorate but also not warm or windy enough for proper drying weather as you'd normally see on the sand profile track. There are only two international visitors in the field, Deauville Legend and Without A Fight, while another pair, Camorra and Hoo Ya Mal, will make their local debuts having been purchased for Australian syndicates. So the local moaners get their 'mostly locals' race. I think I'd prefer higher class myself but hey... Slightly different format this year, enjoy reading, bet responsibly, yada yada yada... ------------------------------------

Sport is made for betting

Search This Blog