bookmakers

Generally acknowledged as Australia’s leading bookmaker, Mark Read is paving a new avenue for bookmakers to trundle down.
Read’s pre-eminent position is one he has held for some 20 years.
Back in 1990, Mark Read made a corporate decision which was to change the way bookmakers are perceived.
Apart from the bookmaker’s standard role as a specialist in fixed-price wagering, Read selected to move into thoroughbred information technology.
It was a decision which marked the beginning of the Read Rating story.
“I’ve always tried to look ahead in business, to see into the future in a bid to determine where the racing game in general, and bookmaking in particular, is heading”, Read explained.
“At the time, we were witnessing major rails bookmakers like Dominic Beirne and Bruce McHugh resigning their positions, and many other low profile bookmakers falling by the wayside.
“I realised then that the bookmakers of the future would be more akin to a type of stockbroker.
Not only would the bookmaker be providing the traditional fixed odds services, but he would actually be broking business on behalf of clients.
Again, like a stockbroker, I saw bookmakers becoming providers of quality information so their clients could make their wagers as informed investment decisions: he added.
Traditional bookmakers were largely horrified at Read’s vision.
Coming from a mainstream win-loss mentality, they argued strongly against doing anything which would enhance the punters chance of backing a winner.
Read, the visionary, saw beyond the obvious.
“The bookmaker can win, and the punter can win”, he said.
“The major thing a bookmaker must have is a strong volume of betting turnover.
Once he has the turnover, he can trade his position in the marketplace to balance his exposure.
But without sufficient turnover, he has very limited options – that’s when he’s in financial danger”.
At that time (1990-91), Read had already overseen the creation of a sophisticated Australasian database which, when coupled with leading-edge analystical technologies, put the bookmaker right at the forefront of racing’s part of the information revolution.
Read was the first operator to scientifically evaluate racing at all Australian tracks.Yes, even outback New South Wales, Queensland and West Australia tracks have been studied and quantified by the comprehensive Read database.
The Read form guides and raceday work sheets gave him a huge edge over rival fielders on a day-to-day basis but the lure to take his technology into the public arena was overpowering.
“Our concepts were quite unique for that time, and I needed a forum through which to bring our work to public attention” Read continued.
That public showcasing of Read’s information and assessment technologies came in the spring of 1991.
Read created the Victor Chang Foundation Spring Trade, with profits from his wagering activities donated to St. Vincent’s Hospital, for the foundation named after its famous heart surgeon.
Read caught the headlines of both the Sydney and national press by putting up a starting bank of $50,000 for the trade and publicly guaranteeing a 25% return on the starting capital to the charity, regardless of the success of the venture.
The sceptics said it couldn’t be done, but to Mark Read, that’s equivalent to a green light – and a cue to step on the accelerator.
After the trade had run its 13-week course, and the public scrutineer The Sportsman agreed, Read wrote out a cheque to the Foundation for 117,400.
That represented an unbelievable 1174% annualised return on investment.
The Victor Chang Spring Trade was the barrier trial for Read Rating.
Read’s organisation then put together an elaborate program for providing punters with this leading-edge selection and rating service in real time.
The chosen delivery method was via satellite to punters in pubs, clubs and TABs around the country.
The punters would obtain Read Rating on a TV monitor for free, with the product being provided by the host venues as a service to patrons.
“The beauty about Read Rating is that everyone wins”, Read said.
“The pub, club or TAB profits from having increased turnover, the punter wins by having access to superior information, and we take a fair commercial profit as the source of the intellectual property:
Read Rating was an immediate success story.
Read budgeted for the service to provide a 66% win strike rate across four states, with somewhere between one and five qualifying horses per race.
In the first year, Read Rating made the budget forecast – which had been criticised by sceptics as being too optimistic – look badly understated.
In the first 12 month period from July 1992 to June 1993, Read Rating found 2204 winners from 3157 races – a strike rate of 70%.
The system also found 1265 quinellas (40%) and 552 trifectas (19%).
“That was a great start, but it also gave us a new benchmark of performance”, Read said.
“There could be no going back to 66%. We had to maintain that level.”
Read Rating not only held that 70% strike rate, but has consistently exceeded it.
The Read Rating survey for the current financial year shows the information system operating at a 73% strike rate for the win, 44% for quinellas and 22% for trifectas.
As the success story of Read Rating has continued to unfold, Read Rating licences have been purchased by pubs, clubs and TABs around the country including Crown Casino in Melbourne
“Clients have come back to us with some amazing stories – very gratifying, actually”, Read continued. Click here for success stories.
Read Rating began as a service for Saturday, Wednesdays and public holidays on all metropolitan meetings.
But it was not long before consumers and their punting clients were crying out for more.
Today, Read Rating is a seven-day product, providing full Read Rating service on Saturday, Wednesday and Public Holidays on Metropolitan meetings. And a “Top Four Picks” selection service for all national, provincial and country TAB thoroughbred racing venues including harness and Greyhound meetings everyday.

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