Brodie obviously isn’t as clued in on the TAB as he thinks.
Regarding liabilities and restrictions, let me explain it for you as simply as I can.
Lets use tonight’s Cambridge meeting as an example. And for now, we will talk about over the counter agency bets only. We’ll use Race 1, number 1, Express Play as the horse to talk about.
It opened at $4 yesterday afternoon. Now, if I went in to a Tab yesterday and wanted to put a fixed odds bet on this horse, I could do this unabated until such time the collect went over $1000. So, I could put $249 on and the bet would go straight on.
If I tried to put $251 on, to win $1004, the system would automatically refer the bet to a trader for assessment. At this point, the trader will accept the bet, adjust the bet (change it $120 at $4) or reject it.
By race morning, this number usually doubles to $2000 and by race time, maybe around $4000. That’s not to say a higher bet to win more money won’t be accepted, but they are protecting themselves from potential stings.
Now, lets talk about online accounts. You, Brodie, like many many other people are on a restricted account.
One of the more common restrictions is ‘40%’. It goes without saying an account on 40% restrictions, could only get a bet on to win $400 the night before on harness, $800 the morning of, and around $1600 close to the race time.
Different punters are on different thresholds, but in the case of Knight’s bet that was shared on New York Minute, where he couldn’t even get $20 on close to race time, his account was on 1%.
I know quite a few on 20%, I know a couple on 5% and I even know one on 2%. Short answer is, if you are noted winner, you are chopped off at the knees.
Now I am going to confuse this whole thing even further by saying that recently, trends have shown me and other punting friends that the ‘over the counter limits’ may in fact now be 50% of the online account limits.
Currently, the max liability per bet for Cambridge tonight on an unrestricted account is $1500. I suspect at an agency, that might be only $750.
Again, you could still potentially get higher bets on, but you will be subject to the hyper risk-averse trading desk.
A couple of weeks ago, a friend tried to back one on the grass (Sunday meeting), the Saturday afternoon before the race.
Quoted price was something like $8.50 to win. He tried to put $200 on. The bet got rejected (because it was over $1000) and they slashed the price to $6.50.
He didn’t know it had been slashed, and when he gave the operator the $200 bet slip again, It processed and spat out at something like $153 at $6.50 (to win $1000) and then cut the price in to $5.50.
This is the embarrassing way they do things now.
All I can say is, if you do like one – never ever ever back it the day before. You will get on for a pittance and only alert them to a sting and they will crunch it in.
At best you are going to win $1000. The better play is to wait deep until race time and have a real go at one late.