1) The Throw In
As time went on, the range of soccer markets available became more and more inventive. The time of the first throw in was one of the most fun. Quite simply it was a quote on the number of seconds before the ball was thrown in for the first time in the match. The average was around 65-75 seconds, but occasionally a game would go on for 10-15 minutes before eventually a throw in was awarded. It had become a popular market, mainly with the low staking punter who liked to buy and hope for a large make up.
It was the last day of the season and there was nothing to play for. Spread firms everywhere had seen a steady stream of sellers of the time of first throw in. This included a number of new account holders who were nervous and unfamiliar with the terminology. In all, there was around £1,000 worth of sellers at 60. Straight from the kick off, the ball was booted out of play directly to a member of the opposition who caught the ball and threw it straight back in again! The make up was 1 second and the damage £60,000! The characters involved deny any plot, but the time of the first throw market has now disappeared.
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2) For Hundred
One particular member of the public had come across an ingenious way of confusing the phone operator. When placing his bet, he would ask for a quote on the goals and then say "I'll buy that for hundred pounds please". Typically the operator would book the trade for £100 per goal. However, if the bet was a winner, the client would wait for his statement, ring up and claim that he had actually asked for "Four" hundred pounds per goal. All calls are taped, and in this case the company had little choice but to accept that the client meant 400, not 100. As a result, the player was awarded the higher stake and therefore won 4 times more than he possibly would have lost.
He managed to pull the con several times, and although the win wasn't that painful for the firm involved, it has changed telephone practices forever and you'll now notice that asking "for hundred" requires further clarification.
Similar attempts are made when markets and quotes are similar - For example York performance can refer to Dwight Yorke, York FC or York Races.
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Cricket Spread Betting
3) Total Wides
World Cup Cricket. A simple calculator error on what was thought to be a minor fun market turned out to be a £500,000 mistake.
Sporting Index came up with an initial quote of around 250. According to averages, this was about 100 too low.
Spotted by a few wise guys, the quote was bought up to 275, then 300, then 325 etc etc. A particularly damp May,
a white ball and some wayward bowling all contributed to a final score of around 1000!
Sporting Index had lost £500,000 on a simple novelty market.
Note - Spread Betting carries a high level of risk to your capital and you can lose more than your initial investment, it may not be suitable for all investors. Ensure you only speculate with money that you can afford to lose and that you fully understand the risks involved and seek independent financial advice where necessary.
'Sports Spread Betting Winners', Guide by D. Jones, last update: 21-May-08
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