Those who were involved last time we tried this will know that it went rather well. Details below.
The bet is Scoop6 run by the Tote. Basic idea is that it's a £2 bet in which you to correctly identify the six winners of the big races of the day - normally the six that are televised on C4.
£2 buys you one horse in each race. Obviously that's pretty hard so you can opt to have more than one horse in the races at a cost of extra lines. Each perm of 6 winners costs £2. So (for example) have 3 horses in each race you'd be covering 729 lines (3^6).
The 'pot' you're trying to win is divided in three. A "win fund", "bonus fund" and a "place fund". The win fund is shared between all those who find the six winners. The bonus fund is separate and is played for the week following by the winners of the win fund. It is one race selected by tote which each winner has one selection in. If their selection wins, they win the bonus fund. The place fund pays out a (normally) modest amount if all of your horses place.
For example, if we play on 15th Feb and hit all six winners we would take our share of the win fund. We'd then qualify to select one horse from the nominated race on 22nd Feb. All the previous weeks' winners who nominate that horse would share the bonus fund.
The reason it's a good bet this week is two-fold:
1) The bonus fund has rolled over for a few weeks now and stands at over £670,000. There was one win fund last week so he's playing for the whole lot. He will have one selection at the toughest race of the day, if he picks the winner he gets it all. If he doesn't, it rolls over again and will be available to play for by the winners of this week's Scoop.
2) Betfred has in recent weeks offered a "bonus" of £100,000 to be shared between any win fund winners who place their scoop6 bet at a Betfred shop. This is crazily generous when you consider that last week's winner only won about £55,000. Anecdotal evidence suggests that, despite this inducement, a fairly low proportion of players use Betfred to place the bet. A couple of weeks ago there were seven winners, who took 60k each, and nobody placed it at Betfred.
So the plan is to raise a syndicate to put as big a bet down (at Betfred) as we can on this week's scoop6. The value this week is being created by the rollover and Fred's inducement. I will only put the bet on if Betfred is offering a bonus for betting with him (of £50,000 or more). If he doesn't then I think a good amount of the value is eroded and I'll return all shares. We won't know this for sure until Friday pm but I need to have the money in by then, so it's the only option. For what it's worth I think it's very likely that he will be offering it again.
If anybody has any horses they want to be included then let me know ASAP. I'll start working out a perming strategy and horse selections towards the end of the week.
1) It's £25 per share, no limit on number of shares per person but it's first come, first served up to the 150 shares I am currently intending to sell
2) No commission or anything silly, I'm buying in at the same price of £25 per share
3) If the net returns exceed the amount staked then I'll pay out your total return within 7 days of payout
4) If the net returns are lower than amount staked but not zero (if we win some place money, likely) then I'll let everybody know and they need to tell me within 3 days if they want their return paid to them. If I don't hear then I'll reinvest the sums in the following week's tote scoop6 or tote jackpot and payout any returns thereafter
5) I have the final say on horses subject to the above - get in touch if you have any picks you want in the perms
6) I'll have the bet placed by 11 am on 15th February. I'll take a photo of the selections and email it out to all investors so you know what to cheer home.
Syndicate full! I will update with full list of paid names this evening.
Shares so far
White Riot 2
Munro (?) 1
taylor (?) 1
TOTAL = 161 shares = £4,025
Total investment of £4,032 (I have the extra £7 = 0.28 of a share).
If you are NOT on this list then you do NOT have a share. If you have transferred me money but are not on this list then you do not have a share. If that is the case then (win or lose) get in touch and I'll refund what you transferred me.