TGT Industry Interview - Expekt Bookmaker Richie Sheridan
TheGamblingTimes.com is pleased to introduce a new feature for Premium Members. Over the coming months we will be talking to industry figures to find out a little about their work along with their views on various gambling matters.
We're happy to say that the first industry figure we're featuring is bookmaker Richie Sheridan from Expekt who we caught up with earlier in the month.
Read on below for the full interview.
Joining us in interview is Richie Sheridan, bookmaker at Expekt:
Q: Richie, can you begin by giving us an insight into your career to date?
I was always interested in sport, especially betting. I progressed from coin tossing to snooker to cards and to bookies.
I realised that being on the other side of the bookie counter might save me some money so I went into the business as a cashier. I progressed to the position of shop manager and then in 2000, I was offered a position in Malta with another UK firm who were starting up an internet business.
Whilst being in Malta, I worked with a few firms including Norwegian, Belgian, English, Swedish and now French. All the time, I have worked in risk management with some odds compiling on the side.
Q: How would you describe a 'typical' working day as a bookmaker at Expekt?
At the start of the day, I get an update from the previous risk shift as to where the action was or if any changes were made and I also get a run-down of our liabilities. If I have any compiling to do, I do this in the early morning while it is quiet.
Then, the bets start coming in. With our system, we see all the bets over a certain amount so we can take each bet on its merits - i.e. who the customer is, where the market is, what the views are of the compiler. Many bookies will only take a percentage of a bet based on the customer regardless of the compiler's view/market whereas we give the punter a fair crack if we want to take him/her on.
So basically, I go through the bets looking at customers, checking the markets and conversing with compilers. We have 40 bookmakers who compile our sporting offer with many of these offering live betting, and 17 of these bookmakers also look after the risk.
Q: In what ways has the existence and the increased profile of the exchanges over the past decade impacted on your work as a bookmaker?
We obviously use the exchanges to see where the market is, although we compile the markets ourselves and early on in the market when the liquidity is low, we will stick to our opinions and usually the market will come to us. But on the occasions when we are out on a limb, it would be foolhardy to take on the monster so we adjust enough so that we still get the risk but maybe at a cheaper price.
We do not, however, balance our books using the exchanges.
Q: Expekt is renowned for offering players a wide variety of sports and markets to bet on but, even with such a variety, do you still get requests to offer more obscure markets? What's the strangest thing you've ever been asked to price up?
We get requests from customers all the time and we try to accommodate them. I can recall we had odds on how much a Van Gogh painting would go for in an auction. The request was from a priest which made it even stranger!
Q: Not specifically in relation to Expekt but something that is consistently brought up on gambling forums by players is the limiting of individual accounts. Can you tell us a little about what are the most likely reasons for players to be limited?
We try to take on customers and are not afraid of risk but we realise in some markets there are customers who will know something we do not and we will take fractions of their requests. Then again, the same customer could come on and if we are confident on our price, we will take all his bet, everything on its merits.
Other occasions when we restrict might be when we have a strong view and top of market but want to accommodate as many customers as possible, so we might take smaller amounts so that everyone can have a piece of the cake.
Q: Whilst bookmakers have thorough sports betting rules which aim to cover all eventualities, have you ever been in a situation where a one-off freak incident meant there was no rule to follow in dealing with settlements?
There was an incident a couple of years ago in Eurocup basket: the match was 2 legs with the 1st leg ending with the home team winning by 2, and the 2nd leg ending with the home team winning by 2 - so they had to play overtime and the away team went on to win the match.
Of course the customers who backed home wanted money as the game had ended in home win, but away backers also wanted money as the rules stated that overtime counted which meant they had won as well. So we had to pay out on both but it does not happen often.
Q: I'm sure most players remember their most profitable bet as well as that large bet on a banker that went very wrong! From the point of view of the company, are you able to share what the most profitable single sports betting event has been for Expekt's 11-year history and what the most costly one was too?
The best result from memory was Sweden's opener in 2006 World Cup when they drew 0-0 with Trinidad and Tobago. Of course with our strong Scandinavian client base, this was a skinner.
The Euro 2008 started off very badly with plenty of good things winning and when Germany beat Poland, we were on the ropes and almost calling for the doctor. We held firm though and came through to take the tournament on a narrow points victory!!
Q: Now, you're a familiar face on Expekt's Youtube channel - http://www.youtube.com/user/expektlive - where you give your views on forthcoming football matches and other sporting fixtures. In a competitive industry, do you think it will become increasingly important for bookmakers to embrace such mediums to reach both new and existing players?
Yes, I feel it will be used more. It gives a more human and personal feel to the company which customers do not get to see very often.
Q: And looking at some of the outdoor videos on Expekt's Youtube channel, we're reminded that you are based in Malta. Malta appears to be quite a hub for bookmakers - does it feel like you're part of a thriving major industry in the country? And on a personal level, what would you say the best and worst things about living and working in Malta are?
Since Malta started giving remote gaming licences in 2000, it has become attractive for many firms from many countries because of its favourable tax rates. There are over 200 licences now in Malta and some 2,000 employees in the betting sector.
Malta is a great place to live with regards to the climate (Christmas day was in the early 20s C). It is small enough that you do not have to plan when going out because it only takes 40 minutes to get from one end to the other so it is a relaxed lifestyle.
Having a family, it is a very safe environment with little crime, good schooling and good health facilities. With the island being so small, it can be a bit claustrophobic to some, but Sicily, Italy and even Tunisia are only a short hop away.
Other downsides include the heat in summer and with a lot of construction going on all the time, it can get dusty. I do enjoy going back to the UK but after 2 weeks, I am always anxious to get 'home'.
Q: Well, we really appreciate you taking the time to speak with us here at TheGamblingTimes.com but before you go, a question I'm sure many of us are wanting to ask but are slightly scared of hearing an answer to is: 'Will England be lifting the World Cup this summer?' Break it to us gently!
As we always seem to say: this is the best chance we have had for a long time - I feel this could finally be the time.
Not only have England got as strong a team in all positions as the rest, but there are also many questions marks over some of the favourites: Brazil have a dodgy defence and a tough group with Portugal; Argentina struggled to even qualify; Italy are an ageing team; France, who are lucky to even be there, are no longer a force and are no certainties of getting through the group stage.
Spain seem to tick all the boxes and have the monkey off their back with the Euro triumph but watch out for their group partners Chile. I have had lumps on at 200/1 and if it comes to an England-Chile final, I fear I will have to watch at home with a cheeky Chilean syrah!!
As you can see from our review of Expekt, we find them to be a very good European bookmaker due to their range of markets, odds and customer service.
You can place your bets with them at www.expekt.com and you can check out Richie and his colleagues' views here:
Finally, you can discuss the interview on the forum here:
Expekt Interview - March 2010 - Discussion Thread
Until next time!
Team TGT
