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In late April when the first clamour for a resumption of racing was brewing up with, at the forefront, particular criticism of the BHA in the person of Nick Rust’s perceived failure to hurry the process along, there were still more than 5,500 UK weekly deaths from Covid-19, writes Tony Stafford.
By the time the announcement came that June 1 would be the witching hour, the figure was still above 2,500. Time and history will show that the starting date coincided with numbers in the 1600’s and by yesterday, over the last week, the fifth since racing resumed, the number was down to 680, barely ten per cent of the peak in early April. New daily infections, despite massively greater testing, were around only one-sixth of the peak figures.
The BHA, in conjunction with France, who started two weeks earlier, and Ireland, a week after us, has managed to salvage a great part of the Pattern. So in the short time since the resumption, we have seen the crowning of a true champion filly in the emphatic 1,000 Guineas and superlative Oaks heroine Love; the development from an occasional soft-Group bully into a fully grown-up superstar in Ghaiyyath, conqueror of Enable and Japan in the Coral-Eclipse; the confirmation of Stradivarius’ place in the pantheon of great stayers and so much more. A start any later than June 1 would have made all that impossible while any earlier would have been highly contentious.
I have a feeling that Love will be the Horse of the Year and I hear Ryan Moore believes she is better than Minding, her predecessor to a 2016 1,000 Guineas/Oaks double on the way to seven Group 1 wins in a career tally reading 9/3/1 from 13 starts. The common link of course is Galileo, also as if it were ever going to be in question, once again sire of the Investec Derby winner on Saturday, albeit not the most likely one, either by riding arrangement or betting prominence.
Five Galileo colts turned out in the 16-runner Derby line-up on Saturday, including the spectacular five-and-a-half length all-the-way winner Serpentine, and the other four were all in the seven-horse cluster from second to eighth, supplemented by two Andrew Balding runners, 50-1 second Khalifa Sat and the 2,000 Guineas winner Kameko, who was fourth. He, like all the other fancied runners, was never nearer at any time than the finish. English King, the mount of Frankie Dettori, also ended in that group, fifth after a tardy start from stall one, more in the manner of an unraced two-year-old than a race-hardened Classic contender.
You can bet that there will be much more to come from the other O’Brien/Coolmore team members in that respectful grouping as the season progresses.
Amhran Na Bhriann, a 66-1 shot, was, like the runner-up always nearest and clear of the remainder if never close enough to challenge the winner. Their more-fancied trio of Mogul, Russian Emperor and Vatican City, who filled sixth to eighth places will have plenty of opportunities as the season progresses.
Emmet McNamara’s ice-cool ride, a week after his near-miss on Tiger Moth in the Irish Derby shows that the riding talent on the gallops at Ballydoyle extends well into the support team.
This was a fifth Derby triumph for Galileo, himself one of the best winners of that race. Serpentine follows New Approach, Ruler Of the World, Australia and Anthony Van Dyck as the champion stallion’s quintet. The last four were trained by O’Brien, who with eight wins is now the leading trainer in all the 240-year history of the great race. Michael Tabor and Mrs Sue Magnier both appear in the partnerships of nine Derby winners, the most ever, a figure equalling the long-standing tally of Lester Piggott’s unique riding record.
If anyone had suggested to the East End-born former hairdresser and bookmaker that one day he would make history in this respect, he would have laughed. You’re not laughing now, Michael!
Actually, probably you are.
In his run before the Derby, Serpentine was still a maiden, something he corrected in very similar fashion to Saturday’s virtuoso show just six days before his great success. That statistic fuels the suggestion that ten- and 12-furlong maiden form in Ireland early in this truncated season is probably equivalent to UK Group 3 level at least. Such as Tiger Moth (Irish Derby second) and Ennistymon (Oaks third on Saturday), are among 19 winners for the sire back home since the resumption on June 8. In that time Group 1 wins for Magical, who seems sure soon to resume rivalry with Enable after their impressive respective returns to action, and Peaceful in the Irish 1,000, have been the domestic highlights.
The latter filly’s rider, Seamie Heffernan, her greatest admirer, might well have been in not quite the best frame of mind when partnering Peaceful to a close third in the Prix De Diane in Chantilly yesterday. In the first colours of Michael Tabor he was always struggling for room as Coronation Stakes winner Alpine Star set the pace from the Donnacha O’Brien-trained Fancy Blue, sporting the all-blue cap second colours of Mr Tabor.
Seamie had clearly forgotten the newly-installed French whip requirement of hitting a horse no more than five times. In the Prix Du Jockey-Club (French Derby) which preceded the Diane, he was found to have hit pace-setter Order Of Australia 11 times on his way to seventh place only four and a half lengths behind the winner Mishrif, trained by John Gosden for Prince AA Faisal.
In Ireland or the UK you could imagine a maximum few days for a similar effort but the French not only frown on numbers, they took the importance of the race (and presumably the greater likelihood of public sensibilities being offended) into account and came up with a number for the Heffernan misdemeanour, 22.
Given that Heffernan was already resigned to spending the first 14 days after fulfilling his trip to the Derby Days of the UK and France in quarantine back home, he will now be free to concentrate his efforts fully on the Ballydoyle gallops as he will be off the track until... August 9.
Blimey! Lockdown mark 2!
It’s not taking long for Donnacha, 21, to follow his equally precocious elder brother Joseph into adding Classic success as a trainer to Classic wins and championships as a jockey. His first turf winner as a trainer came only last week by which time Fancy Blue had already given him a placed runner when second to Peaceful in the Irish 1,000. Now, under former French champion Pierre Charles- Boudot, the same filly raced just ahead rather than a few lengths behind her rival and did well to hold Arctic Star and Peaceful in a tight finish.
In the UK since the resumption there have been fewer Galileo victories, 11 in all since June 1, but four of these, two for Love, one for Septentine, and also Circus Maximus in Ascot’s Queen Anne Stakes have been at Group 1 level, and two more at Group 3 for Russian Emperor and Nayef Road. Four of the other five have been in handicaps, three of them for a modestly-rated horse who also started out under the Coolmore banner.
Until this year the seven-year-old Le Musee was regarded as a decent chaser with a 147 rating. His last run before racing’s resumption was at the Cheltenham Festival where he finished 13th of 23 in the Kim Muir having won twice in the previous summer.
Nigel Hawke is his trainer and the West Countryman has for many years been highly-respected as a jumps handler with successive tallies over the past seven seasons of 19, 19, 11, 28, 17, 16 and 17. Contrastingly, before this year from a total of 76 runners on the Flat over 23 years he didn’t send out a single winner.
Then In January, between runs at 100-1 at Newbury and latterly in that Kim Muir, he decided to try Le Musee on the Flat, and he was rewarded with his and the horse’s joint first Flat-race success at Southwell in January.
When he originally showed up for sale in France as a yearling, Le Musee was bought by Coolmore for Euro 300,000 and was sent to be trained by Andre Fabre. Unraced at two, he finished a 20-length sixth in the Tabor colours on his sole three-year-old start in a March Compiegne maiden. His next outing was at the Arqana summer sales where Hawke picked him up for Euro 3,000.
He took his time, gelding him the following October and before making the track Le Musee had a wind operation in July 2017. His first start for Hawke was as a five-year-old over hurdles and he proved quite useful, winning twice. By the time he shipped up at Cheltenham this spring he was having his 24th run for the stable within 26 months, a compliment to the trainer’s skills at keeping fit and well a gelding that had proved hard to train for the redoubtable M. Fabre.
Already a winner on the Flat, post-lockdown Hawke decided to exploit his gelding’s great stamina and also a highly-tempting handicap mark in the 60’s. This was more than 80lb lower than the jumps figure and therefore potentially a stone or two too low. In the past five weeks Le Musee has gone to the track three times and won them all, first at Newcastle and then twice at Chepstow. Judged on the economical way he races, just getting up late, more success should follow.
It seems only poetic justice for Hawke who must have spent the last seven years regretting his actions over another bargain sales recruit who stayed in his care only long enough to make a winning debut in a juvenile hurdle. That horse was a son of another Derby winner, Authorised, out of a mare by Mrs Magnier’s and Michael Tabor’s Entrepreneur, winner of the 2,000 Guineas and beaten odds-on favourite for the 1997 Derby.
Unraced for Sheikh Mohammed, Tiger Roll cost the princely sum of 10,000gns from the Darley consignment at Doncaster sales in August of his three-year--old season. On debut at Market Rasen in early November he won easily at 12-1 and if they got a few bob there, another £80k came into the coffers of his owners when Mags O’Toole paid £80,000 for him at Brightwells sale at Cheltenham racecourse the following month.
Within three-months Gordon Elliott had produced the gelding to win the Triumph Hurdle on his way to more than £1.3 million in prizes, two Grand Nationals, four Festival wins and greater national fame than Love, Serpentine or even Enable will earn in their careers. Nigel Hawke deserved to get one back after that. It’s nice that a Coolmore reject should have persuaded him that he can indeed train Flat horses.
For most ordinary owners, picking up crumbs from the rich man’s table is often the only realistic route to racing success. There are three days of breeze ups and Horses in Training on offer at Tattersall’s in Newmarket from Wednesday and in this strange year of all years there will undoubtedly be some cast-offs with more than a little potential for the shrewdies to unearth. Good luck!
-TS
https://www.geegeez.co.uk/wp-content/uploads/2020/07/serpentine_Derby.jpg319830Tony Staffordhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngTony Stafford2020-07-06 09:57:482020-07-06 10:37:36Monday Musings: Serpentine Tributary to Sea of Galileo
Before I post the daily selection, just a quick reminder of how I operate the service. Currently, I'll identify and share the selection between 8.00am and 8.30am and I then add a more detailed write-up later within an hour or so of going "live".
Those happy to take the early price on trust can do so, whilst some might prefer to wait for my reasoning. As I fit the early service in around my family life, I can't give an exact timing on the posts, so I suggest you follow us on Twitter and/or Facebook for instant notifications of a published pick.
...in a 9-runner, Class 5, Claiming Stakes for 3yo over 1m2f on Good to Firm ground worth £3,493 to the winner...
Why?...
Pretty straightforward stuff today as all the statistical information I'm going to give you is actually highlighted or referred to below...
Here we have a 3yr old filly who has failed to make the frame on any of her five previous starts, but wasn't disgraced on handicap debut at Leicester 11 days ago.
14 indicates that jockey Tom Marquand is in good form right now and his fortnightly record of 18 wins from 77 is documented, as is his record over the last year for trainer Mick Channon, so I won't delve into either of those sets of figures today, there's no need.
Mick Channon also has the C1 icon by his name, denoting a decent record at this venue over the last 12 months. Closer inspection tells me that he is 15 from 52 (28.9% SR) for 57.11pts (+109.8%) with runners sent off at Evens to 12/1 here since the start of 2018 and these include of relevance today...
11/33 (33.3%) for 53.07pts (+160.8%) from those unplaced last time out
10/26 (38.5%) for 48.11pts (+185%) at 11-25 days since they last ran
9/30 (30%) for 32.12pts (+107.1%) during June to August
6/10 (60%) for 37.08pts (+370.8%) stepping up 1 class
and 3/3 (100%) for 20.89pts (+696.4%) with Tom Marquand in the saddle
...whilst those unplaced LTO 11 to 25 days earlier are 4 from 6 (66.6% SR) for 28.01pts (+466.8% ROI) during July & August, including 2 from 2 stepping up a grade and 1 from 1 for Tom Marquand...
...giving us...a 1pt win bet on Talking About You @ 4/1 BOG as was widely available at 8.15am Monday, but as always please check your BOG status. To see a small sample of odds offered on this race...
P.S. all P/L returns quoted in the stats above are to Betfair SP, as I NEVER bet to ISP and neither should you. I always use BOG bookies for SotD, wherever possible, but I use BFSP for the stats as it is the nearest approximation I can give, so I actually expect to beat the returns I use to support my picks. If that's unclear, please ask!
https://www.geegeez.co.uk/wp-content/uploads/2015/09/stat_of_the_day_white_letters-e1460311997762.jpg319830Chris Worrallhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngChris Worrall2020-07-06 07:17:462020-07-06 07:55:00Stat of the Day, 6th July 2020
Five losers and a runner who wouldn't enter the stalls from six picks doesn't look great, does it? But that was the story of last week and you might be surprised to hear that only my wallet is hurting as a result.
I'm still generally happy with what we got for our money. Unlucky possibly on Monday, going down by a length and then by just a head on Friday. Saturday's runner wouldn't enter the stalls, whereas on Tuesday there were no stalls and from a standing start, we'd lost before we even began in farcicial conditions.
Midweek was poor, with two well beaten runners, but when backing runners at 7/1 and the like, you can go a while between drinks.
So, I'm not too despondent. : June was great and I just need July to start firing and the world will seem a better place.
Next pick will go live shortly after 8.00am Monday.
Chris
Selections & Results : 29/06/20 to 04/07/20
29/06 : Porto Ferro @ 3/1 BOG 2nd at 2/1 30/06 : Chetan @ 11/4 BOG 8th at 11/10 01/07 : Chapmanshype @ 5/1 BOG 9th at 7/1
02/07 : Steelriver @ 5/1 BOG 7th at 9/2 03/07 : Comeatchoo @ 5/1 BOG 2nd at 5/1
04/07 : Cruising @ 13/2 BOG non-runner
29/06/20 to 04/07/20 : 0 winning bets from 5 = 0.00% SR
P/L: -5.00pts
June 2020 :
8 winners from 26 = 30.77% SR P/L: +27.17pts
ROI = +104.50%
July 2020 :
0 winners from 3 = 0.00% SR P/L: -3.00pts
ROI = -100.00%
2020 to date :
17 winners from 90 = 18.89% SR P/L: +10.00pts
ROI = +11.11%
P.S. The full month by month SotD story can be found right here.
P.P.S The review of SotD's 2012 performance is here. Whilst the details for 2013 are now online here.
And the figures for 2014 are now available here. Our review of 2015 can be found right here Whilst 2016's details are right here The full story from 2017 can be read here. Whilst the yearly review for 2018 is right here
Stat of the Day is just one component of the excellent package available to all Geegeez Gold Members, so why not take the plunge and get involved right now?
https://www.geegeez.co.uk/wp-content/uploads/2016/01/sotd-updates.jpg320830Chris Worrallhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngChris Worrall2020-07-05 20:44:062020-07-12 09:13:10SotD Update, 29th June to 4th July 2020
In previous articles we have covered the Efficient Market Hypothesis and the Wisdom of the Crowd, and how these theories help us identify opportunities that have a positive Expected Value (EV+), writes Russell Clarke. Our task as punters is to try and limit our individual bets to those that have an EV+.
We can do this by opening new accounts with bookmakers when they are offering EV+ bets as an opening offer. We can do this by taking advantage of reload/ongoing offers from bookmakers. We can also hunt for EV+ Price Boosts. We can bet each-way in races where the fractions and extra places are in our favour. And, we must always take the best prices available and utilise Best Odds Guaranteed where possible.
In addition, we have identified the ‘sweet spot’ in terms of when to place our bets, which is when BOG is available, margins are not too severe, and there is a degree of liquidity in the market.
Finally, we have recognised and prepared ourselves for the variance that occurs even within a large series of EV+ bets. Psychologically we are prepared for adverse sequences and this knowledge gives us the confidence to carry a plan through.
That's all great in theory, but what about the practice?
Every individual will have a preference for how they like to bet and a tolerance for risk/reward. What follows is a framework that readers may elect to build upon and adapt to suit their own style and situation.
1 Take Advantage of Opening Offers… Smartly!
To keep up to date on such offers matched betting sites are useful. Most charge a subscription but there are free sites on social media (try searching Matched Betting on Facebook).
There are scores of bookmakers and each can be seen as a potential profit centre. You should try and wait for the most generous offers. These will often be prior to major sporting events, but can be at any time.
The ultimate goal is to open accounts with all of them. This will give you maximum profits from the opening offers but also keep your options open for the other concessions.
2 Keep abreast of reload/ongoing offers and weekly bet clubs (as these are essentially ‘free’ bets)
Again, the Matched Betting sites are useful for these. The largest one on facebook seems very busy and people post the latest offers and experiences.
3 Resolve only to bet in EV+ situations
Potential bets should be either the majority of the below or a combination of at least two or more of:
- Price Boost
- Enhanced Place each-way
- Best Odds Guaranteed
- Best price available
- Opening Offer
- Ongoing Offers (free bets)
4 Always be on the lookout for Multiples
If you find two EV+ bets with the same bookmaker, then placing a double simply multiplies your EV. For example, if you have two horses and one represents an EV of 1.15 and the other 1.20, then the double has an EV of 1.38. The same calculation can be done for trebles and above. Clearly the strike-rate falls with this type of bet, but the EV+ is enhanced.
5 Accept ‘variance’ for what it is, and stick as closely to these rules as you can for the vast majority of your bets
I hope you have enjoyed this series of articles and picked up at least a small amount of knowledge that will enhance profits or at least reduce losses. The closer you stick to these rules, the more you will have shifted the mathematics in your favour.
And we've achieved all of this without even touching upon any selection methods!
That is for another series, perhaps "Using Geegeez to Unearth EV+"… Matt?!
- RC
In case you missed any of this brilliant series, below is a recap of the previous seven chapters:
It is perhaps the greatest paradox in the investment world that many consistently profitable money managers have a large percentage of losing clients, writes Russell Clarke. I recently saw the records of a very successful US Hedge Fund, that showed over 40% of their lifetime client base had actually lost money while investing with the fund! This was a fund that had a relatively consistent record of double digit annual gains over decades. This rather odd story is by no means an isolated incident, it is repeated within many successful funds.
So, what causes this phenomenon? Bad timing and illogical emotion probably covers the answer. It is human nature to be tempted to buy into an investment when it is doing well and sell when doing badly. Jack Schwager in his cult classic, Market Wizards, sums up “the common dual tendency of many people to initiate an account after a manager has already had a large winning streak and to liquidate in the midst of a drawdown is the single biggest blunder investors make”. Clearly, if the path to riches was as simple as to just invest in a fund that was currently outperforming, we would all be rich.
The Turtles Story
In 1984 a man called Richard Dennis had a wager with his financial trading partner, William Eckhardt, that he could train a selected number of people (later to be termed The Turtles) to trade profitably in the financial marketplace, with no prior financial trading experience. It was a classic Nature v Nurture experiment. Over a thousand people responded to simple classified advertisements placed in The International Herald Tribune, Barrons and The Wall Street Journal. From these, around 40 were interviewed and a dozen or so were initially chosen.
The Turtles were given just two weeks training and were then allowed to trade with real money, strictly following the relatively simple systems and rules taught them by Dennis and Eckhardt. This story is almost folklore in financial circles, albeit a little cultish. The systems they were taught were simple and took up very little of each day. They traded at simple desks in a non-descript office where the most used piece of equipment was a ping-pong table!
The Turtles were “trend-following” traders. Trend followers wait for a market to move and then follow it. The aim is to capture the majority of a trend, either up or down. The doyen of trend followers was Richard Donchian; as far back as 1960, he encapsulated the philosophy into a brief rule, “When the price moves above the high of the previous two weeks, cover your short positions and buy. When the price breaks below the low of the two previous weeks, liquidate your long position and sell short.”
The Turtles themselves entered markets on breakouts. For example, if a contract made a 55 day breakout (i.e. higher than at any time in the past 55 days), it was a buy. Similarly, if it broke to the downside they would sell. They were buying rising markets and selling falling markets….the age old wisdom of “buy low and sell high” turned on its head! The Turtles also used a shorter term breakout system that operated over 20 days. Each turtle was allowed to use either system, or both, or any combination of the two.
In terms of staking, the Turtles were taught about risk management and how much to risk on each trade. This was done by calculating the daily volatility in each market. Again it was a relatively simple calculation. Given this, it is perhaps surprising to note the differences in returns made in that first year by the Turtles. Jim Melnick produced an outstanding +102% in 1984, wheras Liz Cheval managed a loss of -21% over that same initial 12 month period. The same methodology brought very different results with cognitive behaviour and biases playing a major role.
The story itself is a fascinating one and I cannot do it justice in such a short article, but the result was that Dennis was proven correct as a number of the Turtles went on to take their place among the most successful traders on Wall Street over the following three decades.
Turtles and Betting
How does this relate to betting? As a boy, I was both fascinated and perplexed, in equal proportions, by The Sporting Life Naps Table. Each year less than 20% of the full-time racing journalists in the competition ever managed a level stake profit, and every year it was a different 20%! Their results looked completely random. The conclusion that screamed at me was that fundamental/subjective analysis of form (as practised by virtually every racing journalist) was very difficult to profit from, and individuals, over a lengthy period of time, are just not suited to profiting from their own opinion. To be entirely fair, they were also presenting their tips without any knowledge of the price of the horses they were selecting.
Given this, why is fundamental/subjective analysis of form, going, distance, trainers, so popular? Because most people know no other way? Because we need to feed our ego (my opinion is superior to your opinion)? Because it seems the most logical thing to do? Probably it is a mixture of these reasons and maybe others that I have not considered.
Returning to the financial world where information is available 24/7 and is far more public than in sports betting, I researched the published results of the most successful funds. To eradicate luck and optimisation, I looked for exceptional performance over a lengthy period of time. I chose 20 years to cover bull and bear markets and a myriad of economic conditions. I settled on 20%+ pa average returns over the 20 years. Unsurprisingly, with the bar set so high, only seven funds qualified.
Of these seven funds, four are systematic investing funds. The definition of systematic would be “rule-based trading”. One of the others (Paul Jones' Tudor) certainly uses a systematic approach, even if it is not strictly rule-based. And, of course, Berkshire Hathaway is the investment vehicle of Warren Buffet! That more than half of this most exclusive league table is made up of systematic investing funds is even more remarkable when you know that less than 1% of all funds available worldwide operate on a systematic basis.
So, why does an objective approach achieve superior results to a subjective one? The major reason is Psychology. The brain is not the rational, calculating machine that we like to believe. Over its evolution it has developed many shortcuts, biases and downright bad habits. Some of these would have helped early humans (fight or flight), but they create problems for us today. In addition, some of the brain’s flaws may result from socialisation rather than instinct. As a result of both nature and nurture, the brain can be a deceptive guide for rational decision making.
The brain’s inadequacies have been rigorously studied by social scientists. In the world of economics and investment, behavioural economists question the basic assumption of human beings as rational decision makers. They are correct to do so because the evidence is overwhelming. The insights presented here, primarily from the world of finance, are equally relevant to sports betting. Investments are no more than bets on the financial markets and sports bettors can learn plenty from the more sophisticated financial world.
"Overconfidence killed the caterpillar"
Our brains are programmed to make us feel overconfident. This has been tested in numerous studies. For example, people were asked to guess the weight of a London double decker bus; but, rather than a precise figure, give a range within which they were 90% confident they had the correct answer. Time and again, they fell into the trap of quoting too narrow a range and thus missing the correct answer. Most of us are unwilling to reveal our ignorance by specifying a very wide range.
We prefer to be precisely wrong than vaguely correct.
Overconfidence in our own abilities spills over into over-optimism. This can have dangerous consequences when developing strategies, as these are based on what may happen and, too often, are unrealistically precise and over-optimistic estimates of the uncertainties.
Mental Accounting
This term was first coined by a pioneer of behavioural economics called Richard Thaler. He defined Mental Accounting as “the inclination to categorise and treat money differently, depending on where it comes from, where it is kept, and how it is spent.” For example, a gambler who loses his winnings, typically feels he hasn’t really lost anything, despite the fact he would have been richer had he stopped when he was ahead. This can cause problems such as erratic staking.
Status Quo Bias
Nothing to do with Francis or Rick! In a classic experiment conducted by Samuelson and Zeckhouser, students were given a hypothetical inheritance. Some were given the inheritance in the form of a low risk profile portfolio, others were given it in the form of a high risk profile portfolio. Both sets showed a reluctance to change the allocation. The rational choice would have been to re-balance the portfolios, but the students largely chose not to change. The fear of changing comes from aversion to loss.
A similar bias is the Endowment Effect, which is an irrational desire to hang on to what you own. To demonstrate this, Thaler gave students a mug emblazoned with their University Logo. On average, the students demanded $5.25 before they would sell. However, students without the mug were only willing to pay $2.75 to acquire one.
Both the Status Quo Bias and the Endowment Effect make for poor decision making.
Anchoring
A well known bias. Present the brain with a number and ask it to make an estimate of something completely unrelated, the estimate will be anchored by the original number.
A classic example of this is when two groups were asked at what age Ghandi died. The first group were asked if he died before or after age nine and the second group were asked if he died before or after age 140. Both examples were obviously wrong, but, the anchor effect made the first group guess an average age of 50 and the second group an average age of 67.
Anchoring can be seen in price negotiations (buyer starts low, seller starts high), or advertising a retail price. Fund managers advertise past performance, and, despite the fact that there is very little correlation between past performance and future performance, it is anchored in the consumer's mind.
Related to Anchoring is the need for really statistically robust numbers for predicting the future. A great example is Equities. Anyone looking at the 1980’s and 1990’s would have a double digit per annum return firmly anchored. But the noughties brought a negative return! And the 60’s and 70’s returned a miserable 2% per annum. Double digit returns have been achieved in only four of the past 13 decades. So beware of a mere 20 year track record!!
Sunk Cost
Otherwise known as “throwing good money after bad”. Why do we do it? Loss aversion is the broad answer and the current trend for “kicking the can down the road” by the governments of the world is a classic example. Bailing out countries such as Greece (that can never repay their debts) is deemed preferable to accepting the inevitable loss today.
On a more personal level, you buy shares in ABC for £1, but the price falls to 70p….do you accept the loss? For most people, the answer is “no”. Indeed, Anchoring kicks in (i.e. you may sell if the price recovered to £1, despite the fact at £1 you originally felt the share was a buy).
Herding Instinct
The desire to conform to the opinions and behaviour of others is a fundamental human trait and an accepted principle of psychology. We don’t mind being wrong, if everyone else is also wrong! To quote Warren Buffet, “as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press”.
For punters, the herding instinct is difficult to resist. Give yourself half a chance, and stop reading the Racing Post! [Read geegeez.co.uk instead! - Ed.]
False Consensus
The tendency to over-estimate the extent to which others share your views or beliefs. This happens for a number of reasons, including:
- Confirmation Bias is the tendency to seek out opinions and facts that support your own beliefs (readership of newspapers with a certain political bias is a good example, the twitter accounts you follow perhaps another).
- Selective Recall is the habit of only remembering facts and experiences that reinforce our assumptions or beliefs.
- Biased Evaluation is the quick acceptance of evidence that supports your own hypothesis, whilst reserving rigorous analysis for any contrary opinion. And, finally...
- Groupthink is the pressure to agree with others in team-based cultures.
False Consensus is a very dangerous psychological trait in either financial investments or in betting.
An awareness of the brain's flaws and psychological traits can be a major factor when attempting to be successful in any form of investment/betting. The human brain itself makes it unsuitable as a primary tool for financial analysis. Therefore attempting to profit from betting using a subjective approach, whilst emotionally satisfying when proven correct, is fraught with dangers and difficulties that can be potentially circumvented if one adopts and maintains a 100% objective, rule-based approach.
I realise that here at Geegeez the majority will follow a hybrid of objective and subjective methods for bet selection. The purpose of these articles is not to change your approach. Rather, it is to highlight mathematically optimal situations in which to bet (either objectively or subjectively). This particular article is designed to highlight some of the more common psychological ‘traps’ that can scupper even the most advantageous EV+ strategy. They are especially problematic when variance takes a turn for the worse!
For this article we are back across the border to analyse draw and pace data from Musselburgh racecourse, writes Dave Renham. To help me with this piece I have used some of the tools available on the Geegeez website, those being the Draw Analyser, the Pace Analyser and the Query Tool.
I will be looking at race data going back to 2009 as my starting point but, as before, I will examine a more recent data set in detail, too (2015 to 2019), where appropriate. The focusas with all the other articles in the series, is on handicap races with eight or more runners.
Musselburgh Course Constitution
Musselburgh is a right-handed course roughly ten furlongs in circumference, with no notable gradients, and is generally considered to be fair. The 5f sprint trip is raced on a straight track while 7f races and above take place on the round course. (There are no 6f races).
Musselburgh 5f Draw Bias (8+ runner handicaps)
Since 2009 there have been 218 qualifying races over the past 11 seasons, a significant sample, and here are the draw splits:
The general perception I think is that horses drawn next to the stands’ rail (high) have an advantage. There is a kink in the straight track after two furlongs and, in theory, that should aid those runners drawn high. However, the stats for 8+ runner handicaps do not especially back that up, such horses winning only as much as middle draws, and neither group performing distinctly better than low starting stalls. Now a look at the A/E values:
Middle draws seem to offer better value than higher draws despite their similar win percentages. This does imply, albeit only slightly, that maybe higher draws are slightly overbet due to the perception of draw bias.
However, when the field size increases a slight bias does start to appear. In handicap races of 11 or runners (90 races) we get the following splits:
Thus, in bigger fields, horses drawn out wider (lower stall numbers) definitely start to struggle. The A/E values back this up too.
Again middle draws offer the best value out of the three draw thirds.
Ground conditions do not appear to make any difference to the draw so let us move on to to looking at each draw position broken down by individual stall number.
For this distance I have needed to change the way I collate the data. The reason for this is that the higher draws are positioned next to the rail so in many respects analysing individual stall positions in the ‘normal’ way becomes irrelevant. What I mean by this is, that stall 8 could be drawn next to the rail (in an 8-runner race), but in a 17-runner race stall 8 is actually ten stalls away from the rail. Hence I am using a trick that Nick Mordin used many years ago in his book Betting For Living when he flipped the draw. I am reversing the draw figures if you like and looking at them in their relation to their position near to the stands’ rail. I still used the Geegeez Query Tool to give me the relevant data, but it took me more time to adjust and sort out the final figures:
These stats indicate there may be a slight stands’ rail bias as horses drawn 2, 3 or 5 stalls from the rail are all in profit. Also the each way percentages for those drawn within five of the rail are all over 30%. Having said that, it is not something that one could be too confident about. What I would be more confident in is that horses drawn ten berths or wider from the stands’ rail look at a disadvantage. This correlates with the 11+ runner draw splits mentioned earlier.
Onto a more recent data set looking at the past five seasons (2015-2019). Here are the draw splits for the 100 races that have occurred during this time frame.
No surprises here with an even looking split.
The A/E values correlate with long term figures shared earlier:
Again middle draws have offered the best value.
Time for the 5 year stats for individual draw positions with the same twist as discussed earlier (draw positions effectively reversed):
The slight rail bias that was mooted earlier is not displayed with this more recent data set. However, as you would have probably expected the stats indicate that horses drawn ten or further from the stands’ rail remain at a clear disadvantage.
Musselburgh 5f Pace Bias (8+ Runner Handicaps)
Let us look at pace and running styles now. The overall figures (2009-19) are thus:
As is often the case, front runners enjoy a decent edge – as 5f biases go it is around the overall UK course average. Hold up horses have a poor record and look best avoided unless the pace is likely to be frenetic.
The front running bias does seem to strengthen slightly the firmer the going. The stats for qualifying races on going described as good to firm or firmer is as follows:
Improvements in strike rate, A/E value and IV; also the each way placed percentage increases too.
In terms of field size there is no clear change in front running bias.
Finally in this five furlong section a look at draw / pace (running style) combinations for front runners over this minimum distance. Remember this is looking at which third of the draw is responsible for the early leader of the race (in % terms):
Higher draws get the lead more often than any other third. You would expect this as they are drawn closest to the rail. I must admit that I had expected the high draw percentage to be a bit nearer to 50%.
The draw/run style heat map, sorted by Percentage of Rivals Beaten, again points to early leaders from a pace perspective and middle to high from a draw perspective. (Any score above 0.55 implies a bias to that section, below 0.45 a bias against that section).
To conclude, in terms of the draw, higher draws are at a disadvantage as the field size gets bigger, with draws ten or further away from the rail having a particularly poor record. Pace wise, front runners have the edge and this seems to strengthen on firmer ground.
Musselburgh 7f Draw Bias (8+ runner handicaps)
As mentioned, there are no six furlong races at Musselburgh, so the next distance we'll review takes in the round course and the seven furlong (seven-eighths of a mile) range. The 7 furlong trip has had 189 qualifying races from 2009 to 2019 which is another decent sample. Here are the draw splits:
The 7f trip sees low draws start closest to the inside rail. However, this does not appear to give them any concrete advantage.
Let’s look at the A/E values to see if they correlate with the draw percentages:
Similar A/E values offering no real edge.
Drilling into the stats when the going gets softer there is a suggestion that low draws have an advantage. The problem is that there have only been 19 races on soft or heavy ground. Having said that, 12 races have been won by low-drawn runners compared with just two for higher-drawn horses. The placed stats strongly favour lower draws, too, under such conditions, but 19 races is far too small a sample to take at face value.
Time to look at what the individual draw positions offer over the 11-year period between ’09 and ’19. We can view these in the normal way:
Nothing particularly significant here as one might expect looking at the other draw data. However, draws 1 and 2 clearly have the best placed strike rates which is interesting.
On that theme you could have made a 36 point profit backing the two lowest draws in one point reverse forecasts over the 189 races. There were enough winning bets to create a small profit. For tricast fans, perming the three lowest draws in full cover tricasts would have yielded a huge profit of just under 3600 points! There were only five winning tricasts, though, and the profit basically relied on one monster payout.
Onto the last five seasons for 7f handicaps at Musselburgh. There have been 94 qualifying races since 2015, with the draw splits as follows:
These are similar figures to the longer term ones. Higher draws have performed slightly worse in the last five years but it is likely not statistically significant.
Onto the A/E values (2015-2019):
Middle draws have been the best value of the three draw thirds in the last five seasons. However, there is no edge to really take advantage of.
Now a look at the individual draw figures for this latest 5-year period:
Again nothing clear cut and ultimately 7f races offer little interest for the draw punter (despite those aforementioned forecast and tricast figures). The PRB3 data - a rolling three-stall average of percentage of rivals beaten - suggests that the course constitution does slightly favour inner-drawn horses, though this has so far yet to manifest itself in bottom line profit. Nevertheless, it is worth being aware of.
I will be looking closely at any future races on softer ground, though, as it is possible that there could be a low bias under those conditions. Here is the same view, but on soft or heavy going:
Moving on the seven-furlong handicap pace data, here are the overall pace figures going back to 2009:
This makes much better reading and front runners have a very strong edge, even more so than over 5f. More recent data offers a similar picture so this is a bias that we must try and use to our advantage.
This front running edge looks to be stronger as the ground starts to soften. On good to soft or softer there have been 47 races giving the following splits:
There also seems to be a slight increase in front running bias when the field size grows. In races of 11 or more runners, front runners win 21% of the time with an A/E value of 1.85; in races of 8 to 10 runners the strike rate is still 21% but the A/E value drops to 1.50. It should be noted that mathematically it is harder to win in bigger fields so even though both win percentages are at 21%, it is clear that in effect front runners have been more successful in bigger field races.
Let us now look at the draw / pace (running style) combinations for front runners over 7f.
Lower drawn horses get to the early lead more often – they are positioned closest to the inside rail so this is what we should expect. Having said that I would have expected a higher figure than 40%.
The draw / run style heat map offers a perfect diffusion of green to dark orange when viewed on PRB; this is normally a strong indication of a repeatable bias:
To conclude, over 7f the draw in general is extremely fair, but possibly lower draws have an edge in soft or heavy conditions. Pace wise, however, front runners have a bankable edge in all conditions which seems to increase on good to soft or softer going.
Musselburgh 1 Mile Pace Bias (8+ Runner Handicaps)
I will start our mile handicap analysis by looking at the 2009-2019 data - 90 races during this period have given the following draw splits:
There is no clear draw bias looking at these stats, but when you break the data down into halves, the bottom half of the draw won 61.1% of races to the top half figure of 38.9%. Hence a slightly lower draw seems preferable.
Let us break the mile draw data down by stall position:
Draws 1 and 2 both have decent A/E values and, breaking the data down further, stalls 1 to 4 have been 2.1 times more likely to win than draws 10 or higher (A/E values of 0.93 versus 0.66). Hence taking all things into account a lower draw seems preferable over a very high one, as reflected in the below IV3* chart:
*more information on IV3, and all of our metrics, can be found here.
The last five seasons have seen a fairly even split draw wise when splitting into thirds; draws 10 or higher have continued to struggle winning just twice from 37 runners. A look now at the pace findings for this 1 mile trip going back to 2009:
As with the two shorter distances, front runners have a definite advantage over a mile. This is one of the strongest mile pace biases in the country and it should also be noted that exactly half of all front runners went onto finish in the first three. Horses held up at the back early do not have a good record once again. The bias is consistent across all going and field sizes, although you could argue that in smaller fields (8-9 runners) it has been slightly less potent.
Finally in this section a look at which part of the draw gets to the lead first:
Although lower draws are positioned next to the rail, they do not get to the lead the most. This is probably due to the fact that there is nearly 4 furlongs until the first (and only) turn and wider drawn jockeys are keen to get a more expedient trip.
Again, we can see the golden triangle when looking at draw / run style in concert, though this time it more a 'led' bias, with a mark up for low drawn prominent and midfield (ground saving) racers.
As with 5f and 7f handicaps, over one mile the front running pace bias offers the most interest and it is a strong one. Draw wise I would always prefer lower draws over higher but all in all I don’t perceive it to be a significant factor.
Musselburgh 1 Mile 1 Furlong Pace Bias (8+ Runner Handicaps)
There have been only 44 qualifying races at this distance but some interesting findings:
Higher draws seem to have an edge and the A/E values strongly correlate:
My concern with these figures is that they are not easy to explain – if low draws had this advantage I would assume there was an inside rail bias; with higher draws having the edge it makes virtually no sense. The most likely scenario is simply down to variance as the sample size is not that big in reality. However, it may be that jockeys are able to play more of a waiting game by dropping high-drawn horses in at the back of the pack. All may be revealed shortly!
Let’s break the data down by individual draws to see if that helps:
It is difficult to make much of this either – the unusually good stats for stall eight reinforces my belief that the draw splits cannot be relied upon.
Onto pace now, and below is performance by run style.
Once again at Musselburgh we have a decent front running bias and hold up horses have an even worse record than the three shorter distances, so bang goes that theory about why wide-drawn horses have fared best!
This is surprising as normally the longer the distance, the harder it is for early leaders to make all the running; likewise longer distances normally see a much higher percentage of wins for hold up horses.
To conclude, there is a strong pace bias for the fourth consecutive distance over 1m1f. The draw stats suggest a high draw bias; but, as stated earlier, I am struggling to rationalise this in the overall context, even though the PRB data support the win and place tables above. Weird!
Musselburgh 1 Mile 4 Furlong Pace Bias (8+ Runner Handicaps)
This is the longest distance I have looked at in any of the articles but I would like to share one set of stats. The draw is fairly even and, over 12 furlongs where they start just before the winning post and make a full loop of the track, I do not feel it is worth going into too much detail.
But pace wise we continue to see that front running edge, even over this relatively long trip. Here are the 2009-2019 stats, taken from the geegeez Pace Analyser:
The figures suggest that this may be the distance where the front running edge is at its strongest. This is very surprising given the distance we are talking about. Maybe it is down to the fact there is additional sharp bend soon after the start at 1m4f and front runners get more of an advantage going the shortest route into that turn.
Musselburgh Draw and Pace Bias Summary
Although there is little out of the ordinary in draw terms, Musselburgh is a course of real interest when viewed from a pace angle. Looking for potential front runners at all distances from 5f to 1m4f is definitely a strategy worth considering. The draw is generally not a major factor but there are subtleties that one needs to be aware of.
Thanks, as always, for reading, and good luck!
- DR
https://www.geegeez.co.uk/wp-content/uploads/2020/06/MusselburghRacecourse.jpg319830Dave Renhamhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngDave Renham2020-06-29 09:01:292020-06-29 09:01:29Musselburgh Draw & Pace Bias
Almost a month in from the resumption of racing, today we await the publication of the names of the horses that will comprise the first-ever five-day entry for the Derby, writes Tony Stafford.
Historically a race which closed long before any of its eventual protagonists had even flexed their muscles on a racecourse, this year owing to Covid-19 the original entry stage structure had to be scrapped.
Many years ago, changes of ownership after entry meant horses were barred from running in the race and, famously, the death of one giant of the industry, owner-breeder Major Lionel B Holliday, meant that his colt Vaguely Noble was ineligible for the 1968 Epsom Classic.
The seven-length winner of the Observer Gold Cup (now Vertem Futurity), a month earlier Holliday’s son Brook, realising this issue, had entered him for auction at Tattersalls where he was sold for a record 136,000gns. Switched to race in France as a three-year-old, eventually running in the colours of Nelson Bunker Hunt, in the care of the great Etienne Pollet, Vaguely Noble proved himself the undisputed champion of his generation.
Sir Ivor had been favourite for the 1968 Derby and the Vincent O’Brien-trained and Raymond Guest-owned colt exuded class and speed when he easily cut down the raw Connaught, trained by Noel Murless in the last furlong at Epsom. Sir Ivor went on to Longchamp but was no match for Vaguely Noble who was his equal him for speed but had much the greater stamina.
Less than a generation after Vaguely Noble, buying Epsom contenders after they had shown their mettle in the trials had become commonplace, and one man constantly on the look-out for potential Classic horses was the Italian industrialist Antonio Balzarini. In May 1988 he bought Carroll House from his original owner-breeder, Gerald Carroll, after he had finished a close second in the 1988 Italian Derby.
Balzarini wisely left the colt with Michael Jarvis, his original trainer, and was rewarded in November the following year when Carroll House won the Prix de l’Arc de Triomphe. A sale to stand in the Yoshida family’s Shadai Farm in Hokkaido, Japan, soon followed.
Jarvis had also trained the owner’s Prorutori to win the Italian Derby the same year. Balzarini, through my Daily Telegraph colleague and long-time friend George Hill during that period did the deal, acquiring the filly Atoll from Robert Sangster. She won the 1990 Italian Oaks and was the neck runner-up to Knight’s Baroness in that year’s Irish Oaks.
Two years later, Balzarini was impressed by the Lingfield Derby Trial victory of Assessor, a staying-bred colt trained by Richard Hannon for Bjorn Nielsen who 28 years further down the road, will be hoping that his own life-long love affair with the Derby might be finally realised on Saturday through the favourite English King, also the Lingfield Derby Trial winner.
I had got to know Bjorn Nielsen as a racecourse acquaintance a few years before that, and I am indebted to Alastair Down for today’s Racing Post profile of the owner to fill in some forgotten details. As Down relates, Nielsen was born and raised in South Africa – to Swedish parents. The family moved to Australia where he developed his love of racing and pedigrees, before they came to live in Epsom in Bjorn’s teenage years. Talent on the tennis court brought a sports scholarship to the United States, excelling on the highly-competitive college circuit. A lucrative career as a trader in the metal exchanges followed, eventually founding his own company, which funded his racing and breeding exploits.
George Hill knew I often saw Bjorn on the racecourse and, seconds after Assessor won, he called me and passed on a bid from Mr Balzarini. At the time I did not believe he could win what was going to be a good Derby, so fully expected the offer of £1 million to be enough to sway the colt’s owner. After a short period of balancing the pros and cons, he told me: “No, thank him for the offer, but I grew up in Epsom and I can’t pass up the chance of winning the Derby”.
I remember seeing Bjorn and his family in the owners’ dining room before the race. I was there, obviously in my journalistic role, but also as a friend and supporter of Mrs Virgina Kraft Payson, owner of St Jovite, trained by Jim Bolger to whom I had introduced her. He ran a great race finishing second to Dr Devious, trained at Robert Sangster’s Manton stables by the young Peter Chapple-Hyam.
St Jovite turned the form around in the Irish Derby, winning by 12 lengths in record time at The Curragh, but then, having won the King George and Queen Elizabeth Stakes by an unchallenged six lengths, was pipped by Dr Devious in the Irish Champion.
Over the next few years I made numerous calls to the New York office of Mr Nielsen, always being reminded by his secretary that my voice was uncannily like that of the English-born journalist Robin Leach, who had made his fame and fortune in Las Vegas fronting and producing the television programme, Lifestyles of the Rich and Famous.
Then in October 1995 I stayed for a few days at Mrs Payson’s house on Long Island, and arranged to meet Bjorn at his office on Wall Street. After making my acquaintance with his secretary who repeated my inner-London vocal exactness with the Perivale-born Mr Leach, we went out to a deli for a six-inch thick beef sandwich after which I was advised to catch the race special to Belmont Park.
Arriving at Grand Central station, I found I was too late for that service, having to abort at Jamaica station where I was told a taxi could be found. Apparently my driver, the only one available, had recently arrived in the City and his lack of local knowledge, and the general direction of Belmont Park was only exceeded by his non-grasp of the English language.
After asking “Balma?” a couple of times; on seeing a green expanse on the left side he pointed and said “park!” Luckily we soon arrived at a bus stop where a queue of around 15 women waited. I asked him to stop, rolled down the window and called out: “Does anyone know the way to Belmont Park?” One lady said she did and offered to join me to help direct the driver towards the destination.
She said that her son Joe was in the racing business: “He works for Godolphin in Dubai”. I apologise to the kind lady who did indeed put us right for Belmont for not remembering her surname. She had been among a crowd of 75,000 people attending a blessing by Pope John Paul II at Acqueduct racecourse that morning.
I told her that my son had been based in Dubai the previous winter and I can exactly pinpoint the date of his departure for a six-month stint in Sheikh Mohammed’s sports club coaching his young kids in various sports. It was Saturday November 19th 1994, the date when the National Lottery was launched. He was based in the same apartment complex with Vince (now Victoria) Smith and Johnny Murtagh and the trio played plenty of cricket together while he was over there. Joe, I discovered when I checked later with my son, had also been staying in the same block. Papal intervention indeed!
Bjorn Nielsen’s study of pedigrees has famously produced one of the greatest stayers of any generation, one to stand comparison with Ardross, Le Moss, Sagaro and Yeats. If there’s ever been a better example of the speed that is still required for a champion stayer, you would struggle to improve on the latest of his three Gold Cup wins at Ascot.
Now Nielsen is relying on his €210,000 Arqana sales purchase to fulfil that Epsom ambition. By a Derby winner, Camelot, who just missed out on the Triple Crown, himself a son of French and Irish Derby winner Montjeu, he has more than enough genetic quality for the job. His Derby Trial triumph was much more obviously compelling than Assessor’s all those years ago. Assessor, for his part, raced on until six years of age, winning good staying races, later becoming a successful jumping stallion.
It must have been more than a little disconcerting for the English King team and the rest when Aidan O’Brien suggested after Santiago’s Irish Derby win on Saturday that it was not impossible that one or more of his runners, which included the first four home in that race, might be joining his already formidable Derby squad, headed by Russian Emperor, if they make the right signals on the gallops this morning.
I would be especially wary if he comes across with the neck runner-up, Tiger Moth. In only the third race of his life he stayed on so well in the last furlong that it momentarily looked as though Emmet McNamara might be following Padraig Beggy as a second consecutive unlikely winner of the Irish Classic. By the inevitable Galileo, he would seem an ideal candidate for Epsom Downs.
Beggy’s win on Sovereign last year was questioned in many parts after the apparent pacemaker capably fulfilled the first part of his task but palpably failed in the main objective, to usher home the Epsom hero Anthony Van Dyck, who never got nearer than his six- length second place at the line.
Sovereign had been off the track from one Derby Day to the next and put in a totally different type of display. He showed clear signs that, like the recently-retired Kew Gardens, who got the better of the Gosden champion on Champions Day at Ascot last October, he could become a challenger for the important staying prizes.
Seamie Heffernan held him up at the back of the field, and his strong run into a closing third behind smart stayer Twilight Payment in the Group 3 Vintage Crop Stakes was one of many highlights on a great Curragh weekend graced in magisterial style by Magical. Her Pretty Polly exhibition was a fourth Group 1 success among ten wins from 22 starts.
Meanwhile, back at Epsom, The Oaks is also up for grabs on Saturday and it will not be easy to wrest the initiative from the two Ballydoyle 1000 Guineas winners from either side of the Irish Sea, Love and Peaceful.
- TS
https://www.geegeez.co.uk/wp-content/uploads/2020/06/englishking_LingfieldDerbyTrial.jpg318830Tony Staffordhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngTony Stafford2020-06-29 07:24:322020-06-29 07:24:32Monday Musings: Bjorn to be King?
3.00 Newcastle : Nkosikazi @ 5/1 BOG (7/2 after a 30p Rule 4 deduction)WON at 9/4 (Made all, driven and joined over 1f out, stayed on well and pulling away inside final 120 yards to win by 2.5 lengths)
Before I post the daily selection, just a quick reminder of how I operate the service. Currently, I'll identify and share the selection between 8.00am and 8.30am and I then add a more detailed write-up later within an hour or so of going "live".
Those happy to take the early price on trust can do so, whilst some might prefer to wait for my reasoning. As I fit the early service in around my family life, I can't give an exact timing on the posts, so I suggest you follow us on Twitter and/or Facebook for instant notifications of a published pick.
...in a 6-runner, Class 6, Flat handicap for 4yo+ over 6f on Good To Firm ground worth £2,782 to the winner...
Why?...
Well, the logical place to start is the racecard...
...which tells me that this former C&D winner hasn't actually won recently, but did finish in the frame last time out just a week ago, so perhaps a return to form is imminent? That, of course, remains to be seen. However, this runner does pop up on one of my reports, denoted by the 1 under the name, so let's look at...
...that number 1...
To put the above into context, 5 places from 8 (62.5%) including 2 wins (25%) here at Windsor might not initially seem worth hanging a bet on and you'd be right. In isolation, it isn't, but this 6 yr old mare's career record over 52 races shows a place record of just 28.8% and a win ratio as low as 7.7% via 15 places from 52 including just 4 wins.
So, a third of her total place finishes and half of her wins have come on this track from just 15.4% of her races and of that 2 wins & 3 places from 8 here at Windsor...
all came in handicaps
2 wins, 2 places from 5 at 6-15 days since her last run
2 wins, 1 place from 3 on good to firm
and the same 2 wins, 1 place from 3 in fields of 1-8 runners
Referring back to her overall meagre 4 wins and 11 places from 52 starts, as well as enjoying success here at Windsor, her career stats also offer the following snippets of encouragement...
4 wins, 7 places from 38 at 6-30 days since last run
4 wins, 5 places from 17 in fields of 5-8 runners
3 wins, 9 places from 38 for trainer John Bridger
3 wins, 9 places from 30 over a 6f trip
3 wins, 6 places from 26 on a straight track
3 wins, 1 place from 10 on Good To Firm
and 2 wins, 5 places from 18 for today's jockey Kieran O'Neill
...whilst on a straight good to firm strip at 6-30 dslr in a field of 5-8 runners for John Bridger, she is 3 from 5 (60% SR) for 13.89pts (+277.8% ROI).
The final part of the racecard that I want to briefly touch on, is the SR column, which over shorter trips is very relevant and the following should be self-explanatory...
The obvious elephant in the room is that this mare has no win in 24 races since a win here over 5f on 20/08/18 off a mark of 72 and is now rated some 27lbs lower, but that hasn't put me off either as...
...including the following dozen angles of relevance today...
17/69 (24.6%) for 47.46pts (+68.8%) in races worth less than £4k
17/63 (27%) for 51.91pts (+82.4%) at trips shorter than 9 furlongs
15/39 (38.5%) for 59.61pts (+152.8%) at 1-15 dslr
14/45 (31.1%) for 53.92pts (+119.8%) with horses who last won 12 or more races ago
12/43 (27.9%) for 49.03pts (+114%) off a mark (OR) of 45 to 55
12/38 (31.6%) for 41.16pts (+108.3%) on the Flat
11/50 (22%) for 33.74pts (+67.5%) at Class 6
10/38 (26.3%) for 31.46pts (+82.8%) last won 1 to 2 yrs earlier
9/29 (31%) for 25.98pts (+89.6%) during April to July
5/15 (33.3%) for 15.58pts (+103.9%) running off marks 12lb or more lower than their last win
5/9 (55.6%) for 21.95pts (+243.9%) here at Windsor
4/14 (28.6%) for 13.88pts (+99.2%) with Kieran O'Neill in the saddle
...and although I don't want to dilute the numbers too much, I found it interesting to note that those who hadn't won for 12 or more races, but were turned back out in a race shorter than 9f worth less than £4k after just 6-15 days rest were...
...giving us...a 1pt win bet on Porto Ferro @ 3/1 BOG as was widely available at 8.10am Monday, but as always please check your BOG status. To see a small sample of odds offered on this race...
P.S. all P/L returns quoted in the stats above are to Betfair SP, as I NEVER bet to ISP and neither should you. I always use BOG bookies for SotD, wherever possible, but I use BFSP for the stats as it is the nearest approximation I can give, so I actually expect to beat the returns I use to support my picks. If that's unclear, please ask!
https://www.geegeez.co.uk/wp-content/uploads/2015/09/stat_of_the_day_white_letters-e1460311997762.jpg319830Chris Worrallhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngChris Worrall2020-06-29 07:12:012020-06-29 08:31:59Stat of the Day, 29th June 2020
Definitely a week of ups and downs starting with a run of four defeats including a few poor performances and then a better end to the week with two winners.
And despite both winners having their odds reduced by Rule 4 deductions denying us 2pts profit, we still cleared almost 3pts on the week.
So with two more picks to come, our worst case scenario for June has now moved on to +27.17pts, one of our best ever months and the best since we made 31.75pts in January 2019. We'd need a 4/1 winner to beat that figure, whilst a 5/1 success would give us our best ever, beating January 2012's 32.82pts.
Next pick will go live shortly after 8.00am Monday.
Chris
Selections & Results : 22/06/20 to 27/06/20
22/06 : Air Force Amy @ 13/2 BOG 2nd at 9/2 23/06 : Peachey Carnehan @ 10/3 BOG 5th at 11/4 24/06 : My Valentino @ 10/3 BOG 7th at 9/1
25/06 : Princess Way @ 6/1 BOG 9th at 9/1 26/06 : National Anthem @ 7/2 BOG (3/1 after a 20p Rule 4 deduction)WON at 10/3
27/06 : Nkosikazi @ 5/1 BOG (7/2 after a 30p Rule 4 deduction)WON at 9/4
22/06/20 to 27/06/20 : 2 winning bets from 6 = 33.33% SR
P/L: +2.83pts
June 2020 :
8 winners from 24 = 33.33% SR P/L: +29.17pts
ROI = +121.54%
2020 to date :
17 winners from 85 = 20.00% SR P/L: +15.00pts
ROI = +17.65%
P.S. The full month by month SotD story can be found right here.
P.P.S The review of SotD's 2012 performance is here. Whilst the details for 2013 are now online here.
And the figures for 2014 are now available here. Our review of 2015 can be found right here Whilst 2016's details are right here The full story from 2017 can be read here. Whilst the yearly review for 2018 is right here
Stat of the Day is just one component of the excellent package available to all Geegeez Gold Members, so why not take the plunge and get involved right now?
Feidhlim Cunningham – From Trading Room to Training Yard
Racing and betting can be uncomfortable bedfellows, especially if you listen to some trainers about bookmakers, but the association does not seem to bother Champion Hurdle-winning handler Gavin Cromwell. Instead, Cromwell has been using the relationship to his advantage, employing former Paddy Power odds complier Feidhlim Cunningham as his race planner since 2018, writes Tony Keenan.
The pair first met in 2016 when Cunningham acquired Bottleofsmoke, a nine-race maiden, out of a Dundalk claimer in July that year. “He was rated 45 when we got him and we were thrilled to get him up to 68 and I got to know Gavin through that. We were plotting a course with him so I’d ring him and say there’s a race in four or five weeks that would suit and he always seemed appreciative of that. I hadn’t a clue about the training side but it worked well and he also managed to get a win out of a limited bumper horse at Stratford that I had with a few friends.”
Like many before him, Cunningham got into racing at college where he was a self-described ‘maths nerd’ but spent most of his time in University College Galway punting. After that, there were two years at a spread betting firm where the learning curve was steep. “You had to be so accurate there. At Powers, you could be 5’s about something that should be 10’s but you weren’t getting filled in by being too short on it whereas with the spreads, punters can lay the other side of it.”
There followed five years of odds compiling at Powers where he did “mainly Irish racing… learning plenty from the more experienced lads and as you watch racing everyday, your race reading improves.” He loved working there, “I was dying to go into work and did all the extra hours going”, but at the end of 2017 felt it was time for a change. That was where Cromwell came in and asked him if he wanted to place a few horses and two years later he’s still there.
A typical day for the racing manager starts on the gallops for first lot; this is a relatively new development as he tries to improve his knowledge of the pure training side. Cunningham is at pains to point out that his job is “racing manager rather than assistant trainer… my knowledge of the physical animal would be limited compared to lads working them their whole lives; I know that and Gavin knows that, I’m there to do the job of form.”
“From there, it’s back to the office for declarations at 10am, booking jockeys, declaring headgear, doing the entries for five or six days ahead before liaising with owners about their horses.”
Some parts of the job are not all that different from his previous occupation: “I’d be half pricing races up in my head and trying to rate them one to five in terms of quality to see what our best option is. I try to have a good idea what engagement we will take up from weights stage, the day after declarations while also keeping an eye on other horses’ entries.”
Other parts of the job are just “a lot of boring office stuff like vaccinations” but he often goes racing when the trainer needs representation; that can be a very nice part of the job when things work out, not so much when there is some explaining to do. Dealing with owners is something he enjoys, some of whom will take an active interest in placing their horses, while his background in the betting industry can be useful for those inclined towards a punt.
There is a plan for every horse in the yard, no matter their ability level, and those are done in conjunction with the trainer. “I give him a list of horses and he tells me when they’ll be ready. I can then make a plan, the odd time I’d try to twist his arm. Every horse has a target but those plans are flexible. If it is not working, we will just change it.”
Last year’s Bellewstown July meeting was a time when the plans of a number of horses came together, the yard managing seven winners across the four-day meeting. “We targeted Bellewstown as a festival last year and aimed to have as many runners primed for it as we could. We picked out a number of horses that would be suited to races there four to six weeks beforehand; it just meant that we would go there instead of an alternative race a week or two either side of it. It is Gavin's local track and thankfully things worked out, he got them there in great nick.”
Plans will typically start with the aim of winning a race in Ireland but if the horse is struggling, they are not afraid to travel. “The initial aim is to win at home but the likes of Dundalk can be very competitive in the winter and, as Gavin says, we want winners.” When placing horses in the UK, Cunningham says that the “fully transparent entries and declarations are a massive help to race planners as can see what is entered before the race closes. Not all trainers have time to look through every race and we’ve won several races in Britain because of that, the Perth Silver Cup with Callthebarman was one example.”
Cromwell’s yard has grown exponentially in recent years; from 18 winners in 2016, their winners have gone 28, 45, 88 in the three years since. They were one of six Irish National Hunt yards to have at least 100 individual runners last season along with Mullins, Elliott, de Bromhead, O’Brien and Meade. This spurt is by design: “when I came here, Gavin was saying he wanted to give it a real go, the aim is to keep growing, you either compete or you don’t. We have a great team in the yard. Jonathan Moore has come in as stable jockey and done really well for us; we have one of the leading conditionals in the country in Conor McNamara, who went from strength to strength last season, and we also have the valuable claim of Breen Kane. Everyone in the yard works extremely hard to achieve the best results that we can.”
Part of that scaling up might be getting the bigger owners on board: this is a yard that, outside of JP McManus, is made up of “the smaller man, the medium man, syndicates”. Cunningham points out that “22 of our winners last year cost ten grand or less, we don’t aim for that and would like a higher quality of horse but we work with what we have”. On the broader subject of attracting new owners he says, “you hope what you’re doing with your horses will be evident to lads, we purchased a couple of horses from big owners that we did well with and that might perk their interest. If you do it on the track, you hope these lads will come to you”.
Getting bigger is not without its difficulties and he warns that “you don’t want to lose the personal touch, and Gavin has time for everyone”. Cromwell is described as a “good delegator” and you get the impression he is not afraid to back his staff. He is “upfront with owners which people tend to appreciate”. He also says his boss is “a brilliant judge of when a horse is or isn’t right” though this is more “a feel thing” than rooted in data.
Cunningham says that Cromwell’s best trait as a trainer is that “he gets the best out of them. He is very level-headed, he doesn’t get too down on himself when things don’t go right and he doesn’t get carried away with success. You don’t see many leaving and doing better elsewhere. The job he did with Espoir D’Allen was different class. To win a Champion Hurdle in the fashion he did really put Gavin’s training abilities in the limelight. Every quality horse he has had has fulfilled their potential”. Darver Star was freakish in this regard – “you just can’t explain his rate of improvement” – but there are other highlights from his time in the yard.
Lever Du Soleil won four in a row in the UK last summer. “We had three picked out and knocked a fourth out of it too but it’s not every horse that can go over and back like that. Over there, the way penalties work, you’ve got more chance of running up a sequence. He went from 54 to 84 in 18 days and it’s funny, lads remember that even though it’s low grade, it captures the imagination”.
The late decision to run Jeremy’s Flame (finished second) in January’s Tolworth Hurdle was another proud moment. “She was a late entry for that race getting the allowance and from my time in Powers I am inclined to take on the talking horses that haven’t done it yet so she was entitled to take her chance. 6/1 for a Grade 1 and 6/1 for a handicap on her next start, that was a good bit of placing”.
Patience and looking ahead is important in his job. “Top Of The Charts won four times last season and from a race planning side there were only two hurdles in the whole calendar that were backing up where he could win at the grade and back up under the penalty within 6 days. That worked well when he won at both Down Royal and Clonmel in late August and early September.”
Finding the next one is a major part of his job and one of the most challenging and rewarding aspects. “With the horse-in-training sales, I’ll go through every single horse which is a fair task as there are 1,500 in some of them. I’ll make notes on everything, go to Gavin with a list of 40-50 that I think have upside, he’ll look at them physically and scratch three-quarters of them on physical aspects he doesn’t like, the other 15 we’ll bid on and hopefully come home with four or five.
“He is happy to back me on form and we have done well from these sales. Wolf Prince was a good one, he won twice and finished second in a Grade 1 juvenile hurdle last season while Running In Heels [despite being nine when she joined the yard] won four times in 2018 having been purchased for £2,500.” Cunningham says that one of his strengths is that he comes at it “from a betting & form approach, not taking lads’ word as gospel who might be down on the horse for one reason or another.”
Doing his own video form and analysis, he is inclined to ignore the noise and “go with the formbook or the angle we have that might see them improve”. There are times when he hears something negative afterwards from someone previously involved with the horse but “you have to back yourself and it has worked out so far.”
Tony Keenan was speaking with Feidhlim Cunningham, race planner for trainer Gavin Cromwell
In part 6 of his outstanding series, Russell Clarke looks at the bigger picture through the prism of short-term hiccups. Russell's previous articles can be found here.
IT’S ALL ABOUT THE ODDS
Value betting as an accepted modus operandi is a relatively recent concept in the mainstream betting world. The Pricewise column in the Racing Post during the 1980’s was the flag bearer and the continued success of that column has seen the concept of value become uppermost in the minds of most intelligent backers. We accept that value is subjective and that the market is accurate but we believe we are shrewd enough to spot the anomalies, otherwise why bother betting at all?
What image comes into your mind when you hear ‘professional gambler’? A James Bond type, suave and handsome, standing at a roulette wheel, martini in hand and a gorgeous blonde draped over his shoulder? He pushes forward a huge pile of chips onto a number, and watches with smug certainty as the ball falls into the right slot. Yep, that’s me...
This is all absolute nonsense of course. For a start, James Bond’s favourite game was baccarat not roulette. Secondly, if you shake a martini you chip the ice and just get a watered down drink. Thirdly, those lazy gender stereotypes went out of fashion a very long time ago around these parts. And fourthly, neither James Bond nor anyone else in the history of human civilisation (fictional or real) has ever been able to accurately predict where the ball will finish on a roulette wheel. A roulette wheel is an efficient random number generator, and the only way to beat it is by having the odds on your side.
So how do successful gamblers win? How do some investors make loads of money, when most investors lose? Every successful professional gambler/investor in history has something in common: they bet with Positive Expected Value (EV+). An EV+ is having the odds in your favour. Over time, if the odds are in your favour then you will win. How to calculate EV was covered previously in the article on Price Boosts (Episode 4).
So the reality of professional gambling is somewhat less glamorous than the James Bond fantasy. A pro gambler is much more likely to be found reading a newspaper, perusing a website, or playing with numbers in a spreadsheet than standing in a casino, drinking and flirting with the opposite sex. The reality of professional gambling is mostly a little dull, and unfortunately there’s no way of explaining the basics that will be a roller-coaster ride of page-turning excitement. So, I won’t even pretend to try.
But if you master the basics it could just be possible for you to become filthy stinking rich through professional betting. Witness Messrs. Bloom and Benham, and just look at Warren Buffett. The latter leads a frugal, slightly eccentric life, with his head buried in a newspaper most of the time. But, depending on what the US stock market has done in the previous couple of days, he may very well be the richest man in the world as you read this (he isn’t, but it read quite well, so I have left it in!).
All Warren Buffett has done his whole life is practice ‘value investing’. He’s a professional gambler. He bets on the share prices of companies. He buys them for less than they’re worth and then sells them for more than they’re worth. That’s it. He understands randomness, he recognises value and he has developed investing methods to turn that value into EV+.
VARIANCE (or Randomness)
The first step to becoming a successful investor is to understand variance. Variance is a theoretical concept that you need to ‘get’ before you can move on. It is invisible, but you have to know that it’s there, and how it works. Like a physicist has to believe in, and understand, gravity even though he can’t actually see it.
Understanding variance/randomness is the opposite of believing in fate. Events are not preordained. Events are chaotic and random. Nothing happens ‘for a reason’. Things just happen because events that take place, no matter how small, have an effect on everything around them (sometimes known as 'the butterfly effect').
The influence of the laws of cause and effect are at play all around us, every second of every day, everywhere in the universe, from the moment of the big bang (if you believe in that). Anything that can happen, might happen. Indeed, it will happen if you wait long enough. Everything that happens in the universe does so within a framework, the ‘laws’ of how the universe works. These are the rules of the game. Our best way of describing these laws is with:
The standard model of particle physics
Einstein’s general law of relativity
Essentially, the force of gravity and the speed of light are fixed. Everything that happens in the universe conforms to these laws, but what actually happens within the framework that these create is random and chaotic. There is loads of stuff in the universe, moving around, so it is interacting all the time with lots of other stuff. Even the tiniest event, the briefest collision between the most tiny and insignificant of these can set off a chain reaction that leads to a radically different outcome than would be observed if the tiny event hadn’t taken place. By the way, if you are a physicist you will know that some of what I have just said is not strictly true. I know this because my youngest daughter is a physicist and she has pointed this out... daughters, eh?
OK, enough already with the physics. What on earth has all this got to do with gambling? Everything, is the answer because games of sport, hands of cards and the economies of the world all work in the same fundamental way as the universe: there are rules and there is randomness. That’s all.
Take a football match. The rules are fixed. There will be 22 players, a referee, a rectangular field and 2 sets of goals. The referee will blow his whistle and the players will start to play. What happens over the next 90+ minutes on that rectangle is random. There is a discernible and predictable pattern to the randomness for sure. We can know that it’s likely that the better players will play better. The team with more of the better players is more likely to win. The number of goals scored is most likely to be between 2 and 4. Et cetera.
We can know these things, these ‘likelihoods’, by observation and research, considering data on previous similar occurrences, i.e. other football matches, especially those involving these teams and these players. But what we cannot do is predict exactly what will happen. From the moment the referee blows his whistle to start the match there is a virtually infinite number of possibilities of how the game might play out. Every decision a player makes, every spin and deflection of the ball, every instruction given by the coach, each breath of wind, every noise from the crowd that the players hear, every decision by the officials; they all come together to create a narrative, a story on a timeline across the 90 minutes that describes exactly what happened. And if you played the match a trillion times, the story would never be exactly the same twice.
This is because every variable is multiplied by every other variable to come up with the total number of possible story lines. In the infinite number of story lines a percentage of them will result in the score ending nil-nil. A different percentage will lead to 1-0, 2-0, 3-1 etc. A much smaller percentage will result in the score ending 12-7. But if it is possible that it can happen, it will happen, eventually, even if it’s a tiny percentage of the time.
Every possible outcome will be included in the percentage distribution of different scorelines that result from our near infinite number of story lines. We can look to this distribution to observe the implications of the rules of the game, the framework within which it operates. None of the story lines will end up yielding a score of 5000-0. The rules of the game are that you play for 90 minutes (plus a bit more) and that after a goal the ball gets placed back on the centre spot. The clock continues to run while the ball is returned to the middle. So there isn’t enough time for a team to score 5000 goals in a football match. That possibility exceeds the framework of the game established by the rules, so it will never happen. Nothing will ever travel faster than the speed of light.
So what are the practical implications for understanding this randomness theory? First, you understand that, fundamentally, predictions are useless. It is impossible to predict exactly what will happen because the number of actual possible story lines is almost infinite. But it is possible to guess at the pattern of likelihoods in advance. That is the best we can do, and it is what we must do.
We know that, within the framework, all the things that are possible will occur a certain percentage of times. The job of the professional gambler is to discern the pattern in the randomness; to say ‘how likely’ something is to happen. Not to say what ‘will happen’. And then to compare those perceived likelihoods against market prices.
Where the subject involves animate objects, like players, officials, fans, the pitch and weather of a football match then the pattern in the randomness cannot be projected precisely. It involves an element of guesswork. Observation, such as watching previous matches involving the teams, or analysis by looking at a league table can make the guesswork more accurate than a guess plucked from thin air. Modelling the relative strengths of the teams and the players using sophisticated analysis, and then feeding that into an engine which works out a distribution of possible scorelines can get you pretty close to projecting the percentage distribution within the infinite story lines. But it is still guesswork, even when it is very informed guesswork using a computer model.
When two boxers get into a ring the better fighter will normally win. But the rules of the ring dictate that either fighter could win. So there doesn’t have to be a ‘reason’ why Buster Douglas knocked out Mike Tyson. Randomness means that it was inevitable that it would happen at some point, if you iterated that fight over enough times. It just happened to be that night.
But where the subject involves an inanimate object such as a roulette wheel or a drum of lottery balls then we can be absolutely precise in discerning the patterns in the randomness. So long as the roulette wheel (let’s use a European wheel here with a single 0) is well made and working properly then the distribution of the ball falling into each slot will be 2.703% over an infinite number of spins of the wheel.
When a roulette wheel spins it is randomness that governs which slot it falls into. There is no memory to the wheel, no number is ‘due’ to come up just because it hasn’t come out for ages. In 1913 in the Monte Carlo Casino, the ball in a roulette wheel landed in a black slot 26 times in a row. The odds of that happening were over 67 million to 1. So while it was surprising to the onlookers (and ruinous to the ‘red backers’) the sequence was actually no more surprising than any of the other 67 million possible story lines that the 26 spins could have produced.
So the point of learning the theory of randomness is to realise that predictions are useless to a professional gambler, because they are impossible. It is impossible to see into the future. It is one of the immutable laws of nature. It is part of the framework. We need to understand that our job is not to predict, but to discern patterns in the randomness; to express how likely something is to happen, not to say what we think will happen. Once we understand this principle we can move on to Expected Value.
Positive Expected Value (EV+)
Positive Expected Value means finding investment opportunities where the odds are in your favour. It is, for instance, backing something with a 50% chance of happening at odds of 11-10.
If anything can happen (and we cannot know what is going to happen), how can we profit from betting on something that is going to take place in the future? The answer is that all you need is to be armed with an idea of how likely something is to happen, and then to know that the chance of it happening is greater than the odds being offered when you make your investment.
It’s all about the odds.
An investment is risking something in the hope of a profitable return. The profit you make when you win, divided by the amount you risked are the odds. So if you bet £100 on a horse, and it wins, and you get £400 back then your profit was £300. 300 over 100 is 3 over 1. Your odds were 3/1.
On this occasion the horse won. But how likely was it to win? If we ran the race a million times, on how many occasions would our horse win? What is the pattern in the distribution of the randomness? Let’s say out of a million races our horse wins 200,000 times. The pattern in the randomness is that our horse’s true chance of winning the race is 800,000 over 200,000. Thus the horse's true odds were 4/1.
If we bet £1 a million times on our horse at 3/1 we would lose money. We would get back £800,000 having staked £1,000,000. Our loss would be £200,000. £200,000 is 20% of £1,000,000 (apologies if this is labouring the point). 3/1 is ‘bad value’ for that horse, to the tune of 20%: the EV was only 0.8.
But if we could get 5/1 about the horse the sums become £1,200,000 return on our £1,000,000 stake. The horse becomes value, at 20%. An EV of 1.2.
When I say the ‘horse’ becomes value, I don’t really mean the horse. I mean the odds of 5/1 are value. Odds of 3/1 are not. The horse is, effectively, irrelevant. What matters are the odds that you get, not the horse itself. Any horse, no matter how slow, has a chance of winning any race that it lines up for. Those are the rules. That is the framework within which we are operating. What happens in the race on any single occasion doesn’t make the bet a bad bet. Single results don’t prove whether something was value or not, whether it was a good bet to make or a bad bet.
The truth of value investing only reveals itself over time.
There’s a paradox that gamblers have to get their head around. The difference between short-term and long-term. The only thing that matters is winning overall, in the long term. But winning on any one single occasion barely matters at all. Value investing is a war waged though a series of many, many battles. Winning or losing any single battle does not really matter. Looking back on all the battles, from a position of triumph having prevailed in the war, the fuss that you made about the loss of any single battle will seem ridiculous. Value investing is nothing to do with trying to win every battle. The only thing that matters is having the odds on your side consistently as you fight the battles, so that as the results of a great number of battles become known your superiority becomes apparent.
Even great football teams lose games. The best poker players regularly lose loads of hands. The best investors buy shares in companies who go bust. The best golfers make bogeys. Champion jockeys lose far more races than they win. Short-term losses are ultimately irrelevant. All that matters is long term overall victory.
There is a neat, simple mantra for any professional investor to adhere to:
Decisions Not Results
If you keep making the right decisions, keep betting with the odds in your favour, keep finding Positive Expected Value (EV+) then, as long as you stay in the game for the long-term, you will end up a winner.
So how do we know if odds are value? When we’re dealing exclusively with an inanimate object like a roulette wheel then we can tell for certain. While randomness dictates that the ball could land in any of the 37 slots on any given spin, we know that pattern to the randomness will play out to reveal an even 2.703% distribution in each slot over a long period. There is exactly a 36/1 chance of each slot being the winner on each spin. So to get value in betting on a single number on a roulette wheel we would need to get odds of greater than 36/1. The casino actually offers 35/1. So we can say that roulette is bad value. If you play for long enough you will lose. It is inevitable. The only exception would be if you stumbled across the equivalent of the run of 26 blacks in a row, and kept betting black. That would be the equivalent of a lottery win. Don’t hold your breath.
Poker is different. Although the cards are inanimate the other players are human, meaning that betting on hands of poker is very much chaotic and random. For a top professional player like Phil Ivey his ability to win overall at poker comes from his ability to discern the patterns in the randomness of the betting on the hands. It has nothing to do with the hands he gets dealt. Over a long term the strength of the hands he has are exactly the same as they are for any other player. It’s what he does with the betting on the hands that makes him successful.
Part of the job of understanding the randomness of poker hands comes from an understanding of the likelihood of any particular card or type of card being turned over on the flop. But it also comes from understanding opponents. How likely they are to have certain hands. Phil Ivey doesn’t know which card is going to get turned over on the flop. Nor can he know for certain which cards the other players hold. But he is able to discern enough from the hard and soft evidence at his disposal a good estimate of how likely he is to win the pot. His decision to bet or not bet is then based entirely on value. If the odds of return (the amount of money in the pot) exceeds the chance that he will win it then he bets. The exact same principle as betting on the horses. He bets when the odds are in his favour. What happens on any single hand is irrelevant. The only thing that matters is winning in the long run, winning the war. To accurately compute odds, we must take a trip to the Cote d’Azur...
Monte Carlo or Bust
Monte Carlo simulations are “computational algorithms that rely on repeated random sampling to obtain numerical results”, according to wikipedia. The further definition is even more off-putting for non-mathematicians, so I will spare you that! Instead, I will attempt to explain, in layman’s terms, how a Monte Carlo simulation (MC Sim) is a useful tool in determining accurate percentages and thus, true odds.
Monte Carlo Simulation: THE 2010 WORLD CUP
A good example of how you can utilise an MC Sim was how myself and the betting syndicate I advise used it for the 2010 World Cup. First, we handicap the teams in terms of goal superiority. For example, if we top rate Spain, they were on 0.00. Germany may have been 0.2 (0.2 goals inferior to Spain), Brazil 0.3, England 0.6 and so on. We then used previous World Cup data to calculate the average goals per game in first group game, second group game, third group game, quarter-final, semi-final, and final. This gave us a prediction for every group game in terms of superiority and total goals. Finally, we programmed the World Cup draw into the MC sim.
The next stage is to simply decide how many iterations (the number of times the simulation plays the tournament) and hit the Start button. Playing the World Cup 10,000 times according to the inputs gave us the percentage chance of any criteria we wished (winner, group winner, number of goals etc). As the tournament progressed, we had actual results to input as well as altered handicap marks. After every game I would generate another 10,000 iterations, get the updated percentage chances and bet accordingly. I must have played half a million World Cups!
Without an MC Sim to help you calculate EV, you can utilise the “sharp” bookmakers as the “true odds”. An MC Sim is undoubtedly ideal to predict variance, but without such an aid, your safest option is to trust your EV+ and ‘accept’ the inevitability of variance.
A real world example of this can be demonstrated by “The Best Racing System in the World” (well, possibly). This is an each-way system. The brief ‘rules’ are to back horses each-way, where the place element of the bet is EV+. These are highlighted by a simple piece of software that surveys bookmaker sites searching for odds and comparing them with the current offer with the exchanges. It is slightly more complex, but those are the bare bones. Lots of bets (sometimes hundreds) can be found in a day.
In a recent sample I saw 3,770 bets had been placed (1 pt e/w) for a profit of 1900. The system works because it calculates that there is EV+ in all of the bets at the time they are placed. In fact, the system can be improved further by laying back the win element of the bet on the exchanges (because it is the place part of the bet that holds the EV+). But, before you start clamouring for more precise details, there are notable drawbacks, primarily the logistical drawback of getting the bets on without restrictions and/or account closures.
But, more importantly, the variance with these bets is extreme and I have seen examples of 1,000+ bets making a loss despite the implicit EV+ of the proposition. That becomes psychologically demanding and leads me nicely (this hasn’t just been thrown together you know!) to the vital subject of psychology, which we will cover in detail in the next episode.
Until then...
- RC
https://www.geegeez.co.uk/wp-content/uploads/2020/06/benham.jpg320830Russell Clarkehttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngRussell Clarke2020-06-22 13:48:482020-06-22 13:48:48‘Money Without Work’ 6: Bond, Bloom, Benham and Buffett – Variance and EV+
In the event, I didn’t dress up for Royal Ascot, writes Tony Stafford. Lockdown Tuesday has become our day for Tesco shopping and Mrs S didn’t see any reason to alter the schedule even for a fixture she likes to visit once every year. She timed it nicely, so I was able to watch the first four races before setting off. I listened to Battaash and Nazeef, two of the endless stream of Hamdan/Jim Crowley winners, courtesy of John Hunt’s Radio Five Live Radio commentary, while the two-metre queue inched forward, and we were back just in time to see Blue Laureate trail the field for almost the entire 4,390 yards of the Ascot Stakes.
It would have been inconvenient on Tuesday, having to change out of Fashion Show week catwalk mode into car park waiting mufti halfway through the piece. So I didn’t bother.
Having missed it on Tuesday, the incentive to “Go Royal” after so many had already had their first-day home champagne parties lost its glister. Indeed that was more and more the case as the week progressed. By Thursday I was wondering how we had ever managed to get there at all in all those years. Driving across to pick up Harry and Alan; negotiating the M25; employing the well-worn but not generally-known short cuts like Watersplash Lane which leads down to the Golden Gates and doing all that to arrive by midday for a coffee in the box and a 2.30 start was always a real trial. Now we had to be ready for a start at 1.15 and I found it was almost impossible even without the travel.
Parkinson’s Law states that “work expands so as to fill the time available for its completion” and that adage, first formulated in the 1940’s, certainly mirrors my experience of the long weeks of isolation during lockdown.
The normal Royal Ascot routine post racing always required a quick departure after the last and a brisk stroll past the community singing as the bulk of the crowd, unaware of the potential horrors of delaying, would be left behind. Talking of the singing, I wonder if the obvious changing tide of popular sentiment in the UK will ever allow such jingoistic throw-back melodies to be allowed in future, a thought that symbolically coincided with the death of Dame Vera Lynn last week at the age of 103. Even when we got back to the car park before the queues started in earnest, the M25 was still the major obstacle, and I rarely managed to get home much before 8 p.m.
One nonagenarian who would have managed to find elements of the cut-down menu to enjoy was Her Majesty, at 94 still vigorous and, in Dame Vera terms, a relative spring chicken. While denied for the first time since the War of the full Ascot experience of which she is always such a centre-piece for so many, including Mrs S., she had to find a private way of celebrating the success of her home-bred colt Tactical. How odd that she – I presume that’s where she remained after the Trooping the Colour transposition the previous weekend – was in Windsor Castle at the precise moment that her colt was winning the eponymous event!
Her carriage routinely passes along our Watersplash Lane/ Cheapside Village route. No doubt the bunting will have been out as usual last week and the locals will have been feeling among the most penalised of all those denied that early summer feeling of normality. Now, as the days grotesquely start to grow shorter, and with Coronavirus deaths finally dropping below a thousand for the past week from a peak of 6,500 in mid-April, hopes of some degree of normality are rising.
For some stables the outward impression of the status quo remains. Royal Ascot success was largely the province of the big yards, but not exclusively so. Possibly the most remarkable were the achievements of Alan King, once almost exclusively regarded as a National Hunt specialist, but now a man for all seasons.
Royal Ascot encompassed 36 races over the five days. King had runners in five races. His Tritonic finished a half-length second to Highland Chief in the one-off Golden Gates Handicap which opened Thursday’s card and 40-1 shot Painless Potter was a creditable fifth in Saturday’s Coventry Stakes which will live long in the memory. Its victor, the Clive Cox-trained Nando Parrado, ridden by Adam Kirby for Mrs Marie McCartan, a 165,000 guineas buy as a foal, won at 150-1, the longest-priced Royal Ascot winner in its history. That exceeded two 100-1’s: Fox Chapel, who won the 1990 Britannia Stakes and Flashman’s Papers in the 2008 Windsor Castle.
Nando Parrado had run two weeks previously in one of the highly-competitive Newmarket races where trainers anxious to give preps to their nominated Royal Ascot hopefuls, took advantage of being guaranteed a run. Nando Parrado finished fifth behind Bright Devil whose trainer, Andrew Balding, opted for a step up in distance in Thursday’s Chesham Stakes. He finished fifth to the promising Coolmore colt, Battleground.
As well as Nando Parrado, three other subsequent winners started in that race. The fourth, Saint Lawrence, and sixth, Jimmy Sparks, both won races impressively last week, and London Palladium, last of 11 in that debut, was a 16-1 victor at Redcar yesterday.
Amazingly all three of King’s remaining runners won the final race of their respective days. Coeur De Lion made it third time lucky in Tuesday’s Ascot Stakes; Scarlet Dragon, at 33-1, gave Hollie Doyle a first Royal Ascot success in Friday’s Duke of Edinburgh Handicap and the final accolade of the week went to the redoubtable Who Dares Wins, just too tough for The Grand Visir, ridden by Hollie’s partner Tom Marquand in the Queen Alexandra Stakes for which he was the hot favourite.
Who Dares Wins, at eight, is the oldest of the King trio and has proved durable enough to run 44 times in his long career. The others are seven, Scarlet Dragon, with 45 runs on his card, and Coeur De Lion, 35.
Let’s deal with the other two first. Scarlet Dragon had 23 of his 45 runs for Eve Johnson Houghton before switching to King three seasons ago. He won five Flat races for Eve and, until Friday, his only wins for King had been in two hurdle races. He put that right here with a spectacular run from the back of the field, Hollie emulating Hayley Turner’s repeat win for Charlie Fellowes, this time aboard Onassis, in the Sandringham Handicap, Thursday’s finale.
Coeur De Lion has been with King from the start, the son of Pour Moi winning six races, two over hurdles, three on the Flat turf and one all-weather race. Who Dares Wins, with whom he has occasionally shared a horsebox to the races, had a remarkable time of it in 2019 and the first part of this year.
He was second in the Chester Cup on his third attempt. He was fourth in 2017, third the following year, and beaten only by Making Miracles last season. Between the two later Cup efforts he’d been off the track for almost a year before finishing a warming-up third under 9st 12lb behind Coeur Blimey and the inevitable Coeur De Lion in a long-distance Newbury Handicap.
Next came the Northumberland Plate, only a third all-weather run, but in the event a second triumph with a career-defining £92k winner’s prize. After that he was fourth to the smart Withhold in a valuable (but slowly-enough-run for him) two-mile handicap and then fourth in the Group 1 two-and-a-half-miler At the Arc meeting in Longchamp before finishing seventh to Stratum in the Cesarewitch.
So now Kingy would surely be giving him a break? Certainly not! Next came, of all things for a rising eight-year-old, four chases. Second places at Kempton, then (at 2-7) Plumpton before a Grade 2 win, showing all his stamina back at Kempton. His final run, in the Ultima Handicap at the Festival, probably owed more than a sideways look to the King stable sponsors, and his 13th of 23 was probably as well as could have been expected against “proper” chasers.
In the context of this weird season, a run on March 10th happily made him one of the less ring-rusty turning out for the Queen Alexandra, whose extended two miles, five furlongs could well have been written almost specifically with his requirements in mind. It needed many of those qualities to get him home ahead of The Grand Visir, who had been good enough to win last year’s Ascot Stakes under top weight. In truth, no other outcome seemed likely once the pair stripped off to do battle up the home straight.
Who Dares Wins fully lives up to his SAS-style motto. He could easily have been a Special Forces hero. In syndicate owner Henry Ponsonby’s eyes he surely is. It was such a pity that we couldn’t be there to celebrate, apart from everything else, the most heart-warming of his 11 victories and pay tribute also to Alan King, who has kept these three veterans of 124 races going to such wonderful effect.
TS
https://www.geegeez.co.uk/wp-content/uploads/2020/06/whodareswins_RoyalAscot2020.jpg319830Tony Staffordhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngTony Stafford2020-06-22 07:41:192020-06-22 07:41:19Monday Musings: He Who Dares…
Before I post the daily selection, just a quick reminder of how I operate the service. Currently, I'll identify and share the selection between 8.00am and 8.30am and I then add a more detailed write-up later within an hour or so of going "live".
Those happy to take the early price on trust can do so, whilst some might prefer to wait for my reasoning. As I fit the early service in around my family life, I can't give an exact timing on the posts, so I suggest you follow us on Twitter and/or Facebook for instant notifications of a published pick.
...in a 10-runner, Class 5, Flat handicap for 4yo+ over 1m3½f on Good ground worth £3,493 to the winner...
Why?...
On a tricky day for those who lean on statistical data to help form a bet, I'm going to keep it fairly simple with today's selection in the last race of the day.
Air Force Amy is a 4 yr old filly who looked like she needed the run eight days ago when weakening out of contention in the final furlong at Goodwood upon her return from a 255-day absence from the track.
Her sole victory to date was in a Class 5 flat handicap over a trip just 102 yards further than today and she takes that same slight drop back in trip from her last run, which should help her see the contest out.
Looking at her form and at the racecard in general, she's not an obvious pick, but the last couple of years have been good for her yard here at Windsor, especially with handicappers at least deemed not to be no hopers.
Numerically, I'm thinking of Mick Channon's handicappers who have been sent off in the Evens to 11/1 odds range since the start of the 2018 campaign, because they are...
...which is pretty impressive and with more than half of them making the frame, I'd at least expect a good run for my money. 33 runners isn't a lot to back blindly, but if you wanted to be more selective, then...
those with a run in the previous 25 days are 11/27 (40.7%) for 59.52pts (+220.4%)
those sent off bigger than 3/1 are 10/27 (37%) for 65.23pts (+241.6%)
female runners are 4/12 (33.3%) for 27.56pts (+229.7%)
4 yr olds are 4/7 (57.1%) for 9.13pts (+130.5%)
and those racing in 4yo+ contests are 3/5 (60%) for 5.16pts (+103.3%)
...whilst those sent off bigger than 3/1 within 25 days of their last run are 8 from 21 (38.1% SR) for 57.19pts (+272.3% ROI) maintaining almost 85% of the original profits from less than 64% of the original bets by multiplying the original ROI by 1.33, including four winners from nine (44.4%) for 30.56pts (+339.5%) with female runners...
...giving us...a 1pt win bet on Air Force Amy @ 13/2 BOG as was available from Unibet, BetVictor* & Hills* (*the latter two don't go BOG until a little later this morning, but there's plenty of 11/2 BOG elsewhere) at 8.10am Monday, but as always please check your BOG status. To see a small sample of odds offered on this race...
P.S. all P/L returns quoted in the stats above are to Betfair SP, as I NEVER bet to ISP and neither should you. I always use BOG bookies for SotD, wherever possible, but I use BFSP for the stats as it is the nearest approximation I can give, so I actually expect to beat the returns I use to support my picks. If that's unclear, please ask!
https://www.geegeez.co.uk/wp-content/uploads/2015/09/stat_of_the_day_white_letters-e1460311997762.jpg319830Chris Worrallhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngChris Worrall2020-06-22 07:12:042020-06-22 07:50:51Stat of the Day, 22nd June 2020
I think it was almost inevitable that our third week of the month was going to struggle to live up to the exploits of the previous fortnight, but a run of results reading 212239 suggests we're still backing the right horses. Saturday's pick ran a stinker, admittedly but the form figures from the previous five days don't tell the full story either.
Monday's 11/4 runner was caught late and lost by a neck, Tuesday's win had to absorb a 15p Rule 4 deduction, we were a neck away again on Wednesday with a 7/1 chance on that occasion. We lost a photo at 7/2 by a short head on Thursday, Friday's runner blew the start and the race at the same time, whilst Saturday's pick just didn't go.
All in all, a pretty exciting week. Lots of chances to win, certainly plenty of runs for our money and despite a loss of 2.66pts on the week, our worst case scenario for June is still a return of +18.34pts.
Next pick will go live shortly after 8.00am Monday.
Chris
Selections & Results : 15/06/20 to 20/06/20
15/06 : My Girl Maggie @ 11/4 BOG 2nd at 5/4 16/06 : Seneca Chief @ 11/4 BOG (2.34/1 after 15p Rule 4)WON at 6/4 17/06 : Huraiz @ 4/1 BOG 2nd at 7/1
18/06 : Matewan @ 7/2 BOG 2nd at 2/1 19/06 : Tabaahy @ 7/2 BOG 3rd at 18/5
20/06 : Highland Acclaim @ 6/1 BOG 9th at 12/1
15/06/20 to 20/06/20 : 1 winning bet from 6 = 16.66% SR
P/L: -2.66pts
June 2020 :
6 winners from 18 = 33.33% SR P/L: +26.34pts
ROI = +146.33%
2020 to date :
15 winners from 79 = 18.99% SR P/L: +12.17pts
ROI = +15.41%
P.S. The full month by month SotD story can be found right here.
P.P.S The review of SotD's 2012 performance is here. Whilst the details for 2013 are now online here.
And the figures for 2014 are now available here. Our review of 2015 can be found right here Whilst 2016's details are right here The full story from 2017 can be read here. Whilst the yearly review for 2018 is right here
Stat of the Day is just one component of the excellent package available to all Geegeez Gold Members, so why not take the plunge and get involved right now?
The lockdown is easing and racing will resume in Scotland from this week. Time for a trip north, then, to analyse the draw and pace data from Ayr racecourse, writes Dave Renham. As with previous articles in this series I have used some of the tools available on the Geegeez website, specifically the Draw Analyser, the Pace Analyser and the Query Tool. The main period of study goes back to 2009 but, as before, I will examine a more recent data set in detail too (2015 to 2019) where appropriate. I will be focusing once again on 8+ runner handicap races.
Ayr is a left-handed course roughly 12 furlongs in circumference and is generally considered to be a track that suits galloping types. The 5f and 6f races take place on a straight track, with longer races using the round course. As can be seen from the course map below, there are a number of undulations in the back straight and a dip then a rise in the home straight. The five furlong course is largely uphill.
Let’s start with the sprint distances:
Ayr 5 Furlong Draw Bias (8+ runner handicaps)
Since 2009 there have been exactly a hundred qualifying races so no need for a calculator to work out the draw percentage splits! Here are the 11 year stats:
High draws have been at a disadvantage looking solely at the win percentages for each third. Looking at A/E values, these show an excellent correlation with the draw win percentages:
At the minimum trip of five furlongs, both sets of data point clearly to high draws struggling.
However, before moving on, it is important to realise that Ayr is one of the rare courses where they use three different positions for the starting stalls. Here is the breakdown for each stall position:
Ayr 5f Draw Bias when stalls are in the centre (37 races)
With the stalls in the centre the figures are quite similar to the overall ones, although higher draws seem to struggle even more.
Ayr 5f Draw Bias when stalls are stands' side (39 races)
The stalls when placed stands’ side mean that higher draws are drawn against the near rail. It seems that higher draws are more competitive in this scenario, but as a general rule the ground next to that rail looks likely to be slightly slower than the centre or far side, as such horses still struggle.
Ayr 5f Draw Bias when stalls are far side (24 races)
Low draws are drawn right next to the far rail when the stalls are placed in this position and although the data is limited, those drawn on the far side seem to enjoy a decent edge. It will be interesting to see whether the six furlong data supports this (more of that later).
Ayr 5f Draw Bias (by going and field size)
There is no clear-cut going bias, and the same is true when analysing field size data.
However, in bigger field races (16 or more runners) there have been several occasions when individual races have apparently shown a draw bias. The difficulty lies in the fact that the bias is not consistent and has no clear pattern. Having said that, of the 19 races with 16+ runners since 2009, I believe that at least twelve have shown a significant bias. I won’t go through all of that dozen, but here is a flavour:
15/9/11 – a 17 runner race where low draws seemed in charge with horses drawn 4 and 1 filling the first two places and draw 2 was back in 5th;
21/9/12 – a 16 runner race where there was an even split with eight horses going far side (low) and eight coming stands’ side (high); 5 of the first 6 home raced far side;
19/9/13 – in this 20 runner race 14 horses raced stands’ side (high) and 6 raced far side (low). 11 of the first 12 horses home raced stands’ side with the first three horses home drawn 17, 16 and 18;
20/9/13 – a 24 runner sprint where there was an even split with 12 runners coming stands’ side and 12 staying far side; 7 of the first 8 home came from the stands’ side group (high);
19/9/14 – a 20 runner race where taking non runners into account the first 8 horses home were drawn 13, 15, 4, 12, 18, 17, 11 and 20.
15/9/16 – the first 8 runners home were drawn 1, 3, 7, 2, 8, 12, 6 and 4 in a 19 runner race;
13/8/18 – 5 of the first 6 home exited from double figure draws (16 ran).
For those interested in exotic bets, if you had hedged your bets in terms of not being sure whether low or high draws would be favoured, and permed both very high draws and very low draws in straight forecasts, you would have seen a huge profit across these 19 races. Perming the four lowest draws and also the four highest draws would have produced 6 winning bets from the 19 races. Assuming an outlay of £24 per race (2 x £12 perms) the outlay on these forecasts would have been £456; but the dividends would have combined to return a whopping £1074 giving a profit of £618. As I have stated before past profits are no guarantee to future profits, but selective draw focussed forecasts have served some punters very well over the years (including me).
It is time now to break down the draw by individual stall number. I use the Geegeez Query Tool to give me the relevant data:
Profits for draws 3, 4 and 6 which given their grouping suggests again lower rather than higher draws are often the place to be.
Ayr 5f Draw Bias (2015-2019)
Homing in on a more recent data set, looking at the past five seasons (2015-2019), below are the draw splits for the 37 races that have occurred during this time frame.
As can be seen, high draws have struggled even more in recent years but, interestingly, middle draws have performed particularly well. 37 races is a relatively small sample but it does seem that middle draws currently hold sway.
The A/E values correlate with the draw segment percentages above:
Below are the five-year stats for individual stall numbers:
A blind win profit for just draws 1 and 6, those two stalls book-ending the section to be: that six-berth segment has secured 27 of the 37 races with an A/E of 1.07. Their overall strike rate is 12.2%, whereas horses drawn 7 or higher have won 10 races with a strike rate of 4.4% and an A/E of just 0.54.
Ayr 5f Pace Bias (8+ runner handicaps)
Let us look at pace and running styles now. The overall figures (2009-19) are thus:
There is a clear edge for front runners and those racing close to the pace (prominent) – as we know from previous articles this is the norm over 5f at most courses. It is not the strongest front-running bias around but still significant enough.
If we look at medium- to smaller-sized fields (8 to 12 runners) front runners seem to enjoy a slightly stronger edge:
I also had a look at the 19 races discussed earlier with big fields of 16 runners or more. Amazingly, 13 of the 19 races were won by horses that raced prominently (A/E 1.32).
I have checked ground conditions and there is nothing noteworthy to share.
Ayr 5f Draw / Pace Combinations
Finally in this 5f section a look at draw / pace (running style) combinations for front runners over this minimum distance. Remember this is looking at which third of the draw is responsible for the early leader of the race (in % terms):
I had expected this even split especially considering the variations in stalls positions.
Here is the draw/pace heat map, displaying Percentage of Rivals Beaten. A score of 0.55 or greater is material:
The image clearly shows the benefit of racing on or close to the lead, and ideally not being drawn too high.
Ayr 5f Draw / Pace Bias Conclusions
In conclusion, low to middle draws have the edge over five furlongs in handicaps of eight-plus runners. I highlighted draws 1 to 6 in the more recent 5-year data as having a definite edge over higher draws – looking at the full 11-year dataset this has been the case, too. Draws 1 to 6 have won 71 races from 600 runners (A/E 1.07); draws 7 or higher have won 29 races from 596 runners (A/E 0.56). Pace wise, front runners fare best followed by horses that race close to the pace (prominent).
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Ayr 6 Furlong Draw Bias (8+ runner handicaps)
The six furlong trip has had 171 qualifying races between 2009 and 2019 which equates to around 15 races per year, a decent sample. Here are the win percentages by draw third:
Low draws seem to have a small edge here and as with the 5f data high draws have had the worst of it. Having said that high draws have been at a bigger disadvantage over five furlongs than six.
Let’s look at the A/E values to see if they correlate with the draw percentages:
Low draws seem to have offered decent value overall – higher draws have a poor figure of 0.60 which is similar to their figure over the minimum (0.56).
Onto examining whether the position of the stalls have made any difference:
Ayr 6f Draw Bias when stalls are in the centre (72 races)
With the stalls in the centre it has been a very even playing field in terms of the draw over 6f.
Ayr 6f Draw Bias when stalls are stands' side (53 races)
The stalls when placed stands’ side (high) seem to put higher draws at a distinct disadvantage. This is surprising from a logic perspective, but again seems to highlight that the ground near to the stands’ rail tends to be slower than the rest of the straight track.
Ayr 6f Draw Bias when stalls are far side (45 races)
As with the 5f stats, the 6f results give those horses drawn next to the far rail (low) a decent edge. However, before we get too excited, in 2019 there were no races at all with the stalls placed on the far side over five or six furlongs. I am not sure why this was the case: what does seem to be happening is that, as the years go by, more races are seeing the stalls placed in the centre of the course. In 2019 over 5f and 6f just under 70% of all races had the stalls placed in the centre. I wonder if course officials are attempting to make sprint races ‘fairer’ in their eyes by trying to encourage horses to come down the centre of the track.
Time to look at how individual draw positions performed over the 1- year period between ’09 and ‘19:
As you would expect with so many races very few stalls show a blind profit; draws 26 and 27 are two of the three but from very small samples. Draws 1 to 4 have fairly decent A/E values which is worth noting.
It could be reasonably argued that a draw close to either rail is an advantage. To that end, field size does seem to have some impact – in smaller fields of 8 to 10 runners high draws have struggled, winning just 14 of 82 races (SR 17.1%) with an A/E of 0.43. In big field races (16+) higher draws have performed much better, winning roughly a third of the 38 races (13 wins).
In terms of ground conditions it seems that lower draws enjoy more of an edge when the ground eases. There have been 78 races on ground described as good to soft or softer over 6f since 2009, of which low draws have won 36 (SR 46.2%). The A/E value is positive, too, at 1.14.
One of the biggest sprint handicaps of the year occurs at Ayr over 6f - the Ayr Gold Cup - run towards the end of September. In addition to the Gold Cup, there are two consolation races – the Silver Cup and the Bronze Cup. Traditionally, the Gold and Silver Cups are raced on the Saturday with the Bronze Cup on the Friday.
Since 2009 there have been ten renewals of each race at Ayr (the 2017 Bronze and Silver Cups were not run due to the meeting being abandoned, while the Gold Cup was switched that year to Haydock). These races always have big fields (average field size is 25) and hence the draw can potentially play a big part. Looking at the races in detail I would estimate that 20 of the 30 races (66.6%) displayed a draw bias; be it one third strongly favoured, or one third being strongly disadvantaged. Earlier in the article it was noted with bigger field 5f races that draw biases had the potential to occur, and we are seeing a similar pattern here.
Unfortunately, just like the 5f races, it has not been easy to predict which part of the track, if any, will be favoured. Having said that digging deeper has uncovered a potential opportunity. Seven of the Bronze Cups seemed to show a draw bias; when this draw bias occurred, the same or a very similar bias occurred the same year in the Silver Cup in four of the seven corresponding races. In the four years where the Bronze and Silver Cups had similar draw biases, the Gold Cup displayed a similar bias in three of them and, it could be argued, in the fourth as well. The best example of this happened in 2016:
In the 2016 Bronze Cup it was clear high draws were at a disadvantage. Seven of the first eight horses home were drawn in single figures (5, 7, 8, 17, 6, 1, 9, 3) – 24 ran; in the Silver Cup the following day, low to middle held sway again with five of the first eight home drawn in single figures and best finish from the top third of the draw was 9th (25 ran). The Gold Cup which followed just over an hour later saw low to middle again in charge with draw 8 beating 6 with 7 back in third; draws 11, 10, 14 and 4 filled the next four places (23 ran). Again, there was no sign of a horse from the top third of the draw.
Ayr 6f Draw Bias (2015-2019)
Onto the last five seasons now for 6f handicaps at Ayr. There have been 79 qualifying races since 2015, with the draw splits as follows:
High draws have really struggled in recent years. Consequently, to some degree, low draws have had the best of it.
The A/E values (2015-2019) underpin that notion:
There is an excellent correlation between the draw third percentages and the A/E values which adds confidence to the data.
Now a look at the individual draw figures for this latest 5-year period:
Draws 2, 4, 5 and 6 have all shown a profit in the win market, again highlighting the low draw edge in recent years. Those drawn 21+ in very big fields have also performed well from a small number of qualifying races.
Ayr 6f Pace Bias
Below is a breakdown of pace and running styles. Here are the overall numbers going back to 2009:
These figures show that front runners have an edge and it is a similar edge to the one such forward-going types enjoy over five furlongs.
In big field races the edge for front runners is wiped out, and looking at the data for the Bronze, Silver and Gold Cups, horses that raced mid-pack have definitely over-performed albeit from a relatively small sample of 30 races.
When the going gets testing the front running bias has increased. There have been 40 races on soft or heavy ground since 2009 and here are the pace splits (NB. One dead heat):
The further you are from the early pace the worse it seems to be on soft or heavy going.
Ayr 6f Draw / Pace Combinations
A final table in the 6f section is a look at draw / pace (running style) combinations for front runners in 6f handicaps (2009 – 2019):
It is interesting seeing more low drawn horses getting to the lead over 6f. I'm not sure why that is and, as stated earlier, considering the fact there are three varying stalls locations, one would have expected a more even split.
Again, the heat map highlights the benefit of being forwardly placed, and the difficulty that high drawn later runners have experienced.
Ayr 6f Draw / Pace Bias Conclusions
In conclusion, lower draws have held sway over the last decade or so with the bias seemingly getting stronger in the past five seasons. High draws have really struggled recently except when the stalls have been placed in the centre. The shame for draw bias fans, as I noted earlier, is that more and more races seem to have the stalls placed in the centre over 6f at Ayr. Pace wise, it is again those racing on the front end who have the upper hand and this seems to strengthen as the ground gets softer.
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Ayr 7 furlongs Draw Bias (8+ runner handicaps)
The seven-furlong trip takes in the round course with low draws positioned next to the inside rail. There is a sharp turn soon after the start where runners can get fanned quite wide into the home straight.
170 handicap races have been run with eight or more runners since 2009. Here is the draw breakdown:
That is about as even a split as you could get! So low draws, despite potentially having the chance to take the shortest route around the turn, do not have any obvious advantage. Onto the A/E values:
A commensurately even set of figures, as might be expected. The market looks to have it pretty much spot on.
However, field size does seem to matter from a draw perspective as races with 12 or more runners illustrates:
As the field size increases so horses drawn wider start to be disadvantage. This makes sense as the widest drawn horses are likely to have to run further if staying out wide on the track, or risk trouble in running if making their way towards the inside rail. The A/E figures correlate with the draw percentages for these bigger fields.
Looking now at ground conditions, high draws also seem to struggle as the ground gets softer. On soft or heavy ground there have been 43 races with the following draw splits:
The A/E values correlate neatly once again:
So although the basic statistics suggested little interest from a draw perspective, we can see that in bigger fields and on soft/heavy ground high draws do seem at a disadvantage.
Combining 12+ fields on soft or heavy has seen only 20 races but the bias against high draws is clear to see with just two victories from that third of the draw (10 wins for low draws and 8 for middle draws).
Let us look at the individual draw positions next:
Little to report here as one might expect – just stall 8 in profit which essentially is down to chance.
It is time to check out the more recent subset of data, from 2015 onwards. There have been 97 qualifying races giving the following draw breakdown:
This correlates strongly with the 11-year full set, with an extremely level playing field in terms of the draw. The A/E values again match up with the draw percentage figures:
For what they are worth here are the individual draw positions:
Randomly, four stalls are in profit; but that is all that it is... random.
On soft/heavy ground in the last five seasons high draws have struggled, as they did when examining the 11-year stats – they've recorded just four wins from 22 races (18.2%). Low draws dominated this period winning 13 of the 22 races (59.1%). Likewise, in bigger fields (12+ runners) high draws have found it hard winning just six of the 34 races (17.6%).
Ayr 7f Pace Bias
A look at the overall pace data now (2009-2019):
Front runners seem to have a slightly stronger edge when compared to the two sprint distances. The 1.41 A/E value is above the average A/E for all UK courses over 7f which stands at 1.26, as is the IV score of 1.80 (UK course average IV for front runners in 7f handicaps is 1.63).
As a reminder, over six furlongs the edge for front runners seemed stronger on soft/heavy going, and that seems to be the case here, too. The sample size is 42 races:
1.82 is a noteworthy A/E value, and is coupled with a score above 2.0 for Impact Value. This is material.
Ayr 7f Draw / Pace Combinations
Finally over 7f a look at draw / pace (running style) combinations for front runners in 8+runner handicaps (2009 – 2019). One might have expected low draws to lead more often as they have the inside berths:
These figures surprised me – clearly for some reason jockeys drawn low are not taking advantage of the inside rail. This is also the case in bigger field races where low drawn runners only take the lead 30.8% of the time.
The heat map below - all 8+ runner 7f handicaps - shows clearly where you need to be: front rank and drawn low to middle.
Ayr 7f Draw / Pace Bias Conclusions
To conclude, over 7f the draw in general is extremely fair, but on soft/heavy ground or when the field size reaches 12 or more, higher draws then start to be at a disadvantage. Pace wise it is front runners who are clearly best.
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Ayr 1 mile Draw Bias (8+ runner handicaps)
With this article on the long side I am going to very briefly look at one more distance: the 1 mile trip. I will start by looking at the 2009-2019 data. There are 167 races in the sample, giving the following draw splits:
There is no clear draw bias on the basis of these stats and, sadly, digging deeper unearthed no pleasant surprises like there were over 7f.
However, going back to the late 1990s, this mile trip had a significant bias to those drawn next to the inside rail (low). I will use the 5-year comparison data method I used in the second Chester article to illustrate how the bias has essentially all but disappeared.
To recap, using 5-year data sets is a good way to try and compare any shift more effectively than simply looking at single years. This method highlights where patterns or biases are changing, as well as giving more reliable sample sizes. So here are the Ayr 1 mile figures going right back to the first data set (1997 to 2001):
As the table shows, low draws completed dominated until about 2005; since then the advantage gradually began to level and, for a while, low draws actually produced the lowest percentage of winners. In the last two or three seasons there has been a slight resurgence but, essentially, the days when I used to make money from the draw at this particular course and distance are long gone.
The reason? Difficult to say unequivocally but, interestingly, the maximum field size changed in 2006 from 20 to just 14. That might well be the material factor.
Ayr 1 Mile Draw / Pace Combinations
A quick look pace wise at the 1 mile trip but the front running edge seen at 5 to 7f is no longer prevalent.
Prominent runners arguably have a slight edge while front runners find it far harder to win over this extra furlong.
The draw / pace heat map confirms the generally fairer distribution of performance in terms of stall location and run style in Ayr mile handicaps.
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I hope this article offers some helpful pointers now racing resumes at Ayr; I will be eagerly awaiting the 3 day September meeting which is one of my favourites, but there could be plenty of benefit between now and then, especially if the weather turns wet!
- DR
https://www.geegeez.co.uk/wp-content/uploads/2020/06/AyrDrawBias.jpg319830Dave Renhamhttps://www.geegeez.co.uk/wp-content/uploads/2022/10/geegeez_banner_new_170x78.pngDave Renham2020-06-19 16:43:082020-06-19 16:45:08Ayr Draw & Pace Bias
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