It also stands for absolute ridiculous bullshit
So how are these outrageous deductions calculated?
That’s a great question, but one that no-one other than Dominic Beirne’s company Intelligent Wagering Solutions (IWS) can answer.
IWS have what Beirne claims is a perpetual (forever) license to provide the Australian Racing Board (Racing Australia) with an algorithm that calculates these betting deductions. How anyone can get a contract for life is an absolute mystery, so one can only assume that Beirne has sold the license for his software to Racing Australia for some type of huge one off fee.
The algorithm – essentially a computer program that processes inputs according to set formulas, and spits out a result – is the driver of a computer program that is available only to “Race day Stewards and officers of The Australian Pricing Network”, according to information published by Beirne.
Sadly the calculation methods are not made available to the very people they effect – the punters – but hey, what would we need to know for? We’re just the mugs who fund the whole damn industry aren’t we?
Never mind though. The whole system was approved by experts, including the National Conference of Stewards (none of whom to the best of my knowledge have mathematics or IT degrees), the Australian Racing Board (ditto), a select group of unidentified professional punters (I find that hard to believe), and the Australian Bookmakers Association, which was no doubt represented by former CEO Tim Ryan, the man who along with his wife owns companies like Bettor Data, self described as one of two licensees wholesalers of Thoroughbred Racing Materials (Fields, Results, Form etc.) by Racing Australia.
There seems to be somewhat of an absence of an independent, arms length relationship between the parties that approved this bullshit system doesn’t there?
Here’s the guts of the issue.
Corporate bookmakers like Neds and Ladbrokes (interest disclosure: my mate Dean Shannon runs them), Beteasy, Top Sport and even the despicable UBET publish their scales of deductions in the terms and conditions they provide to clients.
These scales are clear, easy to read, and unambiguous in their content. Every punter can read them and knows and understands what percentage will be deducted from their bets in the event of a late scratching or scratchings.
The scales of deductions supplied by private company providers, and applied by Principal Racing Authorities around the nation – each of whom is allegedly 100% committed to integrity – are not published, and there is no way that any punter who places a bet can know what amount of their return they will lose in the event that another runner or runners is scratched.
How on earth is this fair?
How does it meet the requisite lawful disclosure requirements?
How is not deceptive conduct?
Questions, questions, questions.
I wonder if we will ever get an answer?