No, it is £275K. He has been given the option of £275k or gamble on an odds on fav in a horse race. If he turns down the £275k and EA loses he has just lost the £275k that was "in his hand". No different to Who Wants to be a Millionaire or Tipping Point etc
It’s not finance. It’s gambling. Perhaps someone who doesn’t bet isn’t the best person to be suggesting what is the correct thing to do?
You seem to be overlooking that he has 'had' the £275k if he has been offered it. I see it as I take the money then decide whether to risk it on one bet. If I decide to risk it and the horse loses, I will have blown the £275K I had. If I don't risk it I have £275k regardless of whether it wins or loses. No one has a hope in hell of persuading me otherwise.
PS In any case I didn't claim anything to be "correct", as you say. I merely explained why I would take the money. If you see it differently that's up to you.
Some people who bet get greedy...from a £5 stake I would cash it in as if I did not I would feel sick ending up with zilch..whereas £275k is a very decent sum. I would look back on my stake of £5 and think job well done thanks. Too much to risk on one race. But before I cashed it in I would ring the bookie and say if you offer me £300k I ll take it to see if there was room to negotiate. You never know - don't ask don't get and all that..
In what part? The chap is a serious punter, his view of betting is very far from the average five pound punter like me or many on here. My point is that you are looking at it as the bookmakers want people to do so. What percentage of cashouts are done correctly? What proportion is saved by bookmakers by offering them? If you put a bet on, you obviously expect them all to win, otherwise you wouldn’t put them in the bet. Cashout blurs the line and if you actually wanted to hedge you could probably lay a decent wedge on Envoi at 1/2 ish. in my opinion cash out is one of the worst things around for punters.
I remember that well Pilgrim in the last race...we were in one of the bars in the centaur and I was getting ready to collect before heading in to Cheltenham for the evening...and then disaster he fell. After I had backed goshen in the triumph the day definitely started in an eventful way and ended in similar fashion...
Im waiting on Envoi Allen for 1200 and I wouldnt want to be waiting on anything else, to be able to say that for 500k, its probably a once in a lifetime chance and id definitely let it run, bookies making a decent offer for a reason.
I would cash out simply because I have a gut feeling Envoi Allen will be turned over tomorrow. 4/9 for a horse recently changed hands in this class of race? No thanks. I'm having a few quid on Chantry House who I think will run the fav very close.
