Very interesting. Fwiw I think stakes taken by bookies are minuscule vs Betfair and therefore irrelevant to the bigger picture.
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Point about their contribution to the perception of the race is a good one, esp. combined with London-centric views of big punters.
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My view is that 'punters' were completely overwhelmed by institutional money. Firms taking huge positions, possibly vs forex hedges.
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My instinct - and stand to be corrected - is that the big firms will have done their absolutes on this.
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Ladbrokes made a decent profit, nothing exceptional and would have won had it gone the other way too.
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