Update, November 9th.
The tote have a League function in the TTF, though it’s unclear to me for now exactly how it works, and you cannot start one until you have a stable to put in it. I’ll do that tomorrow and report back. Hopefully others who want to join it from this blog can do so.
It looks like having a syndicate entry is not going to be straightforward, and I wondered how you feel about giving/taking a share in the entries of others in our league – strictly on a gentleman’s agreement basis? For example, say that each of us in this league pledges to donate 10% if winning the top prize (or sharing the top prize), that 10% to be split among the remaining entrants in our league. Please respond in the comments to this idea and offer your own ideas.
The first business I set up on leaving the Tote in 2004 was called Lazybet Ltd. It was structured to allow syndicate betting in large pools (like the TTF, which was worth around half a million then), by the ‘man in the street’. Big syndicates had been cleaning up in pools like the scoop6 and it was hard to beat them. My hope was that the man in the street, without knowing anything about racing, could chuck in a fiver and we could build a ‘public’ syndicate to take on the big guns.
We raised over £40k for the first one (we were waiting for Harchibald in that Champion Hurdle to land us a big prize) and were already planning the next one when the then Financial Services Authority wrote to me saying this syndicate structure was a grey area in which they would like to ‘test the law’ to see if it ought to include such organisations in the rules covering Collective Investment Schemes. They asked for the name of my barrister. Sadly, I could not afford to give them their seemingly on-a-whim wish to ruin me if the test case didn’t go my way.
Anyway, I’ve always though the idea was sound. Now I wonder if we can resurrect in a small way through this blog and get everyone’s selections, plan the perms, gather the stake money and have a tilt at the Ten To Follow for this jumps season?
We’d have to find a way of assessing the structure of fitting individual selections into perms so the best chance of winning would result. In the Lazybet days we built a spreadsheet that could model different set-ups; for example, 2 graded chasers, 3 graded hurdlers, 2 novice chasers etc etc. The prize arrangement was different in 2004.
We’d need a legal agreement protecting all participants.
I’d be grateful for your thoughts in the comments section below this article.
All the best.