Bookie Payouts

Martynt74 · 29 Jan 2009 at 13:15

Hiya

Was just wondering what happens if you have a pretty big win at the bookies, do they still give you cash or would they give you a cheque/make a bank transfer?

Just wondering as every now and then i have a pretty big accumulator on the football to make it a bit more exciting that could pay out over 1k and wondered how they'd pay if i ever won

LukeTW · 29 Jan 2009 at 13:24

Cheque if its a big sum probs

shifty_uk · 29 Jan 2009 at 13:31

Only if you're sharing with your ocuk chums, of course.

malef!c · 29 Jan 2009 at 17:30

Bookie near us pays quite hefty sums in cash - thats probably why it keeps getting held up!!

ONESHOTKILL · 29 Jan 2009 at 17:34

i work for ladbrokes and if its around £1,000 they would prob have enough to pay you on the day,if its under a £5,000 or so they will tell you to come back in a couple days,if its allot more its usualy a cheque,dont think we do bank transfers.

Lord_Kokain · 29 Jan 2009 at 17:36

malef!c said:
Bookie near us pays quite hefty sums in cash - thats probably why it keeps getting held up!!

Aye,I work for a bookie company and it surprised me from the start that the bar for paying returns in other ways apart from cash at the counter is quite high, yet the managers keep telling us to hold as little cash as possible due to increasing number of robberies.

neiljung · 29 Jan 2009 at 17:38

Marvt74 said:
...wondered how they'd pay if i ever won

The proverbial "if". Gambling is a mugs game.

Morba · 29 Jan 2009 at 17:40

neiljung said:
The proverbial "if". Gambling is a mugs game.

Only if you don't know what you are doing or are just stupid.

ONESHOTKILL · 29 Jan 2009 at 17:41

ive seen people put accums on in other bookies and when you work them out they come to like over a million pounds but they dont realise they would prob only get £50,000 some bookies have certain payouts, ladbrokes pay upto a million but most others dont.

Morba · 29 Jan 2009 at 17:43

some bookies have max payouts?

malef!c · 29 Jan 2009 at 17:43

Lord_Kokain said:
Aye,I work for a bookie company and it surprised me from the start that the bar for paying returns in other ways apart from cash at the counter is quite high, yet the managers keep telling us to hold as little cash as possible due to increasing number of robberies.

I think its a Ladbrookes at the end of the road and it gets held up every couple of months. You would have thought they would have learnt to keep less in the shop but I guess, as you say, the companies don't want other ways of paying!

ONESHOTKILL · 29 Jan 2009 at 17:44

yeah they like on horses,dogs,football they will only pay like £50,000 on football even tho your bet works out at £1 million, smaller bookies couldnt afford to pay out that amount because it would prob clean them out

most bookies will have a poster in there shop with there rules on it,saying there payout levels ect

Morba · 29 Jan 2009 at 18:10

dont use a smaller independant bookie then. use a national one that will give you the appropriate amount for the odds you are getting.

el_dazza · 29 Jan 2009 at 23:53

Marvt74 said:
Hiya

Was just wondering what happens if you have a pretty big win at the bookies, do they still give you cash or would they give you a cheque/make a bank transfer?

Just wondering as every now and then i have a pretty big accumulator on the football to make it a bit more exciting that could pay out over 1k and wondered how they'd pay if i ever won

I've had £1,500 paid out to me over the counter in cash from Ladbrokes. I should imagine they can pay up to 3k before a cheque for the rest is issued. I asked about it when I won the above amount, asked if it was ok and the guy behind the counter said "should be, if not I'll go to the bank and get more"

Greenlizard0 · 30 Jan 2009 at 00:09

Oh good I won't get a cheque for the £9 I need to collect from Ladbrookes then

Deadly Ferret · 30 Jan 2009 at 00:23

ONESHOTKILL said:
ive seen people put accums on in other bookies and when you work them out they come to like over a million pounds but they dont realise they would prob only get £50,000 some bookies have certain payouts, ladbrokes pay upto a million but most others dont.

Wouldn't that come under the false advertising rules?

jonesy · 30 Jan 2009 at 00:31

I work for willhills. Cash payout depends on how much we have in our safes, most I have seen paid out in cash is 9,000. I work in a very busy shop, and payouts of 1000-3000 in cash are very regular. If you have a large sum and want paid in cash, just say you do not have a bank account and they will usually put a bit more effort in to get it in cash. Just involves a trip to the bank to get it, or in a busy bookies they just dont drop money to their deep safe for the day. Security will not be happy about keeping over 6 grand in safes over night but happens often enough when a customer touches for much and gives the usually malarky of not having a bank account.

el_dazza · 30 Jan 2009 at 00:57

Deadly Ferret said:
Wouldn't that come under the false advertising rules?

Bookmakers have their arses covered all ends up, it's seriously unfair.

Most accept a liability of £1m on football and Horse Racing. Anything else is usually only £50k. If you placed a bet on say, tennis, and it would total winnings of £3.5m, you'd only get paid their maximum liability (IIRC for Ladbrokes it's £100,000). I guess this stops people placing ridiculous wagers so they're seen to be discouraging stupid bets as well as covering themselves for a massive loss.

dowie · 30 Jan 2009 at 02:49

neiljung said:
The proverbial "if". Gambling is a mugs game.

Bit of a blanket statement there tbh... and certainly not correct in all cases.

Yes the vast majority of people who gamble are just mug punters but there are also people out there taking advantage of various inefficiencies within betting markets.