Odds on Pat Phelan pushing Ken Barlow slashed from 100/1 to 8/1
Even though CCTV footage shows the dodgy builder being elsewhere at the scene of the crime, bookmakers have made Phelan a prime suspect.7 hours ago.
A Heinz bet is a type of multiple accumulator bet most commonly seen in horse racing. Six selections are required and they’re put into a selection of multiples. Every multiple possible between the six selections is covered. The bet consists of 15 doubles, 20 trebles, 15 four-folds, six five-folds and one six-fold. This makes 57 bets in total, hence why it’s named Heinz!
A win double is required to guarantee any sort of return on the bet and all six selections need to win to land all 57 bets.
If we take the first six rides of Frankie Dettori’s magnificent seven at Ascot we can analyse what kind of returns can be made.
Wall Street and Diffident kicked things off for Frankie at odds of 2/1 and 12/1 respectively. If the stake had been £1 per bet (£57 total outlay) then the initial double already returns £39. The next winner Mark Of Esteem (10/3) puts the bet in £220.33 worth of profit. So far, three doubles between the three selections that have run have landed as well as a single treble.
The next winner makes things interesting. Decorated Hero at odds of 7/1 now has the bet standing at £2601.67 in profit. The 11 bets landed include six doubles, four trebles, and a four-fold. When the last two selections come in at odds of 7/4 then 5/4, all 57 bets would have combined for a total profit of £32,668.67, with a return of £32,725.67.
The bet could also have been placed each-way, doubling the stake. This would have returned only slightly more profit (£33,105.45). Multiple bets like these can seem like “mug” betting because of the higher percentage of over-round a customer sacrifices to put their bets in a multiple.
However, the accumulative odds of him winning all seven races as he did that day was 25,051/1 and it earned one lucky punter over half a million pounds. Bookmakers lost millions of pounds off the back of the day’s results. Some even went out of business when in the last race Frankie got on 2/1 chance Fujiyama Quest. With the horse being available at 14/1 at the start of the day’s racing, the temptation from certain bookmakers to lay the horse at 2/1 without performing their due diligence was too attractive to turn down and when the inevitable happened, it ultimately sent them out of business. Fujiyama Quest now lives with Frankie and his family and is kept as their family pet.