Out of Aces – The Gambler’s Luck Runs Out

Posted on January 4, 2011

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One has to feel for Ivan Yates following the calamitous news that his life long ambition business Celtic Bookmakers today announced its tasting of the dust. Yates himself declared that it could take anything from one to two years for it to bite it fully.

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The politician came out in Yates today and one can’t help but wonder where he’d be now had he stayed in politics with Fine Gael. I thought he conducted himself very well on the radio this afternoon and indeed on the news this evening.

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With great remorse he lamented the loss of jobs his downfall would bring and expressed his deepest sadness at the situation, and best of all, he actually made you believe him. He bled genuineness. Perhaps it was just a good performance? I don’t know. If it was, then he fooled me.

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In relation to his actual downfall, while I don’t know the facts behind the decision, I think Yates was very naive if he thought he could sustain a business like a bookmakers without an internet presence.

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Actually I think you can probably barely sustain a bakery without an internet presence such is the importance of being fully accessible nowadays. I think they said on the radio that 30% of Paddy Power’s income comes from online betting and that’s a fair bite into the pie.

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It’d be interesting to see how much of that betting happened after 6pm (when bookmakers are closed, despite sporting events being on later) This is an issue that is also to be looked at I believe.

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In a sense though this whole thing (and probable future casualties) highlights the kind of society we have. Yates’ income during the boom was 180 million. Paddy Power’s was probably double or even triple that amount which means that even if we’re doing nothing else with out money, we’re still gambling it.

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Fitting really. That’s effectively how the country ended up broke.

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