How many books dip into the post up money?

[sickgambler]

I don't care if you're playing at Olympic, Pinnacle or any other book, VG is right, you should NEVER put all your eggs in one basket or leave a major chunk of your money in one book.. You just NEVER know what could happen. Your money is never 100% safe offshore. Anything can happen.. Any book can go under at any given time. I woke up and smelled the coffee when Aces Gold went under way back then. Now if you were to tell me that Aces would go down and steal all money, I would have said you're crazy. One of the biggest books around that have been around forever, one of the first books, and in a lot of people's top 3. Now if Aces could go down, any book can.. Even Royal at one time were the safest book to play at, safer than having your money in the Royal Bank of Canada, and just 1 month ago, everyone was worried they were getting stiffed.

So I don't care which book you're at, even Olympic or Pinnacle.. NO book is 100% safe. The only place I will feel safe where my money is, is under my matress, or in my hands..

How can anyone feel safe with having your life savings 7,000 miles away in some bookies hands. What if one day he tells you to go F uck yourself, and you're not getting your money, what you going to do, go up there and beat him up?? yes, there are a lot of honest books out there for sure, but you just never know what could happen. So never leave what you can't afford with one book, because if you leave too much with one book, and that day happens, you will never be able to live with yourself.

 

[Angelle]

96.785%

 

[ericdixon]

Your money is never 100% safe anywhere, anyplace or anytime its a derivative of life!

 

[GringoinCR]

100% of the post up money means dick.

What happens when the book has a few bad weeks or months?

For a book to be solid they not only need 100% of the post funds, they need several times that amount to make it through the normal ups and downs of the business. Then they need operating and advertising expenses planned out and accounted for also.

 

[exilarch]

The solution is simple: In Australia the books are REQUIRED to to put the post up money in a separate account which they cannot touch.

 

[ericdixon]

Gringo, I have seen very siccessful books make it on a prayer, in fact I think you may be working for that book by looking at your address!

If so do you remember those days when you did'nt know where the money was going come from or when?

In a town called Polamar in VZ..

 

[ericdixon]

Sorry, "successful".

 

[gambler1]

Eric, don't you mean PORLAMAR (means by the sea in spanish) in VZ (marg. island) so whats your point.

 

[ericdixon]

I thought my point was lucent but I will explain it for you. There are no set parameters for books, no set amount of money to be held. Each book needs to find their niche. Sometimes when when times seem there darkest a business finds its way or its answer!

 

[ericdixon]

And yes, it is Porlamar. Thanks for the spanish lesson and the spell check, I should remember that now!

 

[WalkofLife]

I agree 100% with Gringo in CR on this one:
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>For a book to be solid they not only need 100% of the post funds, they need several times that amount to make it through the normal ups and downs of the business. Then they need operating and advertising expenses planned out and accounted for also.<HR></BLOCKQUOTE>

If you guys haven't run a big book, then you couldn't possibly imagine how much LIQUID cash is actually required to run a book. 100% post-up monies is not what it takes, it must be a least 10 times that amount. And that would still be a very moderate number.

The post-ups is the last place where a big shop would resort for liquidity. Let's think about it guys: Grande, CRIS, Hollywood and other big shops that have been around for 10 years or more, they all have something in common. The post-up operation represents the smaller percentage of their business. The rest, most of us know this, relies on a very elaborated internal web of relationships between agents and players.

We have seen it time after time, the most succesful post-up operations are those that did NOT start as strictly post-up.

So there are basically two types of post-up ops: those who are backed up by a credit operation and those who are not.

Among the ones that have ZERO back-up in credit, we have those who know what they are doing and those who cannot see any further than today.

Most of these shops that started as 100% post-up, from scratch, are not really run by bookies. Most of them are guys who believe they'll make it somehow, simply because "all players lose in the long run". But take the latest weeks as an example, players have been killing the books. 100% post-up is a joke when a lot of winners want what they got coming.

Most of the smaller succesful operations down here are 100% credit.

 

[gambler1]

Glad i could help, well my last comment on this thread will be if my $$ is not safe at Olympic or Grande then i'll eat crow and never post again. I've met the owner of Grande in Vegas before and he is a super stand-up guy i haven't met Spiro yet, but i've only heard great things about him, so you can send your $$ whereever you guys want to but i'm 100% sure mine is safe.

 

[Dante]

Great post walk...good insite

 

[jjgold]

some books like smoking pot too!!

 

[oilman]

I would, or atleast hope that books keep post-up's just like the bank keeps our money. Meaning, they don't just have the post-ups sitting around collecting dust, the money is working for them, short term investments, advertising and any other way to earn off it. I'm not talking high stakes and big risk, just putting it to go use and diversifing themselves, so that when the book business is bad they still have other revenue streams.

 

[ericdixon]

Credit shops are fine but what is the collection %, at least with the post-ups the cash is in, I'm guessing even at a good credit shop you get 70% of what is owed over time and thats really great %!

Many successful shops have sold off or have deleted credit aspects of the business.

There is no "one way" is all I am saying!

 

[outandup]

What's interesting to me is that Grande is the only book that's willing to go on the record and say they don't dip into post ups, very interesting.

 

[HollywoodSportsbook]

Outandup:

I didn't think if was going to be necessary for us to make the statement that we DO NOT dip into post-ups. But after your last post, it could seem like any book not writing the especific words, could be held to liability for silence. So here we are, my man:

We DO NOT dip into post-up funds.

Had we done that and we wouldn't be able to say we are going into our 10th season in the OFFSHORE industry. 10 years without a single complaint of slow- or no-pay situations. We thought our trajectory was gonna speak for itself, but it's always good to state the obvious.

Excuse the intromission gentlemen, but after that last post we thought it was necessary for us to make this statement.

Will

 

[GringoinCR]

Eric you are way off with that 70% figure. With the shops that have been around you are looking at close to, if not 100%.

I would say 10X is a base number to start with. During a bad year that might not cut it though. So if you have $100,000 in post up money you have to have at least $1,000,000 to even thing about opening. Having 15X or 20X is what you need to get through a tough first year.

 

[GringoinCR]

Hollywood, you want to explain your 10 years in business???

Seems to me you've been around a few years. Four sounds right.