Irish Taxi Forum

Public Area => Sports and Gambling => Topic started by: Belker on August 13, 2019, 10:50:49 pm

Title: Paddy Power.
Post by: Belker on August 13, 2019, 10:50:49 pm
How was Paddy Power founded ?

Back in the early Eighties when I left school I started work in a Bookies office in Parnell place next to the Cork docklands, it was a real Baptismal of Fire fer me as a raw 15 year old to be thrown in with the drunken dockers, Assault of a staff member was a weekly occurrence, verbal abuse to a staff member was an hourly occurrence !

The betting tax back then was 20%, the Dockers paid it as they had more money than sense and the old Joe's paid it on their 10 pence morning Yankee's, but no one else paid it, any regular had what was called an "Under the counter" account, they would present their bet as £2 on whatever, but the meaning of £2 was actually £20 but the Tax was paid on only the £2 but the full £20 would be paid upfront fer the bet and the .40 pence Tax on the seemingly £2 bet would be waived by the Bookie.
Title: Re: Paddy Power.
Post by: Bubba Ho-Tep on August 13, 2019, 10:58:21 pm
That`s how Paddy Power got started ?
Title: Re: Paddy Power.
Post by: Belker on August 13, 2019, 11:14:09 pm
Back in the Eighties many Irish bookmakers most namingly Liam Cashman from Cork, Terry Rodgers, Stewart Kenny, Etc. lobbied the Irish Government to reduce the betting tax from 20% to a par with our British counterparts to 10% with a whole heap of Bull$hite about how jobs would be lost, Etc.. After much persuasion and after many years of lobbying the Irish government gave in and reduced the betting tax to 10%. That was the Match that lit the Fire !


Title: Re: Paddy Power.
Post by: Belker on August 13, 2019, 11:23:53 pm
That`s how Paddy Power got started ?
Relax Bubba, I'm telling the story and I have to think it out in my own mind before truthfully posting it,
It might be a while before I finish the tale, but it will all be True.
Title: Re: Paddy Power.
Post by: Shallowhal on August 14, 2019, 12:13:43 am
Probably be filmed and out on Netflix before you're finished your post Ken!!
Title: Re: Paddy Power.
Post by: john m on August 14, 2019, 06:28:39 am
Paddy Power got started when Ladbrokes decided to come into Ireland  followed by Mecca and Coral .They got around the licencing laws by getting different individuals to hold licences for each shop as it was not allowed to hold corporate bookies licences .Irish bookies knew they had to unite to compete against the British Multinationals who offered bright lights and Brand recognition .Stewart Kenny and Kenny O Reilly were the first to join forces under the Kenny O Reilly name with two shops in Thomas Street and Suir Road then Gay who had a shop on Queen Street joind up .Stewart Kenny then brought other bookies on board and got investers from outside the industry and the rest was history .Kenny O Reilly sold out his share and bought the Killiney Graduate Pub .Great lesson for the taxi business the small independent got wiped out .But the clever bookies like Cecil Fines and Hackets knew the score they were property speculators who offset profits from the bookies business to pay martgages .I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work .The clever lads sold out to Ladbrkes in the early 80s .Sold the Good will but got Laddies to take on long leases that paid for the property .Only reason bookie shops are open now is the companies are tied into long leases or are purchasing the property most betting now is done on line .Bay City Rollers played Leopardstown last Thursday 7000 people attended and I know one bookie didnt cover his expences doubt other that Hegarty any bookie is making coin at the Dogs
Title: Re: Paddy Power.
Post by: The Liffey Lip on August 14, 2019, 08:16:57 am
PP Jr is some shrewd bisinessman..........he knows all about diversity, and not the pink n fluffy, commy nonsense either.
Title: Re: Paddy Power.
Post by: john m on August 14, 2019, 08:33:19 am
PP Jr is some shrewd bisinessman..........he knows all about diversity, and not the pink n fluffy, commy nonsense either.

PP Jr is the PR man for paddy his old man Richard is a shareholder
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 05:05:10 am
...... After much persuasion and after many years of lobbying by the Irish bookies the Irish government gave in and reduced the betting tax to 10%. That was the Match that lit the Fire !
No sooner had the Irish government halved the betting tax from 20% to 10% in circa 1988 then the English bookies came a knocking at our doors and offering ludicrous sums of money fer any old shinty of a betting office anywhere in Ireland with a licence. Kenny, O Reily, Mahoney's from Cork, Etc. all sold up fer huge money and most signed an exclusion waiver not to open another shop within a certain radius of where they had sold up from.
The Irish government were watching all this and thinking to themselves; "Didn't we just get Sold down the River, the bookies lobbied us fer a reduction in the betting tax telling us of job losses and a load of bullshite and we believed them, and now they are all selling their shops to the English fer squillions !".
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 05:13:21 am
Paddy Power got started when Ladbrokes decided to come into Ireland  followed by Mecca and Coral .......
I don't think Mecca (formerly City Tote) ever made it to Eire, I think that they had merged with Coral pre 1988.
It was probably Stanley Racing that you were thinking of ?
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 05:50:41 am
The Irish bookies who sold up (and the majority of them got about Ten times what their property/licences were worth) were now sitting on a huge pile of cash and nothing to do with it. Mahoney's from Cork went in to the Casino business buying up the Victoria sporting club which still runs today.
And a few Dooblin bookies clubbed together to set up Paddy Power bookmakers and give the Irish government the ultimate Finger !
No rules were broken and No illegal wrongs were done, but No honourable Rights were done either !

Paddy Power know their place today with the Irish government, they know full well that their copy book is well blotted and it is far from forgotten, the 'Rub of the Green' will never be with Paddy Power from the Irish government.

But no taking it away from Paddy Power from Day 1 they have been a well oiled machine with a wealth of gambling knowledge from their founders, offering money-backs on dubious results, tongue-in-cheek adverts and more daily specials than Tesco's. They were First off the grid when the online kicked in and the only One ahead of them was Betfair, so they bought it !
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 06:06:55 am
Ladbroke's are No Saints either, to make a very long story short, Ladbroke's ran many casino's in the Sixties, Ladbroke employee's would often go to other casino's and see who was betting big, follow them outside, take their car reg, get an unscrupulous police officer to give them their address and then post the big punter a few Gifts and Freebie vouchers fer a Ladbroke casino, but they got caught doing it and had their casino licences suspended fer Ten years.

Google it if'n ya don't believe me, it will all be there.
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 06:30:23 am
Terry Ramsden was another Blot on Ladbroke's copybook, Again a Long story made short, Terry was a financial whizz-kid back in the Eighties and he bet in Millions weekly with Ladbroke's without question as he was a big loser. As it turned out Terry was skimming off the top to fund his gambling habit and Ladbroke's never questioned him as to where the money was coming from. When the whole thing blew up and Terry got sent down, the gaming board had a long frowning look at Ladbroke, but they escaped any disciplinary proceedings.
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 06:46:40 am
......I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work ......
Ivan Yeats is/was a good man, way too honest,decent and respectable fer the cut throath business that he was in !
Title: Re: Paddy Power.
Post by: Bob Shillin on August 15, 2019, 08:11:07 am
......I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work ......
Ivan Yeats is/was a good man, way too honest,decent and respectable fer the cut throath business that he was in !
I'ld say that he stung a few people when he went on his bankruptcy sabbatical, had his holliers for a year in USA also. Seemed to be at every race meeting and sports event there was while a lot of folks including meself were working their holes off to honour their debts
Title: Re: Paddy Power.
Post by: john m on August 15, 2019, 11:32:02 am
......I remember talking to Ivan Yates and trying to explain why Celtic Bookmakers would not work ......
Ivan Yeats is/was a good man, way too honest,decent and respectable fer the cut throath business that he was in !

There was a bounty of 10k available from one of the big two if you could locate a site that they opened a shop in .Thats how hard it was to get good locations yeats opened shops in Graveyads .like Harolds Cross where everybody worked all day and there was no passing trade or Chapelisod where there was exactly the same set upworkers with mortgages dont play in bookie shops .
Title: Re: Paddy Power.
Post by: The Liffey Lip on August 15, 2019, 11:47:00 am
Ministerial pension and still he could claim bankruptcy?............2 yrs in Swansea gargling and knocking off miners' wives.........what a joke.
Title: Re: Paddy Power.
Post by: john m on August 15, 2019, 11:49:13 am
Ministerial pension and still he could claim bankruptcy?............2 yrs in Swansea gargling and knocking off miners' wives.........what a joke.

Fair play to him he learned the rules .
Title: Re: Paddy Power.
Post by: The Liffey Lip on August 15, 2019, 11:58:53 am
Nah, the rules were explained to him.......most people are too busy trying to do what they're told to by the Govt.
Title: Re: Paddy Power.
Post by: stonethecrows on August 15, 2019, 11:59:05 am
Ministerial pension and still he could claim bankruptcy?............2 yrs in Swansea gargling and knocking off miners' wives.........what a joke.

Fair play to him he learned the rules .
What about the sheep
Title: Re: Paddy Power.
Post by: silverbullet on August 15, 2019, 03:03:21 pm
What about Ebbs failed bookies?
I suppose he found another business that relied on a mug clientele...allegedly!
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 08:57:38 pm
@ John M, if you think the taxi game is bent, corrupt and cut throath, then just look at the gambling game.
We have both worked in each sector, you have seen Billy Arkle work his magic and I as a young man saw too many things that no young man should see.
Fer me at least the Taxi game has rules which can be enforced by a court of law, the Gambling game has no such rules.
Title: Re: Paddy Power.
Post by: john m on August 15, 2019, 09:17:22 pm
I know a bookie burned down his own shop to burn dockets after somebody won about 12000 and when the customer came in next day he rang the Gards for him claiming he was exploiting the situation .
Title: Re: Paddy Power.
Post by: Belker on August 15, 2019, 10:31:18 pm
The Gambling game has little or no rules.
I could tell many stories that would have my family in prison but I wont.

But this one was down to me alone;
I had about 250 Euro on my credit/debit card and had a bet of 200 @ 5/2 on some horse with some phone bookie. I knew the bookie would not put the credit card through until the race was over because if he did then he would have to pay the CC charge on it. With a furlong to go my horse was well down the field, so I got the girl in my office to take 200 Euro from my card and when the bookie went to process my card after the horse had lost then it was declined. The bookie tried again several times over the next few days to take the funds but I made sure the account was kept bare. Three days later I rang to confirm that it was a 'No-Bet'.
Title: Re: Paddy Power.
Post by: john m on August 15, 2019, 10:39:50 pm
In 1923, jockey Frank Hayes won race at Belmont Park in New York despite being dead. He suffered a heart attack mid-race but his body stayed in the saddle until his horse crossed the line.The thirty-five-year-old Hayes had never won a race before and in fact by profession was not actually a jockey but a horse trainer and longtime stableman. The horse, a 20-1 outsider called Sweet Kiss, was owned by Miss A.M. Frayling. Hayes apparently died somewhere in the middle of the race, but his body remained in the saddle throughout. Sweet Kiss eventually crossed the finish line, winning by a head with Hayes technically still on her back, making him the first, and thus far only, jockey known to have won a race after death.