Bank reconciliations and ledger accounts were never going to be edgy enough for Chronicle Bookmakers front man Justin Carthy, so it was unsurprising that after a year of studying accountancy, he packed it in and decided to concentrate on a career as a bookmaker. Today, Justin is instantly recognisable on two counts - firstly, as the leading layer in the ring, and secondly, as the best-dressed bookmaker, usually sporting a dashing pinstripe suit and pink tie combo.
His decision to take the route of bookmaking was not one made on a whim. His father was a bookmaker at the greyhounds, and when he was old enough to comprehend the job, he began clerking and assisting him on a regular basis. He gained his representative's licence at 18.
Through an association with a business partner, Chronicle Bookmakers was formed in the early '90s. Justin's shrewd decision-making, knowledge of the form book, and insatiable appetite for success ensured that it wasn't long before the Chronicle name was household on the Irish betting landscape. From a starting point of seven trackside pitches, Chronicle is today known as the biggest layer in Irish bookmaking; if you are so inclined, Justin is the man you need to talk to if you would like to wager €100,000 on a horse race or €1 million on a rugby or soccer match.
All good businesses need a plan, and Justin saw that the key to future success was the requirement to have prime pitches at the Irish race meetings. "It's like having a good shop on the main street in any town - good pitches get you good clients," he explained. Today, Chronicle Bookmakers has prime pitches at Irish courses, along with a number of high-street shops and a fledgling, yet steadily growing, phone and Internet betting service.
Partners in Prime
It didn't stop there, however, and he looked further afield to the leading UK tracks for prime pitches. He knew that a UK-wide presence was going to be the key to achieving his long-term targets. Justin remarked, "Other guys went to Cheltenham, bought a pitch there, and were happy with that. I wasn't. I went to Liverpool, Ascot, York, and other tracks to ensure that I would have a long-term presence." He later purchased a package of 20 pitches from Manny Bernstein bookmakers, and consolidated his UK business to 10 key pitches at the major tracks across the UK to complement his thriving Irish business.
The face of business changes over time, and the most fundamental change in Chronicle's business occurred when billionaire financier Dermot Desmond purchased 50 percent of the company from Justin's business partner. When probed on how significant a development this association was, I felt as if I should stop Justin mid-sentence and tell him that the look in his eyes had just told me all I needed to know. "Dermot is great," he enthused. "He gives you the encouragement you need to get through the bad times; he will ring me and tell me to put the head down and carry on."
Carthy's first encounter with Desmond was at the
Aintree Grand National meeting in 1994. This meeting coincided with the U.S.
Masters in Augusta, and when Desmond sought a bookmaker with whom to have a bet, he found Carthy accommodating, laying him a bet on eventual winner Jose Maria Olazabal at odds of 66/1.
This proved to be a somewhat costly introduction, but after this, the two got to know each other well, and after a number of years, the opportunity arose for Desmond to purchase a 50-percent stake in the company. "I called Dermot and told him of the opportunity," said Carthy. "He told me to get on the plane to London and bring the details on the back of an envelope." A couple of hours later, what was to become a profitable partnership had been forged.
Triumph and Tragedy
Carthy talked about their first Cheltenham festival together in 2003, where, according to the bookie, "all the favourites won."
"We were stuck £1.5 million after the first two days," he said, "and Dermot called me and told me not to worry. He told me to put the head down and take them on bigger the following day than I'd ever done before."
The following day arrived, Best Mate won his second Gold Cup, which proved a hammer blow to bookies, but a skinner in the Country Hurdle when Spirit Leader clung on for a neck victory ensured that the meeting ended on a happier note for Chronicle.
Regarding Cheltenham of 1998, Carthy spoke with an air of relief at the defeat of Joe Mac in the bumper. He was the one that could have changed the landscape of Chronicle. "We were still a relatively young company, and all the antepost doubles, trebles, and accumulators seemed to be rolling onto this lad - and we needed him beat; it wasn't going to break us, but it sure was going to take us a hell of a long time to get over it."
More recently, he talked of laying £200,000 at odds of 7/2 about Hardy Eustace in the Champion Hurdle. "That's a big bet," he said. "You like to see it when those ones get chinned." He finds it difficult to pinpoint many horses that he wanted to get beat: "Each one comes at a different point in time, and you want them beat for various reasons; it's just good to see your opinion vindicated." He talked about how he took a stand against The Listener in the Hennessy Gold Cup, and the relief of seeing him get beat despite having what appeared to be an unassailable lead, jumping the last.
They don't all get beat, though. Best Mate cost him €250,000 on one of his trips to Leopardstown, and he has in the past laid a cool €1 million in a rugby match. Whilst sitting in his plush office in Dublin's International Financial Services Centre, he showed me a payout listing from what could only be classed as a very ordinary beginners chase. It stretched from ceiling to floor, and the payout totalled close to €100,000 - a considerable sum for a race of this nature.
Exchange is No Robbery
Carthy takes a very pragmatic view of the betting exchanges - but then one would expect as much, considering that Desmond owns leading exchange Betdaq and they jointly own the software that interfaces on-course bookies with the exchanges. "Exchanges are here to stay," he stated, "They are not going anywhere, so it's best to embrace them and do business with them." One can't help but feel that Carthy has been a major influence in the acceptance of exchanges by traditional on-course layers. He speaks the kind of sense that one would expect to turn even the most staunchest of detractors.
He openly admits to using the exchanges for hedging purposes if and when the requirement arises, and believes that in general they are a welcome addition to the bookmaking landscape. They have gone some length to eradicating the prevalence of the favourite-long shot bias, and overall he believes, "They are good for the punter - as they now get more value."
Chronicle could be classified as more of a bespoke firm than your traditional high-street bookmakers, and Carthy has ensured that he sets himself apart from his competitors through his focus on customer affinity. Again in keeping with his proven foresight and vision, he was at the forefront of this change in mindset. "Bookmakers used to take all they could and give nothing back unless they had to," he admitted, but he has gone some way to change this.
He now has corporate boxes at the leading tracks and will gladly entertain his clients at any given opportunity. "It's just a little something to keep them happy; it is an expense and it does come at a cost, but I think it's important," he said.
Looking forward, Justin wants to continue to develop the business and the brand. Chronicle recently has begun sponsoring Irish racing coverage on
RTÉ. He has a handful of shops to complement his successful flagship betting shop and casino, The Sporting Emporium, but he admits that he would like to have 50 more betting shops; anything that can increase the business, build brand awareness, and help Chronicle get bigger and better will be considered. The Betchronicle.com online betting and telephone betting service was launched earlier this year, and thus far it has been a resounding business success, which he hopes will continue.
The bookmaking landscape has changed considerably in the recent past, exchanges and customer entertainment being some of the most prevalent advances. It looks certain to change again in the coming years, but some things look likely to remain. Justin Carthy and Chronicle will continue to be the leading layers and innovators in the market; they have in the past set the standard, and given current plans, this looks certain to continue.
