@ Raghavan
I had been only a punter - a heavy punter though - all through my about 25-year racing career. But all through I had no axe to grind against the bookies or, for that matter, no hatred against them because I always feel like we rail birds keep chasing our 'prey', they also do the same thing. We have a common meeting point - i.e, winning. Interestingly, our win is their loss and vice-versa.
However, I know the lives of many book makers who have become a pauper after running their books without plans, much like how erratic a majority of punters behave. The hunger and greed for money never allows anyone to stop anywhere. Here we may keep advising others to stop soon after winning a couple of races for the day. But it becomes almost impractical for many to do so. Also, where is the guarantee that if you stop playing today after a couple of winners that tomorrow you are going to have a similar trend? Maybe, you get 4 wins today and no win tomorrow. What I wish to say is that everything is an illusion.
I am quite bothered about the majority of race-goers, who undoubtedly keep backing favourites (if not first favourite, the second, in most occasions). It's only less than 5 per cent of punters who lay their hands on longer odds. So whenever a favourite wins, the bookmakers begin to shiver, and when 3 or 4 wins a 7-race card, many of them may shit in their pants?
Book makers are also human beings who look for money in racing like punters look for money. It's the way we follow to make money that differs. The argument that every bookie balances his bets is highly foolish. If they keep doing so, what they will be left with at the end of the day may not be enough even to pay their stall fee and workers' salary. They also take risks, sometimes very huge because they always believe that racing is a fluke and longer odds will soon fall one after the other, particularly once the JP leg starts.
I have known many bookies closely who used to take money on daily and monthly interest from private money lenders to run the show. There are a few who have ended their lives after losing heavily, while there are others who are left stranded on the roads after failing in the business very badly. Life is almost same for all those involved in racing, be it punter, bookie and even trainer or owner. Maybe, the volume of win or loss keeps differing. That's the reality!