Spare a tear for William Hill. Not a big tear, because the wolf is a long way from its door. Profits have, though, as we report today, slipped in the past six months. This is blamed, in part, on the accuracy of newspaper betting tipsters and on the company making a fortune in the same six months of the previous year when Greece’s unexpected win at Euro 2004 was cheered as loudly by William Hill as it was in Athens. It is also, though, the victories of favourites such as Hedgehunter in the Grand National and Chelsea in the Premiership that have hurt the bookies.

There may be another factor here. All the major bookmakers have tried to rebrand themselves of late in order to attract a more upmarket punter. This may not have been a wise idea. The more sophisticated gamblers prefer a sure thing to a sentimental wager or an improbable bid for millions. They will not place £10 on a horse named Happy Birthday or Auntie Jean just because it is their birthday or they have a much loved Auntie Jean. If the beast concerned only has three legs and is at 100-1, they will ignore it. Similarly, the new client is unlikely to back Queens Park Rangers for the FA Cup because it is “my local team”. The smart money is now reserved for the favourites.

In that spirit, some free advice can be offered to readers. If the bookies will let you bet on Michael Howard’s leadership rule changes for the Tories failing, a modest investment may be worthwhile. You may not make much on Gordon Brown succeeding Tony Blair, but what there is may be worth having. Anything but Chelsea/Arsenal/Manchester United in the Premiership is sheer madness. And, of course, bet the house on England for the Ashes.