Betfair unfair? UK Minister for Gambling wonders.

[TheGeneral+]

Betfair is Bet-unfair says Minister for Gambling.

What odds he'll succeed in a crackdown? (And nice job title by the way).

UK Minister for Gambling Andrew McIntosh has found himself at odds with new forms of internet-based gambling.

The minister is now proposing bringing forward new powers to freeze and void bets where he believes punters have been given an unfair deal.

The minister's nannying attitude is focused on a new breed of betting exchanges - such as Betfair.com - where users can trade bets with one another rather than having a simple two-way exchange with a virtual bookie.

Andrew McIntosh said in a statement from the government: "I welcome the innovation that betting exchanges bring to the betting market. And I believe that the proposed Gambling Commission can regulate them effectively. But there is potential for consumers to be exploited. Exchanges do present an opportunity for those with 'inside information', acquired improperly, to make a profit from the uninformed punter."

Although many may argue the Minister of Gambling has therein identified the very essence of gaming, the concern is that the exchanges are largely anonymous so unscrupulous users can effectively 'hustle' their hapless victims. Whether this is criminal or just unsporting may be a matter for some debate.

McIntosh added: "Of course, information and intelligence is at the very heart of betting. But some information is obtained improperly or is used improperly. So the Government will bring forward proposals for the Gambling Commission to have powers to void bets that it believes to be unfair. We are acting now to help sports' regulators root out any cheating or improper conduct."

At the time of writing Betfair.com had failed to return requests for comment.

http://silicon.com/news/500019-500022/1/6314.html

 

[HaveAGoodOne]

 

[valueman]

i take it you mean that when someone has information that say a horse is going to lose they can lay it at betfair. well to my understanding they have an understanding with the UK jockey club that any iregular betting activity would be reported to them and investigated on. Sports Books around the world have trainer,jockey and owner accounts. Do they report when a trainer is backing another horse in a race he has one in? i think Betfair is doing more than anyone else to keep it clean and should be applauded for that but at the end of the day crooks will always find a way round

 

[matahari]

My advise to Betfair: move offshore.

 

[valueman]

There's a lot more credibility operating out of London than some ****hole in Costa Rica with a licence for ten bucks but as they have taken the lions share out of the UK market there are bound to be a few people that are a bit pissed.

 

[matahari]

valueman,

Costa Rica surely isn't the only place that comes to mind, there're much more respectable places: Isle of Man, Channel Islands, British Virgin Islands, just to name a few.

 

[valueman]

true they may be a bit safer but having seen Betfair's HQ in London - state of the art - i doubt if they'd move offshore. Uk is definitely the most secure place - agreed?

 

[valueman]

any chance the minister is getting a back hander from the bookies??? Wouldn't be the first in the labour party

 

[peskypup]

exactly my thoughts too valueman.

Also who are the first people to go voiding bets when you bet on a really juicy line?

Answer - the bookies.

I hope the Labour party don't fall for this sort of crap, seems a smart move on the books to put this notion into their heads.

Betfair pisses off UK books with their -120 lines including at times 16/1 for the tie on top of the hefty juice.

The only good thing to say about most UK books is that they are solid financially because this country has so many mug punters. I'm sick of telling folk how much money they could save just having 4 or 5 accounts instead of one, might as well talk to myself it falls on deaf ears.

 

[valueman]

tell me about it - i've been telling these guys that Betfair has really pissed off the bookies in the Uk by having better odds and thats the way its gonna go in the US. Betfair or another exchange or two will take over by offering a low juice, high volume product that gives the bettor a chance. Deaf ears!!!

 

[TheGeneral+]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Do they report when a trainer is backing another horse in a race he has one in? <HR></BLOCKQUOTE>

I Would figure not as it is good info for the betting bookies too

 

[valueman]

Exactly so why give betfair grief when they are doing more than most to keep it clean.

 

[TheGeneral+]

With growing concern over the use of betting exchanges to make profits off of losing horses, British Horseracing Board chairman Peter Savill has requested the government create an independent commission of inquiry into the exchanges.
Savill stated that a growing number of people are making money off horses losing races in Britain instead of backing them to win. He suggested that those people should be severely restricted and limited to only those people in possession of a bookmaker’s permit in order to protect the integrity of the industry.

"Betting exchanges have, for the first time ever, suddenly and immediately enfranchised 30-million plus people in Britain to make money out of horses losing races," Savill told Ananova.com. "Previously there were only 3,791 people—the number of on and off-courses bookmakers with permits who had passed the ‘fit and proper person’ test—who were so enfranchised."

Savill added that the Australian Government had already set up a National Task Force to look into similar matters.

www.thoroughbredtimes.com

 

[valueman]

You know who Mr Savill is? BHB has been supported ad infinitum by the traditional bookmakers in the UK - Ladbrokes, William Hill, Coral etc and therefore is protecting their interests. The bookies in the UK have used this argument that an exchange is illegal because the person laying the bet doesn't have a permit ............

This is a crock of shit as if you are laying a team or a horse isn't it the same as backing the other selections? Peter savill is a moaning little **** who has ALWAYS acted in his own personal interests. When he was predominately a horse owner he was campaigning for better prize money for the owners - f**k the stable staff etc, the bettors etc.

Now that exchanges like Betfair have given the bettor in UK and Europe more choice, control and a lower margin high volume product that have attracted the customer in droves the bookies have got their backs up so their puppet Mr Savill shouts his big mouth off again. He is a disgusting vermin and has never been a true supporter of the Horse racing Industry - go back to the Caymans you scum!!!

 

[TheGeneral+]

valueman,

I would vote to let the regulator do its investigation and see what happens. Nothing wrong with looking into scams. Protecting the player is what we all want.

 

[933412]

Some UK books are living in the past. The days of offering 10% vig on lines and still raking it in from mug punters are disappearing and they will need to adapt.

A good point about exchanges is if you find value in a line it yours to keep. No e-mail 5 minutes before the event starts claiming a palpable error and voiding your bet.

Good luck to Betfair & co.

 

[valueman]

True - most UK books except the exchanges like Betfair, Betdaq etc are used to a system where it was too easy. Most Soccer is set to about 11% vig where on Betfair its less than 1% plus your commission if you win - still works out to about 3%. This at least gives the bettor a fair deal.