Government rejects call to license exchange layers

The following press release was issued at 2.40pm BST, on 14th June 2004.

Betfair, Betdaq, and Sporting Options, the leading three betting exchanges, today welcomed the government’s categorical acceptance that backing and laying were complementary forms of betting which should not be differentiated.

The key statement in today’s response to the Joint Scrutiny Committee report brought home the fact that when they bet in a properly regulated environment, betting exchange customers represent no more of a threat to the rest of the betting public or the integrity of sport than customers of traditional bookmakers.

The government has therefore underlined the folly of singling out sections of the betting public for individual licenses, and endorsed the view that betting exchange customers should not in any way be treated differently from customers of the traditional betting shop.

The government has also stated that it will enshrine in legislation all the safeguards which the leading exchanges already offer as part of their business model, which represents strong endorsement of current best business practice. All betting exchange customers are already registered with the exchanges. Equally, all three of the leading exchanges provide information to governments and administrative bodies, and doing so to the Gambling Commission is a welcome extension of that.

The exchanges have previously warned against creating bureaucracy for one set of operators and its customers without bringing commensurate advantages, and today’s announcement supports that position. The government must now clarify that the Gambling Commission will in its turn ensure that its definition of what constitutes ‘business’ relates to all punters, given the government’s acceptance that there is no difference between backing and laying. The reporting requirements for large staking or winning customers can only be effective in achieving the aims of regulation if they are applied across the gambling spectrum.

Today’s statement does much to safeguard the fiscal and regulatory benefits which currently exist for government, and guarantee racing continued access to the unprecedented level of information which it currently receives. It effectively removes the risk of arbitrary discrimination against certain "high_rolling" bettors, which would encourage them to find alternative operators in unregulated environments, and end the model in the United Kingdom. Clarity as regards the Gambling Commission will further strengthen this, and the exchanges look forward to working alongside the ABB and others to ensure the area is effectively managed across the board.

DCMS understands that the regulatory aims of government are best achieved through the strict regulation of the operator rather than the customer, and through maximum transparency. The exchanges fully support both. They will continue to work closely with all the key stakeholders as the Gambling Bill moves towards its formal introduction in the House of Commons, to ensure that the three pillars of gambling regulation are firmly set in place without the introduction either of unnecessary bureaucracy, or of policies which are discriminatory to their customers.

Betfair Punter loses £137,000 on one horse race

Quoted by The Sun reporter Harry Macadam as the barmiest bet ever, a Betfair punter lost 137,000 pounds laying a horse to lose "in running" to win a grand total of £137.

Ede was placed fourth and floundering at the time in the 3oclock at Plumpton and looked beaten. The layer offered odds of 999-1 for the horse to win the race and must have been shocked to see the favourite Pilca in the race fall while in front, followed by Ede getting his second wind and passing the 2 other runners (Koyaanisqati and Victory Sign) left in the race to get up on the line.

The above was lifted from gamblog , alternatively, the whole article can be viewed at the sun

Betdaq to formalise jockey club cooperation

BETDAQ has today signed a memorandum of understanding with the British Jockey Club, which will assist the regulator further in monitoring and maintaining the integrity of the sport.

The betting exchange has worked closely with the regulator in relation to betting patterns since it was launched two years ago, but declined to sign a previous agreement on the grounds that it did not offer sufficient protection to those tens of thousands of customers who bet innocently every day.

"We have worked hard on this with Paul Scotney and his team at the Jockey Club" said Rob Hartnett, BETDAQ's UK Managing Director. "I believe we have now got a good balance between protecting the rights of the innocent and exposing the activity, should it arise, of anyone who threatens the integrity of the sport."

The Memorandum of Understanding will come into effect later in the summer, after customers of the exchange have been notified. It will allow the Jockey Club to request information on named individuals around whom it has suspicions. Should those individuals have an account with BETDAQ, and the activity on their account meets certain specific criteria, then their details will be passed to the regulator, under strict conditions of care over their use, to assist in any investigations. Furthermore, BETDAQ will continue to monitor all activity against those same criteria, and make certain information available to the Jockey Club, which will be of assistance in enhancing the reputation of the sport.

The specific criteria will not be made public but have been agreed with the Jockey Club as being of material use in determining whether certain individual participants in the sport are involved in activity that is damaging to its reputation.

"The basic rule is that if you get caught up innocently in backing or laying a horse around whom there is suspicion, you will not be exposed to any undeserving investigation," said Hartnett. If on the other hand your betting is linked to the small number of suspicious cases that arise, then you will be found out."

Special offers for Euro2004

Betfair are offering a free £20 bet to all new customers who place a £20 bet throughout the Euro2004 tournament.

Betsson are offering a 10% bonus on all funds paid into you account throughout the tournament, up to a limit of 50

Betdaq offers Euro trip of a life time. Get to see the Final of Euro 2004 with a friend on an all expense paid trip courtesy of Betdaq. To qualify for the free draw you just have to win in five different Euro2004 markets between now and June 23rd.

Last chance to enter the ibetx European Handicapping Championship

The iBetX European handicapping competition, starts next week on June 25th . Betting exchange punters from all over Europe will compete against each other for the title of European Handicapping Champion, plus a guaranteed minimum £10,000 first prize.

The European Handicapping Championship will be held entirely on line and will be based on UK race meetings. The qualifying rounds will be held on 25th and 26th June. All punters will start with a 10,000 point fund with which they will use their skill and judgement to back, lay and trade horses. At the end of the two days the 25% of punters with the greatest number of points qualify for the semi final which will be held on July 3rd and 4th. The final will be held over three days of UK racing to be held on the 10th, 11th and 12th July.

Entry to the competition costs £100 and punters can have multiple entries if they wish but each entry is managed separately and cannot be aggregated. Punters also have the option of entering the competition at the semi final stage at a cost of £400. The prize structure will depend on the number of entrants, however the first prize of £10,000 is guaranteed by iBetX