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LOWDOWN ON ONLINE GAMBLING Sep 2 2004
By Jon Kelly
Q HOW is internet betting different from visiting a bookies in the high street?
A ONLINE betting exchanges let customers pick losers – known as “laying” a horse – as well as winners.
Stakes are taken, and bets paid, via a credit or debit card.
Firms such as Betfair and BETDAQ also allow punters to bet against each other, taking a commission for acting as broker.
Q WHY are people worried about this?
A RACING authorities and chains like Ladbrokes and William Hill believe corrupt racing insiders could cash in from losing.
Former British Horseracing Board chairman Peter Savill has long been a critic of the exchanges. He believes issues surrounding the way they operate are of “critical importance” to the industry’s integrity.
Last year some online bookies signed a deal with the industry to pass on details of unusual or suspicious bets.
Q JUST how much is the online betting industry worth?
A THE amount is huge. Betfair reportedly has a turnover of £1billion and is one of only a few high-profile dotcom projects to make a profit.
The global internet gambling industry is thought to be worth £12billion.
Q WHAT does the industry have to say for itself?
A BETFAIR says corruption in racing is as old as the sport itself and that technology makes it easier to track.
It employs 40 people in its security department whose job it is to look out for dodgy bets.
In a statement yesterday it said: “Betfair has long maintained that the transparency of its exchange model, with the audit trail it provides, is a tremendously powerful weapon in assisting the authorities in keeping sport clean.
“The capability and use of tracking every mouse click is an important asset for investigations of this nature.”
