|Friday, February 03, 2006|
|Betting exchange calls for disclosure obligation|
According to a report in iGaming News, Martin Cruddace, head of legal affairs for controversial betting exchange Betfair, is calling on the new U.K. Gambling Commission to grant licenses only to bookmakers who are willing to share all client information with the authorities.
The betting exchange has already many disclosure agreements with sporting bodies. Although some see this as a positive move in the fight against corruption of sports, others see the exchange betting model itself as the heart of the problem.
Exchange betting allows the betting on sportsmen or race horses to lose and this, they argue, is opening the door wide open for manipulation. In horseracing, with numerous horses running against eachother, it is easier to make a horse lose than to make it win. Betting platforms that only allow to bet on winners do therefore not need such disclosure agreements. Bookmakers, for example, only disclose details of 'suspicious' wagering cases.
Opponents of exchange betting believe that this form of betting should be banned altogether to avoid corruption of sports.