|Monday, March 13, 2006|
|Phillipines abolishes popular bet to fight illegal bookmakers|
In an attempt to get away with illegal bookmakers, Phillipine racing authorities have abolished one of the country’s most popular bets, the Daily Double (DD). The decision is based on a study carried out by the Metropolitan Association of Racehorse owners, Philtobo, Club Don Juan, Manilla Racing Club and the Phillipines Racing Club.
With the DD, the bettor must pick the winners of two predetermined races in order to win. It has become the most popular bet for illegal bookmakers to copy and some estimate that illegal DD turnover is greater than the legal version.
The racing authorities are forced to take such a drastic step in order to secure the financing of racing. While a part of the legal betting volume is returned to the authorities to pay the racing, illegal bookmakers do not contribute to racing. They simply imitate the winnings of the legal bets and to make things worse, can offer rebates to bettors because they do not pay a contribution to the races.
The hope is that by removing the illegal bookmakers’ strongest pirated product, they will be seriously weakened and betting through authorised channels, in particular on other ‘exotic’ bets will grow. The effect of the measure will be reviewed after a month.