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
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
