betting exchanges should have a specific license for their operations. This license will permit them to establish betting markets and to hold monies on behalf of their users; Betting exchange operators will be obliged to conform to the following rules:
Betting Exchanges, where players bet against each other, have been endorsed in principle by the UK government. A position paper, published by the UK’s Department of Culture, Media and Sport, spells out that the UK government is ready to accept the newest, most controversial development in betting.
The paper, published in advance of the UK’s forthcoming gambling law reforms, acknowledges that betting exchanges “have no profit interest in the outcome of the event.” It also acknowledges that all current betting exchange operators have sought, and been granted, bookmakers' permits and, that arrangements have been made for them to pay betting levy and betting duty (gross profits tax).
The paper suggests that betting exchanges should have a specific license for their operations. This license will permit them to establish betting markets and to hold monies on behalf of their users; Betting exchange operators will be obliged to conform to the following rules:
They must display and disseminate their betting rules; they must consent to having their play and payment systems checked by someone authorized by the Gambling Commission; they must at all time separate money belonging to punters and their own operating resources; on matters of public policy, the exchanges will be subjected to the same level of regulation as any other gambling product operating through the internet.
Arrangements will be made to ensure that exchanges are not susceptible to money-laundering – the electronic paper trail generated by online exchanges make money-laundering far easier to detect than cash betting at betting shops or at the racetrack.
http://pokermag.com/managearticle.asp?c=150&a=4386
Betting Exchanges, where players bet against each other, have been endorsed in principle by the UK government. A position paper, published by the UK’s Department of Culture, Media and Sport, spells out that the UK government is ready to accept the newest, most controversial development in betting.
The paper, published in advance of the UK’s forthcoming gambling law reforms, acknowledges that betting exchanges “have no profit interest in the outcome of the event.” It also acknowledges that all current betting exchange operators have sought, and been granted, bookmakers' permits and, that arrangements have been made for them to pay betting levy and betting duty (gross profits tax).
The paper suggests that betting exchanges should have a specific license for their operations. This license will permit them to establish betting markets and to hold monies on behalf of their users; Betting exchange operators will be obliged to conform to the following rules:
They must display and disseminate their betting rules; they must consent to having their play and payment systems checked by someone authorized by the Gambling Commission; they must at all time separate money belonging to punters and their own operating resources; on matters of public policy, the exchanges will be subjected to the same level of regulation as any other gambling product operating through the internet.
Arrangements will be made to ensure that exchanges are not susceptible to money-laundering – the electronic paper trail generated by online exchanges make money-laundering far easier to detect than cash betting at betting shops or at the racetrack.
http://pokermag.com/managearticle.asp?c=150&a=4386
