Do betting exchanges make it easier to cheat?
News on 25 May 2013
News on 25 May 2013
The possibility that horseracing insiders could manipulate betting exchange wagering to make money at the expense of other punters was raised at the weekend by the Irish Examiner newspaper, which reported on the findings of a recent British Horseracing Authority (BHA) inquiry into allegations of race fixing involving Irish, English, and American horses.
The newspaper summarised the findings of the BHA as: “An increasingly popular range of online spread betting products was exploited with insider knowledge of horse races to generate guaranteed profits for a corrupt network of people.”
Naming Betdaq and Betfair as examples of online venues that players can use in p2p bets instead of going to established bookies, the newspaper stressed that both companies were legitimate, but that integrity-challenged individuals with “intimate knowledge” could exploit these services to make an easy buck.
It has to be said that betting exchanges like those named in the article are often at the forefront of attempts to halt corruption in sports betting, and will often cooperate with regulatory authorities in finding and stamping out this criminal evil.
The Irish Examiner quotes the case of jockey Eddie Ahern and his friend and racehorse owner former footballer Neil Clement, claiming that they had reaped rewards by taking advantage of bets placed by an unknowing public and detailing the manner in which it was done.
The BHA has already linked up with other betting spread betting firms and, with the information gleaned; it hopes to pursue new inquiries.
It makes for interesting reading, and can be accessed here:
