• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

'The Challenges Facing British Racing: Problems at the Betting Exchange'

Extracts from this document...


'The Challenges Facing British Racing: Problems at the Betting Exchange' After a recent spate of horse races have been referred to the Jockey Club concerning controversial rides, questions have arisen over the regulations of betting exchanges. A betting exchange is an on-line betting medium where punters bet against each other, and have the option of backing or laying. The exchange acts as a broker and takes out a commission for providing the service. These exchanges are the most revolutionary phenomenon to hit betting since the opening of betting shops and have only been made feasible by the growth in internet activity. Concerns begin over racing's integrity, with the fact that certain individuals have the ability to act as a bookmaker without any sort of permit. Many fear that the betting exchange system, which offers profit simply from a horse getting beaten, is too open to abuse and exploitation. In one tragic case a horse named Hawk Flyer was seen to run lame at the gallops before the 2003 St Leger and was subsequently destroyed, but not before its ante-post price had moved from 15-8 to 40-1 on the exchanges. ...read more.


in advance of the race that the performance of their horse is being closely watched. The UK Minister for Gambling Andrew McIntosh, is proposing new controls that would allow the soon-to-be-established Gambling Commission to freeze and void bets where punters may have been fleeced: "Exchanges do provide the opportunity for those with 'inside information' acquired improperly to make a profit from the uninformed punter." This obviously requires the government to intervene and to set new regulations to ensure that all transactions are legitimate. A position paper, published by the UK's Department of Culture, Media and Sport, which reflects current thinking ahead of the reform of gambling legislation, has given the clearest signal yet, that the UK Government is prepared to wholly embrace the concept of betting exchanges. The paper proposes that exchanges should be subject to three main regulatory objectives. Firstly, any exchange should offer fairness to the consumer. Secondly, it should offer protection to the vulnerable such as children and new account holders. Finally, keeping crime out of any backing or laying activity. On the question of keeping criminal elements at bay, the paper contends that this will be achieved through personal licensing and examination of companies during the operational licensing procedure. ...read more.


It is wrong to single out one section of the punting population for special treatment, and thereby allow customers freely to do something on one occasion which would require them to be licensed on another. The problems over betting exchanges clearly need to ironed out by the Government in partnership with the British Horseracing Board. The problems they could cause to horseracing in terms of adverse publicity need to be avoided. Intense scrutiny needs to be employed whenever signs of unfair practice arise. Extra caution needs to be taken over any account which has opted out of sharing personal details especially when high stakes are involved. The activity of personnel linked closely to racing such as jockeys and trainers also needs to be severely limited to prevent race fixing cases appearing so regularly. If these regulatory objectives can be successfully implemented within exchange betting on the internet than I feel that it has, as a betting medium, the opportunity to become a highly favoured betting method for the majority of punters. This would force high street bookmakers into offering the punter better prices in order to retain custom. Furthermore, the popularity of horseracing globally could only benefit. Daniel Walton Page ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. Business Aims and Objectives.

    * Providing assistance and guidance on new equipment or software which may include running training sessions. * Providing ongoing support to users who experience technical problems. This is often down through a computer help desk which users can phone if they experience a problem.

  2. Family business issues and challenges.

    Family ties can cause friction when ownership and management are not dealt with separately. When family members are treated preferentially, non-family employees may become disgruntled or quit. Family members sense of ' ownership' can be a strong, positive motivator in building the business and leading to greater cooperation, and opposite can also be true, however.

  1. Business Venture - Dance Club

    Shareholders are often closely involved in running the business. Running business venture like nightclub witch is very risky business; I will big investment to start it. Banks and other finance houses are often happier to lend money to limited companies, which I will be for my business venture, but it also true that I will be sharing the profit with the shareholders and taking big decisions will take time.

  2. How IT Departments Are Responding to the Challenges of E-Commerce

    As distribution channels become electronic, business processes become systems-dependent, products become digital and information becomes the source of innovation and future value creation, the fixed fabric of e-business is IT. The platform of e-commerce is technology; thus IT is not only on the critical path of business development, it is the critical path.

  1. Businesses in the 21st century face new challenges- How should they react to this?

    That will sorely test the ability of company's CEO to think on their feet and to assess risk. Moreover, finance functions like accounts payable and auditing will be outsourced, as will the bulk of a company's software hosting. The best businesses will be those that move the fastest, continually reinventing

  2. A proposal to modify "Exercisco Fitness Club" in Pokfulam, the location has been proposed ...

    information and their signature, then the staff at the fitness club would have to approve it and sign it showing it is alright for the customer to become a member, then this membership form is kept in a knew folder created for the member and stored in a cabinet, the

  1. Marketing a succesful health club

    * There is less pressure of time on individual partners. * There is someone to consult over business decisions Disadvantages * The main disadvantage of a partnership comes from shared responsibility. * Disputes can arise over decisions that have to be made, or about the effort one partner is putting into the firm compared with another.

  2. Design Brief of solution to orders at a fitness club.

    is 24 hours on so they can obtain the form at any time preferred. The disadvantage is that the form might not appear on the website because of some error with the customer's internet settings etc. Also if the form is very large in size it might take a long

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work