 Betfair - Is FairThere has been a lot of talk recently in the sporting media about bet matching agencies such as Betfair, and that they may encourage race fixing, also that they take money away from the horse racing industries where the agencies are not located in the same country as the punter. Firstly what is betfair, their website describes it as such "What is Betfair? All bets on Betfair have been placed there by users who either want to have a bet in the normal way (back), or offer odds to other punters (lay). Bets are matched between people with opposing views. "Why Use Betfair? You can bet that an outcome will happen (back) or that it won't happen (lay). You can choose the odds you want to play at. You can bet whilst the game is in play." The reasons given by the media and the horse racing industry for the increased possibility of horse race fixing are that they believe that laying horses, offering money on a horse loosing (the same as a bookmaker does) would increase the likely hood of pulling a horse up or lot allowing it to perform to its full potential because “ It is manifestly easier to make a horse under-perform than it is to have it win” according to Patrick Smith of news.com. The problem with this argument is that punters have always been able to bet in order to win money by a horse loosing, simply by backing all the other chances in any given race, the return or odds would be about the same as it is to lay a horse. If one was in the business of fixing horse races I’m sure they would know this fact already, so the existence of betfair should not do anything more to encourage race fixing, than the fact you can make money from gambling already does. The other problem that some people have with betting exchanges and I assume all betting done by Australian’s with agencies located outside the governments tax arms. Is that it takes income away from the racing industry, they assume that the bets placed with these offshore agencies would (if the agencies didn’t exist) be placed with the Australia tote, tab or bookmakers, and be subject to redistribution into the racing industry. This may or may not be true. The racing industry does employ a lot of people, and is an industry I personally would like to see flourish, which it currently it does, attracting large crowds and offering millions in prize money. It does seem to astonish me though that the racing industry expects to be supported by a percentage of every average punters bet, not only are people charged to attend race meetings and horse owners are expected to pay nomination fees but punters money is also put up as prize money. This does seem to me to be a bit high and mighty, expecting the average Australian to put up the prize money and running costs of a rich mans industry. Maybe its about time the racing industry learnt to survive on its own, without relying on the average punter to support the industry. David Campbell Editor |
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