Betfair, the world's biggest betting exchange, has amended its terms and conditions to allow sports' governing bodies to investigate any suspicious wagers.
It has signed a Memorandum of Understanding with The UK Jockey club to allow it to reveal the identies of anyone involved in a serious breach of the rules of racing, where there is "very strong evidence".
The company claims that this is "almost certain to be required under future UK gambling legislation" and has set about finding other sports regulatory bodies to work with, including the International Cricket Council.
Betfair, which is currently processing about £50m worth of bets per week, has been up against it in the past year, with William Hill in particular questioning the integrity and legality of betting exchanges.
But any mud thrown in Betfair's direction has not stuck, with Gordon Brown implementing a favourable tax regime to prevent exchanges from moving offshore. Betfair also won The Queen's Award for enterprise, on the Prime Minister's recommendation.
Betfair director of communications Mark Davies said: "Initiatives like this will help fight corruption in all sport, and ensure that results are not distorted by corrupt individuals.
"Users can be sure that they are betting against honest individuals and not against 'sharks' who are attempting to fix the outcome. Only betting exchanges who have decided to assist regulatory bodies in their investigations can make this claim."
http://www.netimperative.com/cmn/viewdoc.jsp?cat=all&docid=BEP1_News_0000053871
It has signed a Memorandum of Understanding with The UK Jockey club to allow it to reveal the identies of anyone involved in a serious breach of the rules of racing, where there is "very strong evidence".
The company claims that this is "almost certain to be required under future UK gambling legislation" and has set about finding other sports regulatory bodies to work with, including the International Cricket Council.
Betfair, which is currently processing about £50m worth of bets per week, has been up against it in the past year, with William Hill in particular questioning the integrity and legality of betting exchanges.
But any mud thrown in Betfair's direction has not stuck, with Gordon Brown implementing a favourable tax regime to prevent exchanges from moving offshore. Betfair also won The Queen's Award for enterprise, on the Prime Minister's recommendation.
Betfair director of communications Mark Davies said: "Initiatives like this will help fight corruption in all sport, and ensure that results are not distorted by corrupt individuals.
"Users can be sure that they are betting against honest individuals and not against 'sharks' who are attempting to fix the outcome. Only betting exchanges who have decided to assist regulatory bodies in their investigations can make this claim."
http://www.netimperative.com/cmn/viewdoc.jsp?cat=all&docid=BEP1_News_0000053871
