The BetFair–Fallon debacle cost British taxpayers £950,000.
Chris F. Masse May 18th, 2008
Thank God I don’t pay my taxes in the UK. I’d be furious at BetFair and at the British Police.
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NEXT: Has BetFair a little part of responsibility in the collapse of the Kieren Fallon trial?
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Previous blog posts by Chris F. Masse:- A second look at HedgeStreet's comment to the CFTC about "event markets"
- Since YooPick opened their door, Midas Oracle has been getting, daily, 2 or 3 dozens referrals from FaceBook.
- US presidential hopeful John McCain hates the Midas Oracle bloggers.
- If you have tried to contact Chris Masse thru the Midas Oracle Contact Form, I'm terribly sorry to inform you that your message was not delivered to the recipient.
- THE CFTC's SECRET AGENDA ---UNVEILED.
- “Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S & P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses.”
- Meet professor Thomas W. Malone (on the right), from the MIT's Center for Collective Intelligence.
- Corruption , Exchanges & Markets , Regulations
- Comments(3)
You’re starting to learn. Two more weeks and you’re mine.
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Seriously, we need preventive measures. If we can’t catch the big boys at a huge cost to society, then how are we ever going to be able to deal with insider activity effectively ?
You’re right Medemi… Prevention is better than cure.
Focus need to be applied to the establishment of Regulated methods of running an Exchange, or a Bookmaking company.
When the source of evidence is left to “self-policing” by an exchange itself, the legal system is begging for a highly-paid lawyer to unstitch all but rock-solid attempts at conviction.
I notice that the Racing’s Regulators have given themselves a clean bill of health!
I notice that the Bookie’s “club” feel that a few months experience at the Gambling Commission is JUST the right sort of qualification to get recruited by them, into the “commercial fray”.
It has to be asked…. “Does this sort of thing encourage confidence that worms are being caught and eaten, or maybe are nests being feathered instead?”
Not much (IMHO) can be deemed “right” about the Betting Exchange industry when it is so very easy (IMHO) for so many Customers to identify so many (IMHO) potentially serious security/integrity flaws in the processing methodologies currently in use. And those revelations are made without the publication (as far as I know) of anything but the most sparse details about the methods in use!
What leaps forward in Integrity might be made if the Regulators got off their backsides and spent a few weeks inside a few Betting Exchanges, interviewing the relevant hardware, software and communications staff, and collected real Time example data for detailled ( and Timely) analysis?
It is simpy unacceptable (IMHO) for the gamekeeper to be asking the poacher for “cooperation” on Integrity issues.
He needs (IMHO) to be out there, patrolling the Estate. Who know WHAT he might find given nothing else to do all day and all night…..
The GC shouldn’t be (IMHO) relying on the “gift” of occasional evidence from any Exchange… it should instead be OUT THERE tracking it down and TAKING it when/where it finds it!
If it transpires that they don’t know what to look for ( possible?) then they’d better go to “Fraud 101″ class…
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