About the latest New York Times story on BetFair fighting sports corruption…-
Prediction markets not only make fixing easier to profit from, by creating a liquid market for insider betting, but they also make it easier to detect, by creating a centralized database of betting for analysis: […]
So. the effects are mixed, and in the end we are left with the Homer Simpson-esque paradox that prediction markets are both the cause of, and the solution to, insider trading.
My remarks about his 2 statements:
#2. Sports betting (thru bookmakers and sportsbooks) existed well before the apparition of the prediction exchanges (betting exchanges) —-BetFair was created in 1999 and was launched in 2000, and TradeSports, in 2002.
#1. More money is bet on sports with bookmakers than with prediction exchanges (betting exchanges).
- Match fixing existed before betting.
- Profiting from match fixing existed before BetFair and TradeSports.
- BetFair is the only betting company in the world that has systematized a cooperation program with sports bodies in order to detect and fight sports corruption.