Tag Archives: insider trading
BBC’s Panorama, the most famous investigative TV news show of British television (the equivalent of CBS’s 60 Minutes in the US), will air a segment on sport corruption and insider trading in the world of betting, on Wednesday, July 30, 2008.
Panorama:
BBC One
Panorama
Wed 30 Jul, 9:00 pm – 10:00 pm 60mins
Nearly six years after its award-winning expose of corruption in horse racing, Panorama returns to the sport of kings to investigate the world of betting. Paul Kenyon reveals why those running the sport are so concerned about gamblers betting large sums of money on horses [...]
Why Robin Hanson is right to freak out about the upcoming CFTC ruling on “event markets” (prediction markets)
Robin Hanson is trembling in his pants:
Coming soon after speculators were blamed for rising commodity prices, I fear this is bad news for hopes for legal prediction markets anytime soon.
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The CFTC decisions are politically sensible in 4 areas:
The CFTC will never allow real-money prediction markets on sports. That’s too close to gambling, for some critics. [...]
LET’S REVISIT HISTORY: In May 2007, Harvard professor of economics Kenneth Rogoff laughed in Paul Wolfowitz’s face.
BACKGROUND INFO: Kenneth Rogoff is a visiting scholar at the Brookings Institution and professor of economics at Harvard University.
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May 2007’s Blog Post: INSIDER TRADING: World Bank employees speculating on the Paul Wolfowitz event derivatives at InTrade-TradeSports?? -
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For Aprils’s Fool Day 2007, Kenneth Rogoff wrote the following hoax.
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ForeignPolicy.com
MEMORANDUM:
TO: World Bank Staff
FROM: Paul Wolfowitz, President of [...]
Is Big Brother being fixed in Great Britain? And are the alleged fixers using BetFair to make a fast buck (or “quid”, as they say in the U.K.)?
Via Ed, The Daily Mail:
The Daily Star reveals that some punters are set to earn more than half a million pounds after a total bet of £971 was staked via BetFair on Nikki to win at 1000-1 shortly after she was voted out of the house. [...]
Rumours of ‘insider dealing’ on BetFair chat forums continue [...]
We could use a US Gambling And Betting Commission, but the best would be to have prediction exchanges (modeled after BetFair) that alert the sports bodies about any suspicions.
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New York Times:
“Insider trading is a bigger deal in sports than in the financial markets,” said Justin Wolfers, a professor of business and public policy at the Wharton School at the University of Pennsylvania, who studies gambling. “We have the Securities and Exchange Commission here. Why not the same for what is a multibillion-dollar sports [...]
Insider Trading and Private Prediction Markets
People who run in-house, corporate prediction markets have told me that U.S. laws against illegal insider trading give them nightmares. The problem arises because a private prediction market typically generates material nonpublic information about the corporation that hosts it. If somebody misuses that information to time the purchase or sale of the corporation’s [...]
A big YES to insider trading on prediction markets
Mike Smithson publishes info showing UK Prime Minister Gordon Brown’s decision to call off a general election was known to some bettors before that decision was made public. And he concludes:
One of the risks of political betting is that at times you can be gambling against those who are “in the know”. There’s nothing illegal [...]
on 
If the British legal betting companies offer bets on the sport, it is because there is demand for bets on the sport —and if that demand were not offered in a regulated environment, it would be filled in an unregulated one (like what we see with TradeSports-InTrade and MatchBook in the US market).
Mark Davies of BetFair (PDF file):
International Leaders in Sport conference, Auckland, New Zealand. April 3-4th 2008.
Keynote speech, April 4th. Mark Davies, Betfair.
“New Understandings in Sports Betting”
Minister, ladies and gentlemen… Thank you very much for your kind invitation to speak to you today. I have once before been asked by sport to address it, as a [...]