Sunday, 12 April 2015
Bet (Not So Feckin') Fair After All
Betfair: "This Is Play"...
... No It Isn't, It's A Facilitation Of Corruption.
When the majority of public betting markets on an event are suspended due to concerns about matchfixing, spotfixing, transnational co-ordinated criminalities and/or insider trading, Betfair generally keep their markets open.
Now why would that be?
When Betfair accept trades that are illicit, the company still receives their commission on the winning accounts.
Consequently, matchfixers and spotfixers across the planet understand that their information will almost always be accepted by Betfair with the bookmaker simply taking their slice of the action.
This contorted structure has three major impacts.
Firstly and most importantly, the leisure/mug punters who place positions opposite to the criminalised entities exist merely as fodder for fixers.
Indeed, there are times where Betfair's marketing appears to exist merely to flush out the befuddled and the bewildered...
... "here, have a markedly improved price on something that WE KNOW will not happen."
Secondly, if corrupt consortia know that their crimes will be rewarded by Betfair, this structure encourages actions that undermine the integrity of all sports.
And, thirdly, allowing insider trading enables Betfair to privately trade this knowledge for proprietary profit elsewhere in the marketplace.
Betfair are not the only bookmaker that accepts insider trading by any means - such knowledge is a gold dust currency in betting markets - but Betfair set the threshold of abuse lower than other European layers as they are GUARANTEED A PROFIT by such strategy.
And it should be remembered that the Premier League matchfixing operation that we recently exposed (a conspiracy of an administrator, a referee and an agent) generated their illicit profits via Betfair.
NOT SO FECKIN' FAIR THEN!
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Posted by Ojo del Toro at 05:25