Scottish Bookies Back Move To Oust Betfair
Last updated: 13/03/2008 17:08
Scotland will lead the way again next week after bookmakers north of the Border declared all five Scottish tracks as Betfair free.
The emergence of betting exchanges - of which Betfair is the leader - has considerably weakened the on-course betting market, especially since leading companies such as Ladbrokes and William Hill have switched to using the exchanges as a means of hedging the massive liabilities that can accrue over their hundreds of betting shops nationwide.
Modern technology has also meant that on-course bookmakers can use laptops and internet connections to hedge their liabilities with the betting exchanges and the traditional Starting Price which governs most off-course bets has been adversely affected.
Now, following successful voluntary experiments at Kelso and Musselburgh, all three Scottish Bookmakers organisations have unanimously agreed to advise their members not to use betting exchanges as a means to hedging in the on-course betting rings.
The emergence of betting exchanges - of which Betfair is the leader - has considerably weakened the on-course betting market, especially since leading companies such as Ladbrokes and William Hill have switched to using the exchanges as a means of hedging the massive liabilities that can accrue over their hundreds of betting shops nationwide.
Modern technology has also meant that on-course bookmakers can use laptops and internet connections to hedge their liabilities with the betting exchanges and the traditional Starting Price which governs most off-course bets has been adversely affected.
Now, following successful voluntary experiments at Kelso and Musselburgh, all three Scottish Bookmakers organisations have unanimously agreed to advise their members not to use betting exchanges as a means to hedging in the on-course betting rings.
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