|The controversy over on-course bookies laying off bets with P2P sites like BetFair ended this week when the Levy Board voted to allow the controversial practice. The rule, although not yet in effect allows bookmakers to better manage their cashflow using the most efficient betting markets in the world. |
Betfair, the company that handles more laying-off than any other worldwide, coincidently just received the Queen’s Award for Commerce for the same fantastically successful betting exchange model that has the Levy board at odds for years.
While the bookmakers all breath a sigh of relief, traditional betting giants echoed the fears that the Levy board knew would come to fore all along “This encourages betting with unlicensed and anonymous individuals, many of whom are located overseas” commented Ladbrookes Chief Executive Chris Bell.
The decision was made when Levy board chairman used his casting vote to decide the fate of the on-course bookmaker once and for all and commented 'I used my casting vote to ensure that it was approved in the belief that it is in the interest of punters and, therefore, in the long-term interests of the racing and betting industries.'