Betfair works with Jockey Club to fight ‘sharks’
By Paul
Betfair has signed a Memorandum of Understanding with The UK Jockey club to allow it to reveal the identities of anyone involved in a serious breach of the rules of racing, where there is 'very strong evidence'.

The company claims that this is 'almost certain to be required under future UK gambling legislation' and is looking at working with other sports regulatory bodies, including the International Cricket Council.

Betfair director of communications Mark Davies said: 'Initiatives like this will help fight corruption in all sport, and ensure that results are not distorted by corrupt individuals.

'Users can be sure that they are betting against honest individuals and not against 'sharks' who are attempting to fix the outcome. Only betting exchanges who have decided to assist regulatory bodies in their investigations can make this claim.'

Betfair, which is currently processing about £50 million ($84 million) worth of bets per week, has faced much criticism from the betting establishment, with William Hill in particular questioning the integrity and legality of betting exchanges.

But Betfair's has rebutted such criticisms and the UK government finding no fault with betting exchanges. The treasury, for example, implemented a favourable tax regime to prevent exchanges from moving offshore. Betfair also won The Queen's Award for enterprise, on the Prime Minister's recommendation.

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