|Fixed bets will be declared void by the Gambling Commission in the UK according to Lord McIntosh, the Minister for Gambling in the UK. Fixed bets based on inside information have become something of a thorn in the side for the UK gaming board since accusations of jockeys placing bets on betting exchanges arose last year. |
The new gambling commission will have the right to freeze suspicious bets, not paying out either side, until the commission has had the chance to investigate the wager. If it is determined that the bets made were placed using inside information then the stakes would be returned to the innocent parties.
The new legislation is due to be published in draft gaming reform legislation next month.