|Betfair and Betdaq have formed the Betting Exchange Trade Association (BETA) to represent members in discussions with Government and regulatory authorities, and to work with the Gaming Board and the new Gambling Commission.|
These are turbulent times for the betting exchanges, vilified in Australia and accused of facilitating corruption in British racing, and therefore BETA’s first move has been to establish a code of practice which promotes transparency in the face of corruption, fairness for the consumer, and to protect children and the vulnerable.
At a swiftly held inaugural meeting yesterday, Lord Macintosh expressed his support for the new association and praised the betting exchange model:
“The Government places great importance on the gambling industry acting in a socially responsible way and this is the kind of mature, proactive approach we welcome. They (Betting exchanges) are examples of modern business systems coupled with a positive attitude towards social and corporate responsibilities. And in doing so, protecting both consumers and the integrity of sports”.
McIntosh added: “I’m particularly pleased to see that the code includes a self-exclusion policy for customers, and highlights age restrictions and the use of age verification methods to protect children and the vulnerable.'
Betdaq’s Rob Hartnett told the Racing post that, “The creation of BETA to represent our interests is a sign of our maturity and determination to be pro-active in the debate that will continue as the industry changes over the next few years.”
Andrew Silverman, spokesman for Betfair, added: “BETA supports the Government’s plans for the modernisation of our gambling laws, and we believe the new Bill will deliver reforms that underpin growth, while ensuring that the betting and gaming industry is accountable to a new regulatory authority.”