All Party Betting & Gaming Committee Endorses Betfair model 

10 February 2005

Betfair has praised the findings of a cross party committee of peers, following the committee’s investigation into the effects of betting exchanges on the sporting world. The All Party Betting and Gaming Committee concluded that far from being detrimental to the integrity of the sport in general, the betting exchange model might well have a beneficial effect. The committee called for the Memorandum of Understanding, pioneered by Betfair, to be adopted throughout the betting industry as a whole. The committee further praised betting exchanges for their ability to track bets and for their readiness to share information with the relevant authorities, should any suspicion of insider betting arise.

Christopher Foster, Executive Director, Jockey Club told the committee: “As to whether [the advent of betting exchanges] has led to more corrupt races rather than more irregular betting patterns, I very much doubt whether there are more fixed races now than there were, say, 20 years ago… The existence of the audit trail [which exchanges alone can provide] acts as a pretty strong deterrent to malpractice [which leads] me to a firm conclusion in my own mind that it is highly unlikely that there are more fixed races now than there were twenty years ago.”