DAY 1 of the GAMBLING ACT.
If you are a Gambler. Today as you awake. a new period in the United Kingdome awaits you, although it is an updated version of the 2005 Act, it will come into inactment today.
The act introduces new powers for the Gambling Commission including the ability to impose a condition on operating licences requiring information from oporators to be provided to the Commission or to be provided to another person, thereby allowing it to require oporators to submit, information directly, to the sport governing bodies listed in the act,
The Act also introduces two important new measures,
The OFFENCE OF CHEATING.
and the power for the Commission to VOID BETS.
I can see this act causing a lot of problems, however,
Let us consider Betting Coups of the past of which may have fallen under this act,
In the past, the bets, conducted in the act of a breech were voided, however at no time was the event itself Voided.
If it had been all sorts of legal problems would arise. for instance, in the case of a Ringer. like Francasel. punters who backed that horse had there bets, voided but the race itself is still in the form book and backers of losers, in the event still lost there stakes.
Backers of placed horses received there winnings, as if the race was not affected.
What would happen if a whole race was Voided. and all wagers, returned.
This would cause mahem in Exchange Markets. it being very dificult to distinguish between a Cheat and the genuine players, who partisipated freely. and honestly in an event deemed to fall under this act.
However I can see preasure being placed on Exchanges to do much more to protect there Vunerable clients.
For example offers that are obviously traps, will have to be controlled and voided at source.
Example a Soccer bet, on a Correct score of 1.0 in running when the score is already, 0.1 will fall under the act,
Traps of 1.01 in active betting markets, (not in Running) will require the Agents to report its clients for breech of the act,
It is the Gambling Commisions plan to introduce a code of practice requiring betting oporators to take reasonable steps, to familiarise themselves with the rules, of the sport which they are taking bets,
In the case of exchnages, they know the rules, but have been content to trade under the “Let the byer Beware” principal. this however will fall foul of the Gaming Boards duty of protection of the Vunerable.
What will happen I am not sure, but in the case of known cheating, I can see the Commission being bombed down with thousands of complaints, the Batfair Forum alone tells us, that loads are silly unproven complaints but they will still fall on the Commissions, Mat. however in proven cases, an Exchange. will have to act. unilaterally. and promptly.a loss of liquidity, would be nothing compared with a decision made by the Gaming Board, under preasure to ban certain markets.
This is a serious period in Gambling History. and certainly for EXCHANGES.
One very serious change in Gambling is that from today, Gambling Debts become recoverable in a court of law.
Cubone has is own oppinion on this matter, and can see much hardship. for the vunerable compulsive gambler. but I feel like abuse of credit card oporators, the Betting Industry, may find that recovery. not so easy, if it is proven that they have allowed a punter more credit than his capacity to pay warented. but that is only an oppinion.
The next few years, will be very interesting.
Cubone
