No Commission -- In an effort to attract enough punters to create a stable betting community, Back2bet.com, a new U.K.-based betting exchange, is currently offering individuals permanent commission-free betting on wagers they post on the exchange. The commission-free offer will only be available until the company is satisfied that is has enough members to maintain balanced markets.
I-gaming in Cyprus -- The Cypriot government has been working for the last six months to create a new legislative framework for online gambling. Poppleston Allen, a British law firm that has been assisting the government, says a draft bill is nearly complete. A government subcommittee will scrutinize the draft bill within the next two months.
Aftermath -- Kieren Fallon and the other two jockeys arrested in yesterday's London Police raid returned to competition today after posting bail last night. British news sources are now reporting that among those arrested yesterday was Miles Rodgers, the former director of Platinum Racing who was banned by the Jockey Club for betting two of his own horses to lose on Betfair. Besides Rodgers, the three jockeys, and trainer Karl Burke (who was supposed to celebrate his 20th wedding anniversary with his wife the day he was arrested), the majority of the other arrested individuals are believed to be members of a betting syndicate. It is rumored that six other British jockeys are under suspicion by the Jockey Club and London Police. In Australia, newspapers were today rife with reports that Betfair does not believe the British scandal with affect its chances of obtaining a license to operate in Australia. Meanwhile, the Sydney Morning Herald reports that NSW racing police arrested a professional punter a few hours before the British raids in an unrelated case of suspicious betting on the exchanges.
Betcorp Struggles -- Betcorp Ltd., the Australian betting company that owns World Wide Tele-Sports (WWTS), today accepted the resignation of its CEO, Richard Barker, after last week accepting the resignation of its chairman and non-executive director, John Priest. Various sources are now reporting that BetCorp has halted trading on the Australian Stock Exchange. Rumors speculate that BetCorp may have decided to cease its control over WWTS. Performance at Betcorp has been weak in the last half-year, due primarily to first quarter difficulties whereby professional U.S. gamblers were able to obtain higher betting limits and consequently larger wins from Asian agents. Betcorp's stock, which peaked at $0.78 per share in mid January, has since steadily plummeted to a value of $0.16 per share. Jessica Davis, vice president of WWTS, and Simon Noble, CEO of WWTS, resigned from their positions early last month.
Finnish Help Line -- Finland's Slot Machine Association, Veikkaus, the Finnish government-run lottery and gaming operator, and horse racing bookie Fintoto have begun funding a new gambling telephone hotline called Peluuri that will offer counseling to gambling addicts and their families. Run by A-Clinic Foundation, a substance abuse treatment and prevention organization, and Finnish Blue Ribbon, the nationwide service will charge all callers a flat rate and will keep caller identity anonymous. Estimates indicate that there are anywhere between 25,000 to 65,000 compulsive gamblers in Finland who spend an average of 15 percent of their income on gambling. 5,000 to 6,000 Finns are admitted to rehabilitation programs for gambling addictions each year.