Reducing risk to the licensing objectives – use of information by traders in the betting industry
18 August 2014
LONDON, England -- (PRESS RELEASE) -- The Commission has been working with the Association of British Bookmakers (ABB) 1 and betting operators to reduce the risk of potential conflicts of interest when a trader encounters information that might indicate suspicious betting activity. This follows unusual betting activity at horse races early this year.
As a result ABB members have agreed to adjust their betting terms and conditions to make the contravention of sports or other professional or employer rules on betting a breach of their own terms and conditions. This is in line with one of the recommendations of the Parry report on sports betting integrity 2. Additionally the major betting operators are looking at changes to employment terms and conditions on a cross-industry basis to ensure that traders are required to act first and foremost in the interests of the employer.
These moves aim to reduce the risk of operators accepting bets based on advantageous commercial intelligence in the possession of the employees of other operators. Operators should not rely on such bets being voided but, revisions to terms and conditions will enable them to refuse to pay out if those terms and conditions are breached.