Euro 2004 Takes Center Stage
Sporting Odds & Ends takes special look at the role betting plays in one of the world's largest sporting events, Euro Cup 2004.
Action begins Saturday, and betting with the opening round game of France and England on Sunday set turnover records for a football match with many operators. The news surrounding the event hasn't slowed either.
Opener Sets Records
Ladbrokes and William Hill, two of England's leading bookmakers, reported record turnover for a football match with the Euro 2004 opening round match that pitted France against England. Punters came in droves to betting shops throughout England, and both operators said their Internet and telephone betting action was nearly maxed out in the lead-up to the game.
Ladbrokes took in more than $45 million in action from punters all over the world. "Euro 2004 will be the biggest betting event of all time," said Ladbrokes spokesman Warren Lush. "The interest in the France v. England match was phenomenal. Punters piled in." Bettors are expected to wager £300 million with Ladbrokes during the three-week tournament, Lush said.
Money has also been pouring in on France's Thierry Henry to be the tournament's top goal scorer at odds of 11-2. The Netherlands, at 8-1, tempted one punter to wager £20,000.
Thai Prison Officials Ban Cable TV
Thai authorities have pulled the plug on cable television in some prisons over fears that inmates will gamble on Euro Cup 2004 soccer matches, a prison official said Wednesday.
"Some inmates might be acting as bookies in the prison," Corrections Department Director-General Nathee Chitsawang told the Associated Press. Chitsawang said all cable reception boxes have been removed and that some inmates suspected of bookmaking had been transferred to other
prisons.
Many Thais are avid fans of European soccer, and illegal underground betting on matches--especially English Premier League games--is widespread.
Police arrested 353 people across Thailand for gambling on the first day of the tournament, which is being held in Portugal.
Influx of Thai Bettors in Cambodia
It isn't just those incarcerated in Thailand who can't get enough of the action.
Casinos in neighboring Cambodia have seen a massive influx of visitors from Thailand.
The Kasikorn Research Centre in Thailand estimates that Thais will bet more than $806 million during the three weeks of the competition, in spite of a government crackdown on gambling, which is illegal.
Immigration police reported that more than 10,000 Thais crossed the border over the weekend into Cambodia, where they could place bets at Thai-run casinos.
Thai gamblers and bookmakers were also said to have flocked to casinos in neighboring Burma, but that may not last long. To discourage such cross-border traffic, police have stepped up scrutiny of border crossers, even to the extent of examining travelers' wallets to determine how much money they're carrying.
Thais are expected to bet about 0.5 percent of the gross domestic product on the championships, more than what was wagered during the 2002 World Cup.
Ladbrokes Could Enter the P2P Biz
The Sunday Times of London reports that Ladbrokes is considering launching a betting exchange, despite the group's long running outspoken opposition to exchanges.
Some speculate that such intentions could be in response to recommendations for betting exchange users to be licensed and taxed being left out of the U.K. Gambling Bill.
Ladbrokes hasn't commented officially on what their next step might be if betting exchanges are left alone in the new bill. The group did not adamantly deny the Sunday Times report. "Ladbrokes has no immediate plans to have a betting exchange," said Alex Pagett, group corporate affairs director for Ladbrokes. "Our prime focus right now is to get a level playing field in the industry as far as exchanges are concerned. But, it would be foolish to rule anything out."
iGGBA Opens Brussels Office
The interactive Gaming, Gambling and Betting Association (iGGBA) announced the opening up of its Brussels office to ensure that the remote gambling industry is well represented in discussions on the E.U. level.
"This office will help extend the good work that the association has been doing in the U.K. and provide a truly E.U.-wide remit for the remote gambling industry," commented Andrew Tottenham, Chairman of iGGBA. "With the E.U. Services Directive and previous legislation on e-commerce and money laundering, the time is right for the industry to speak regularly with E.U. officials."
iGGBA has already met with officials from the European Commission and plans on holding further talks as the Services Directive progresses through the European Parliament and Council.
Hill Shares Get Boost from Analyst
William Hill was back on traders' buy lists Tuesday after Citigroup Smith Barney came out with a firm rejection of suggestions that the U.K. government's reform of gaming legislation will have a negative impact on bookmakers.
Shares in William Hill dropped 3 percent Monday as investors fretted over the company and its rivals facing growing competition from Las Vegas-style leisure and gaming resorts--the likely product of the government's reform package.
But Citigroup disagrees. The broker believes reform will have little impact on bookmakers and argued that the government's cautious approach might mean less competition because existing casinos face restrictions on the number of slot machines and a ban on unlimited payouts.
Citigroup moved its clients into William Hill, which ended the day 16.25p higher at 536.25p, and into Hilton Group, the owner of Ladbrokes, 0.75p better at 261.75p.