Bookies offering Tough Olympics Betting Regulations

Despite the fact that significant amendments were meant to have been made to the UK Gambling Act to ensure that sports betting groups would be obliged to report information to authorities it would appear as though Olympic Match Fixing legislation will not be passed before the London Games which is due to take place next month.

Susannah Gill, a public affairs manager for Betfair, revealed that there are currently many flaws in the Gambling Act but that these were being attended to. However, the flaws would not be addressed in time for the Olympics.

Bookies have, however, agreed that although they have no obligation by law to report unusual betting patterns with the sporting authorities, they have every intention of doing so anyway.

Gill added that they will not be regulated by the Gambling Commission for the period of the games in theory but that they will definitely act as if they are.

All Betting companies and Exchanges have made a pact to issue a statement of intent which will outline the steps that they will take so as to overcome the loopholes in the UK gambling legislation as it stands today.

The steps to be taken by them include –

• No bets that threaten the integrity of the London Games will be taken.
• All unusual betting patterns will be reported to the UK Gambling Commission.
• No bets will knowingly be accepted from anyone who is accredited to the International Olympic Committee.
• Offering a 24 hour reporting service for players and the public.
• Suspending any bets should they be ordered to do so by the UK Gambling Commission.

However, Gill does not believe that there will be heavy betting on the Olympics as football and horseracing appear to be the main sports for betting.