Skip to main content

the reason why betting institutions MUST have segregated accts for customers and operations

Prime example of why America doesn't allow widespread gambling - they simply have no idea how to look after the public interest.


NH enacts rules to protect track bettors

Wednesday, January 14, 2009

CONCORD, N.H. (AP) — New Hampshire has approved stricter gambling regulations to protect bettors if state dog or horse tracks go bankrupt.

The rules could have saved bettors at the bankrupt Hinsdale Greyhound Park a half-million dollars they had in betting accounts at the track.

The Racing and Charitable Gaming Commission approved the regulations on Tuesday. They will require the state's three remaining greyhound and harness racing tracks to maintain accounts at state financial institutions that could be used to pay back bettors and other creditors in bankruptcy or closure.

The Lodge at Belmont, Rockingham Park and Seabrook Greyhound track have until March 1 to open the accounts.

The Hinsdale track filed for bankruptcy last month and abruptly closed. The track used money from the betting accounts to pay employees.

----

That last point is absolutely shocking. Australian betting firms must deposit large security bonds with local authorities so that customers can be paid out in the case of going bankrupt. Betting exchanges must have client funds on deposit and operating funds completely segregated. Other firms often don't have to face such tight scrutiny, hence the long list of online bookies (and brokerages in the case of BetBrokers, exchanges in the case of SportingOptions) who have gone belly up without customers receiving a penny.

The entry barriers to getting a betting licence must be very high so that the fly-by-night cowboys with shoddy business models don't get in.

Comments

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2019

We're back again for the greatest race on turf, the world's richest staying race and the only race in the world which creates a public holiday for millions of locals.




Once again a fine international field has been assembled and it's worth a deep look at the race. So get a cuppa and find a comfortable seat to plough your way through my preview!

--------------------------------

The Lexus Melbourne Cup
Group 1, Handicap, 3200m
AUD 7,750,000
Flemington 1500 local, 0400 GMT
Broadcasters - Network 10 (AUS), Racing.com (worldwide), SkySportsRacing (UK)


1. Cross Counter
Trainer - Charlie Appleby (one previous Cup win)
Jockey - William Buick
Breeding - Teofilo - Waitress
Drawn 5, Weight 57.5kg

Last year's impressive winner who doesn't get the 3yo weight advantage this time. Won first up at Meydan in March but has run fourth, third, fourth in the big set weights staying races in England and Ireland, never quite making it as the next big staying star. While running close behind Stradivar…

Westow Stakes - York 16/5/19

The sun was out for a glorious opening day of the meeting, and races down the straight appeared to have no concerns about draw bias. Thursday's card has a few higher profile races but this 3yo sprint is worth watching closely, tomorrow and for future form.



British Stallion Studs EBF Westow Stakes
£50k, Listed & Class 1, 3yo, 5f
York 1605

Soldier's Call - flying machine, winning four of six starts in Britain last season, running third in the Prix L'Abbaye, beaten a neck at WFA then finished sixth as joint favourite in the BC Juvenile Turf Sprint. Has plenty on these on ratings, but life's rarely that simple with unexposed 3yos early in the season.

Broken Spear - more exposed than most of these and well beaten by Garrus first up. Missed Chester last week, probably due to the rain (or a poor draw). Pass.

Charming Kid - won at this meeting last season but has been a little erratic ever since. Well beaten on AW Championships Day, appears to be a few lengths off these.

Garrus -…