Sport is made for betting

This will please all the folks paying the premium charge... Betfair set fair for a float The odds shortened today on a flotation of Betfair after the world's largest betting exchange reported soaring revenues and profits. In stark contrast to the falling business in the High Street bookmakers as witnessed yesterday by a profit warning from William Hill, Betfair today reported revenues of £303 million in the year to the end of April, up 27% year on year and double where they were three years ago. Without seeing the annual report, I'm guessing a big chunk of those increased profits come from the casino. They certainly won't be coming from the dreadful poker application, and while the exchange continues to move forward, it is now very mature, although international volume continues to grow. Oh, and of course, there was a major football tournament (Euro 2008) last year which always helps. A float has always been on the cards, it has just been a matter of when. They will wait pa...

Like most countries, South Africa are concerned about their citizens spending their money offshore, particularly on gambling sites. It's not as if they are against gambling, after all, the horse racing industry is quite strong there, there are numerous sports and racing bookmakers and they have some massive casinos there. But of course, it's evil if the tax revenue is going abroad. I assume the licensing is meant for online casinos, this snippet from the article certainly makes it seem that way. Pointless having these restrictions for a sports or racing betting operation. South Africa: Authorities to Regulate Online Gambling Under the proposed regulations South Africans wanting to play online will have to open a nominated account with any South African bank which will be used solely for online gaming. Only credit cards can be used to make payments and the accounts will have to adhere to normal banking and Financial Intelligence Centre Act requirements. "We will work togeth...

Big story this week in the UK press is of a leading greyhound trainer suing bookmaker William Hill for £2m, after the punter had self-excluded himself. Daily Mail article Gambling unfortunately attracts people with addictive personalities and people who simply can't stop betting, despite what their bank balance tells them. Stories from casinos in particular where gamblers simply bet their lives away hurt the entire industry which works hard to keep itself above the seedy reputation earned by a tiny minority of establishments. Companies in the better-regulated jurisdictions all have responsible gambling policies, where problem gamblers can stop themselves from betting with a company via self-exclusion measures. The punter here alleges he started gambling again just weeks after he sought self-exclusion with Hills, and they agreed to it. Then he proceeded to lose £2m fairly quickly. It's easy to blame the punter for his lack of self-discipline, but if William Hill have committed t...