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Australian Taskforce Recommends Ban On Betting Exchanges10 July 2003SYDNEY, Australia – As reported by the Dow Jones: “An investigation into betting exchanges has led to a recommendation that this new mechanism for gambling on races and sports events be banned, according to New South Wales Minister for Gaming and Racing Grant McBride. “In what is a victory for operators of traditional wagering businesses, such as Tab Ltd. , the Betting Exchange Task Force has suggested that state and territory gaming ministers approach the federal government seeking an amendment to the Interactive Gambling Act to prohibit betting exchanges. “…Betting exchanges allow customers to bet directly against each other, providing scope for better odds than those found with traditional bookmakers. “…But the minister said in a press release that the taskforce also identified other problems with betting exchanges, including money laundering and social harm associated with excessive gambling. “…Betfair, a U.K.-based betting exchange, has been one of the most active campaigners seeking a bigger presence in the Australia. Although Australians can use offshore betting exchanges, the exchanges can't accept bids from customers on events held in the state where they are resident. Nor can they accept what are known as bets-on-the-run…” |