|Monday, February 20, 2006|
|Scottish bookmakers take steps against betting exchanges|
The three Scottish bookmaker organisations want to oust exchange betting from the 5 Scottish race tracks. They have advised their members not to use betting exchanges as a means to hedging their risks.
Betting exchanges have weakened on-course betting in Scotland because bookmakers have turned the hedging of their risks from on-course bookmakers to the betting exchanges. Betting exchanges have also a negative effect on the financing of racing, according to the Scottish bookmakers, as less money flows back to prize money and race course facilities.
The plan, which follows a successful experiment with two tracks earlier, will come into force on Monday, February 27 and is supported by the five Scottish tracks.
The bookmakers association announced that any bookmaker that continues to use betting exchanges will be named and shamed and will find it impossible to generate business through trade transactions.