Gambling Commission issues new guidelines for settling bets
The UK Gambling Commission (UKGC) has issued guidelines to help operators comply with the regulations surrounding the settling of bets.
The UKGC has warned operators about the use of Rule 4. © Pixabay.
Settling bets correctly relates to the Commission’s social responsibility code provision 4.2.6. The Commission has received information that some operators have been using alternate mechanics to settle bets, which would be in breach of legislation and licensing conditions.
Specifically, the Commission has been informed that some operators have been applying Rule 4. Rule 4 relates to winnings being reduced in the case of a horse an individual backed winning, due to other horse(s) being withdrawn from the race, theoretically making it easier for the backed horse to win.
Previously, the UKGC had cracked down on operators found to be applying Rule 4 to “deliberately shorten the odds of known or likely non-runners in order to maximise Rule 4 deductions for their own commercial gain to the disadvantage of consumers”. The Commission has therefore made a number of recommendations that operators should adhere to.
Reminder of novelty market bets’ risks
The Commission has also published a reminder to operators of the risk of novelty bets and asked them to cease taking live novelty bets.
Publishing a news article on its website, the Commission reminded operators that potential time lags between live novelty bets and the announcements of the winners could lead to the bets being compromised. A statement read:
We are advising operators to reassess their approach to offering bets on reality tv shows dependent on public voting. We know that markets on shows such as the X Factor and Strictly Come Dancing are remaining open until the result of voting is officially announced. However, because there can be a time lag between the conclusion of the voting and the official announcement, there is a risk people linked to the programme could use or share this information to place bets. To mitigate this risk we are advising operators to consider ceasing to accept bets in parallel to the public voting concluding.– Statement, UK Gambling Commission
Have you enjoyed this article? Then share it with your friends.
Share on Pinterest
Relevant news
UFC 251: Usman vs. Masvidal Preview – Fight Of The Year
UFC 251: Usman vs. Masvidal Bet365 Odds Date: Sunday, 12 July 2020 Location: Yas Island,…
Gaethje a +250 Underdog to Beat Khabib After Upsetting Ferguson at UFC 249
Gaethje upset Ferguson by TKO to earn interim lightweight title at UFC 249 Gaethje currently…
UFC Betting Preview for this Weekend May 2020 – Tony Ferguson vs Justin Gaethje
It was on, it was off and now it’s back on again. Dana White has…
How to Bet – When the NBA Will Return to Action Odds
Things have been a bit slow on the sports betting scene of late. The global…
Thursdays Betting Tips for Horse Racing, Football & Greyhounds – 19/03/2020
Thursday betting tips and sporting guide from SportNation.bet. [pokareview_single id="64914" layout="style1" score_style="percentage" detailed_rating_style="bars" show_pros_cons="false" show_gallery="false"…
F1 Summer Break brought Forward to combat Virus
The Formula 1 summer break has been brought forward from the usual August time as…
Login
Register