The rise in unregulated cryptocurrency betting markets poses a menace to the integrity of horse racing, warned Hong Kong Jockey Membership’s govt
The rise in unregulated cryptocurrency betting markets poses a menace to the integrity of horse racing, warned Hong Kong Jockey Membership’s govt director of racing integrity and betting evaluation, Tom Chignell, on the Asian Racing Convention in Cape City.
In line with a report within the South China Morning Put up, Feb. 21, the evolving panorama of cryptocurrency playing platforms doubtlessly opens the door to race-fixing.
Unregulated betting markets require higher scrutiny
Cryptocurrency has purportedly fuelled a vastly increasing playing market, with some operators specializing in providing fixed-odds betting on horse races across the globe.
Within the authorized regulated market there are established reporting channels, by way of which bookmakers should report suspicious playing exercise. Anybody trying to repair a race, subsequently, would logically use an unregulated platform.
“Let’s be clear – the best betting integrity menace to racing are jockeys and trainers stopping horses from profitable and betting on them to lose on the unlawful market … What makes Citibet and different unlawful operators totally different to the regulated markets is there’s no obligation to report on suspicious betting, dishonest, jockeys betting, breaches of the foundations of racing. Not having these reporting channels in place is a big integrity menace.”
Chigwell additionally questioned whether or not the unlawful betting channels had been motivated to report on dishonest and assist hold racing clear, as they had been extra focused on incomes commissions on the utmost quantity of bets.
He believes that racing authorities should monitor the unlawful market as carefully if no more so than the authorized market.
“Probably the most important [step] is to have a sturdy integrity operate that should embrace wager monitoring and betting evaluation, an lively intelligence operate … and being able to analyze and disrupt the place applicable.”
As Cointelegraph reported final week, cryptocurrency has additionally been cited as one of many causes for a rise in unlawful playing on soccer leagues within the Asian area.