IMPORTANT. Gambling Commission Consultation
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I'm fully behind responsible gambling and am 100% in favour of some action being taken to prevent people falling into a downward spiral. However, the implications of this for racing, for punters and for basic civil liberties are appalling to contemplate. Problem gambling is a scourge that must be continually battled, but this is not a reasonable, proportionate or intelligent response to that serious issue. Instead, it is a monstrous violation of our rights and privacy that will deter millions of responsible citizens from betting and impose draconian restrictions on countless more. It thereby threatens the very future of trading and several sports.
The Gambling Commission's consultation ends on Tuesday and its imperative you have your say. Links to the surveys are below, if youre short of time the short survey will be better than nothing
FULL SURVEY
https://consult.gamblingcommission.gov.uk/author/remote-customer-interaction-consultation-and-call/
SHORT SURVEY
Have your say.
Read the first post on both threads.
Horse Trading Resources
https://forum.betfairtradingcommunity.com/topic/1111/john-s-horse-trading-resourcesBfBotmanager
https://forum.betfairtradingcommunity.com/topic/2915/bfbotmanager-automation-discussion -
As a Sports trader will stocks & shares day traders be treated in the same way I will?
Will there be affordability checks on people trading shares? Somehow I don't think so!One repercussion of this may be that traders leave a bigger balance in their accounts to avoid depositing which could lead to more problems.
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I feel strongly about the 'affordability checks'. We don't do this for alcohol, so I don't see why it has to be done for gambling. Also, I think there's different types of gambling. Sports Trading is a skill, I don't think Bingo is a skill. Most gambling is chance. I like to thing sports trading is a skill - one you can develop.
Could you imagine Betfair having to close your account because of a run of losses? How bad would that be? Closing your account without a chance of winning it back. No doubt if the government is involved it will be utterly useless.
Rant Over!!
PS: Problem gamblers should be helped
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@james-everard said in IMPORTANT. Gambling Commission Consultation:
@john-folan said in IMPORTANT. Gambling Commission Consultation:
Just make sure you have your days. Can’t hurtWhat are peoples views on how it will effect the exchange? Will the full time traders be effeted?
Hopefully not. I doubt they will go full on as there is too much money and too many Tory donors involved.
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@john-folan said in IMPORTANT. Gambling Commission Consultation:
Just make sure you have your days. Can’t hurtWhat are peoples views on how it will effect the exchange? Will the full time traders be effeted?
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I'd be surprised to see this happen for the following reasons:
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Johnson's government was happy to see people in pubs in the midst of a pandemic in the name of "freedom". Restrictions on gambling seem to contradict this government's claims to be kicking back against the "Nanny State"
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The same government was very happy for the Cheltenham festival to go ahead in spite of the ensuing pandemic.
Put simply they have donors, big ones, in the betting industry. -
Far more dangerous than sports betting is casino. Casino betting is largely instantaneously reinforcing- you get your reward straight away. Either the slot pays out or it doesn't. Betting on horses/football/tennis etc involves a considerable time lapse before payout or loss, giving more time to reflect.
Sports betting doesn't provide the same dopamine hit that casino does. Consequently, it is far less addictive. -
If this comes to pass, it will create a market for illegal, unregulated betting which will be far more damaging: loan sharks who will kneecap for unpaid debts rather than bet365 timeouts.
Prohibition doesn't work for illegal drugs, it didn't work for alcohol in the US and it didn't work in countries where gambling was banned.
Have a look here:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5264411/Not surprisingly, casino games are the most addictive, but the researchers state the problem lies in involvement and risk assessment. In other words, knowing the extent to which a player has lost or indeed, just simply risked, was related to harm.
So, the problem lies with people who don't really know how much they have risked rather than won or lost.
Seems obvious that if companies posted a pop up every time a player logged in saying e.g. "In the last week you have risked £200 and won 50p/lost £150" it would be more effective in curbing most players. The most serious cases won't be affected by this but surely calculating risk reward ratios (which can easily be automated) and enforcing time away from gambling online would stop some of the worst behaviour. -
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I agree, I don't know why they don't teach more life skills earlier and also link that to what people actually enjoy doing.... extreme example but Russia years back took kids out of school to pretty much solely train on the sport they were built for as they were hosting in X years - they did well.
Apply that logical without the steroids, Russian pressure etc... imagine what country we could build. Oh you hate RE, geography - well lets get you doing something else....
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@matt-wood said in IMPORTANT. Gambling Commission Consultation:
Fingers crossed it wont affect us, certainly not me and my tiddler of a bank
If they really want to help the people with genuine problems then they need to be educating them BEFORE they start throwing money away. Dont know about any of you but I was taught absolutely nothing at school about managing money and what real world responsibilities there would be in life as an adult. Never was I taught about budgeting or the difference between buying essential items instead of luxury items.
School should have an element of teaching us about all the real world responsibilities.
I say this all the time, school has very little to do with education once you get past the basic English and Maths needed for life skills. In fact one of the pushbacks about not having school hasn't been because they are worthwhile education places, more that they are somewhere to keep kids busy with something!
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Fingers crossed it wont affect us, certainly not me and my tiddler of a bank
If they really want to help the people with genuine problems then they need to be educating them BEFORE they start throwing money away. Dont know about any of you but I was taught absolutely nothing at school about managing money and what real world responsibilities there would be in life as an adult. Never was I taught about budgeting or the difference between buying essential items instead of luxury items.
School should have an element of teaching us about all the real world responsibilities.
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Just make sure you have your days. Can’t hurt
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@martin-walker wouldn't have thought so, articles like this pop up now and then, nothing ever comes of them, and the government make a lot of money from this industry.
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Reckon theres anything to worry about for the full timers. Id hate to put this much effort into something for it to be taken away
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@john-folan if they really want to help they should start with slots, that's where the real problems lie and the money people drain in them is scary!
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I am hopeful that exchanges will be viewed differently - my only concern is they would still allow people to move from the bookies to the exchanges when on full tilt, surely they can create a system where by people who have lost a lot, reloaded via credit card for example gets flagged.
I mean Betfair pull you up for trading knowing the patterns of trades we do, surely the bookies can spot this too then stop certain accounts for a period.
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@lee-woodman said in IMPORTANT. Gambling Commission Consultation:
I saw this the other week and firstly thought 100 is a ridiculous amount. If they do it for the exchange though it would be a disaster! But are they going to issue the same rules for people to speculate in stocks and other form of ventures with associated risk?
Hopefully exchanges will be viewed differently
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I saw this the other week and firstly thought 100 is a ridiculous amount. If they do it for the exchange though it would be a disaster! But are they going to issue the same rules for people to speculate in stocks and other form of ventures with associated risk?
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@darri said in IMPORTANT. Gambling Commission Consultation:
That was a very interesting read. So basically a credit score type situation if your betting past a certain amount. That would really drain the betting industry, especially traders for liquidity.
Can’t see it happening at the £100 level due to other pressures. But could see £500/£1000 being put in.
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That was a very interesting read. So basically a credit score type situation if your betting past a certain amount. That would really drain the betting industry, especially traders for liquidity.
