Holy Toledo! The Vegas Sportsbooks Actually Get Some Favorable Press

Tamara Audi and Adam Thompson write in the Wall Street Journal about how the Las Vegas casinos helped authorities catch point-shaving football players at the University of Toledo.

It is no surprise that the sportsbooks take an active role in this endeavor: when cheating happens, the sportsbook is the party from which money gets stolen. (If the bookies balanced the action so that money came evenly on both sides, this wouldn’t be the case; but they don’t). In contrast, online poker Web sites have been criticized for not doing enough to catch cheaters. Their reticence is not a complete surprise: the other players, not the poker site itself, are the ones victimized by online poker cheating.

The NCAA, NFL, and other sports leagues complain about sports betting and publicly attempt to distance themselves from it — but I’m sure that, behind closed doors, they thank God on a regular basis for the existence of gambling. The share of folks who watch sports because they have something riding on it (if nothing more than a fantasy team) must be enormous. It is nice that this type of story lets them share the love openly.


Sue

Completely agree with the last part. My dad is glued to the television every Saturday afternoon. One week, he didn't get his bets in on time - we spent the entire day away from the house and any TV's. Aside from the schools my brother and I go to he could care less if he doesn't wager on the games.

Mark

"The share of folks who watch sports because they have something riding on it (if nothing more than a fantasy team) must be enormous."

Absolutely correct. I was never much into football (more of a hockey fan), but this year I joined a fantasy football league at work to get to know my coworkers better. And now I am glued to the TV every Sunday afternoon and Monday night to watch football games that I previously would not have cared about at all...with only $50 invested in the league.

Chris Masse

Then, why is it that BetFair (a betting exchange, not a bookmaker), has anti-sports corruption agreements with 25 sporting bodies in the world.

In your model, a betting exchange is not the party who loses money when there is cheating.

http://www.midasoracle.org/2007/10/05/is-steve-levitt-right-on-the-reason-why-a-betting-operator-is-willing-to-fight-sports-corruption-and-cheating/

Chris Masse

frankenduf

nah- it's a chicken/egg thing- people bet on sports out of interest- that's why nobody bets on or watches hockey

Chris Masse

BetFair's answer to the UK Gambling Commission:

QUOTE
There is a misconception that the only victims of corrupt gamblers are betting operators. This is not the case as all honest gamblers suffer when an event is not conducted fairly. If the UK is to be perceived as the home of honest and fair gambling (like the City of London is in the world of finance), then the mechanisms through which corrupt gamblers can be exposed need to be put in place.
UNQUOTE
http://www.midasoracle.org/2007/10/06/betfairs-answers-to-the-uk-gambling-commissions-questions/

Sue

Completely agree with the last part. My dad is glued to the television every Saturday afternoon. One week, he didn't get his bets in on time - we spent the entire day away from the house and any TV's. Aside from the schools my brother and I go to he could care less if he doesn't wager on the games.

Mark

"The share of folks who watch sports because they have something riding on it (if nothing more than a fantasy team) must be enormous."

Absolutely correct. I was never much into football (more of a hockey fan), but this year I joined a fantasy football league at work to get to know my coworkers better. And now I am glued to the TV every Sunday afternoon and Monday night to watch football games that I previously would not have cared about at all...with only $50 invested in the league.

Chris Masse

Then, why is it that BetFair (a betting exchange, not a bookmaker), has anti-sports corruption agreements with 25 sporting bodies in the world.

In your model, a betting exchange is not the party who loses money when there is cheating.

http://www.midasoracle.org/2007/10/05/is-steve-levitt-right-on-the-reason-why-a-betting-operator-is-willing-to-fight-sports-corruption-and-cheating/

Chris Masse

frankenduf

nah- it's a chicken/egg thing- people bet on sports out of interest- that's why nobody bets on or watches hockey

Chris Masse

BetFair's answer to the UK Gambling Commission:

QUOTE
There is a misconception that the only victims of corrupt gamblers are betting operators. This is not the case as all honest gamblers suffer when an event is not conducted fairly. If the UK is to be perceived as the home of honest and fair gambling (like the City of London is in the world of finance), then the mechanisms through which corrupt gamblers can be exposed need to be put in place.
UNQUOTE
http://www.midasoracle.org/2007/10/06/betfairs-answers-to-the-uk-gambling-commissions-questions/