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What is the UK election betting scandal all about? Elections News

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Would this be the tipping point if Giannis Antetokounmpo, I don’t want to put a specific name out there, but one of the major superstars in today’s game, were involved in a scandal like this. In response, the Gambling Commission opened an inquiry into alleged betting offences relating to the day of the election. Later, further allegations, or admissions of political betting, were made involving police officers, Conservative members, a Labour member, and a Liberal Democrat member.

What have we learned from the political betting saga?

The two time American League most valuable player, one of the most visible players in all of Major League Baseball, and just recently pleaded guilty to a plea deal. And we just had a couple of players, actually five different players, one major leaguer and four minor leaguers caught betting on sports and baseball in particular. And one of them, Tucupita Marcano of the San Diego Padres was banned for life. So yeah, as gambling goes into and mixes with professional sports and college sports even, we’re inevitably going to see more of these situations, I’m afraid.

Tory MP candidate ‘bet £8,000 he would lose seat’

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The Labour Party has not emerged entirely unscathed by the betting scandal. Kevin Craig was stripped of his candidacy by the Labour Party on Tuesday after it came to light that he was under investigation by the GC for betting that he would lose his own bid to become an MP for Central Suffolk and North Ipswich in the upcoming election. In a separate but related development, the Conservative Party’s Scottish Secretary Alister Jack admitted to placing several small bets on the election date during March and April – but has insisted that he broke no rules and said that he was not under investigation by the GC.

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• (Interestingly, the position paper seems to be more worried about the integrity of betting on things like the Celebrity Big Brother and Sports Personality Of The Year. Another major public policy interest, I’m sure you’ll agree).
• The two time American League most valuable player, one of the most visible players in all of Major League Baseball, and just recently pleaded guilty to a plea deal.
• In response to the initial report on Craig Williams’s bet, the Gambling Commission opened an inquiry into alleged betting offences relating to the day of the election.
• The action you just performed triggered the security solution.
• That’s a huge thing, and especially because those prop bets are some of the more popular bets, shall we say.
• When you start betting on baseball and especially if you have an interest, you are playing in a game, which is, that’s where Pete Rose got into so much trouble back in the day.
• There may be some differences between the audio and the text.
• The only benefit that the political system gets from the existence of betting markets is a not-very-useful complement to opinion polling data.

Then there’s Alister Jack, the Scottish secretary, who insists that he did not break any rules when earlier this year he placed a trio of bets, one successful, two unsuccessful, on the election date. We thought they were simply looking at wagers placed on a July election in the days leading up to Mr Sunak’s announcement. The fact they are looking at somebody who placed bets on a completely different market may suggest their probe is far wider now. A bet on the timing of the election is also assumed to be the accusation against the member of Rishi Sunak’s close protection team who has been suspended and arrested on suspicion of misconduct in public office. The commission has not identified any individuals it is looking into but has said if someone uses confidential information in order to gain an unfair advantage when betting, this may constitute an offence of cheating.

• Steve, this makes me think of the prop betting market where folks can bet on all kinds of things beyond just the result of a game.
• Hit play on the player below to hear the podcast and follow along with the transcript beneath it.
• For one thing, the amounts of money involved seem to be pretty trivial.
• And we just had a couple of players, actually five different players, one major leaguer and four minor leaguers caught betting on sports and baseball in particular.
• When I’m buying a house or a second-hand car, I accept that the vendor is likely to know a lot of things about its condition that they aren’t telling me, but unless there is egregious misrepresentation, the legal principle is caveat emptor.
• The sports books don’t want to see people betting illegally with inside information because it cuts into their profits.
• That was why the USA was the first country in the world to ban insider dealing — it wanted to develop a culture of mass participation in investment, and that couldn’t be done while retail investors thought that the whole market was rigged by well-informed insiders.
• It’s hard to believe today, but in many countries “insider trading” was not a crime until quite recently.

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Or rather, does it suggest that the bookmakers ought to stop making betting markets on these things at all? Their alternative is to accept that taking the occasional bet from informed punters (which they can then use to increase their own already substantial information advantage over the general public) is part of the cost of doing business. The GC, the United Kingdom body responsible for regulating Britain’s gambling laws, is believed to be investigating as many as 15 Conservative Party candidates and officials for allegedly betting on the timing of the election. So far, five Conservative officials have been named as being under investigation by the Gambling Commission (GC) for allegedly placing bets on a July election using inside party knowledge. Because as we all know, we’d love to criticize the referees, the umpires, and say that they’re biased against our favorite teams. Well, what happens when you’ve got money on the line or there’s a reason to suspect some bias on the part of an official or a referee?

Sports

Bettingexpert is here to advocate transparency in the industry and ultimately improve your betting! Section 42 of the 2005 Gambling Act explicitly forbids gamblers from using inside information (also known as insider trading) to place a bet or provide the necessary information to someone else to place a bet on their behalf. Laura Saunders was the second party official to come under GC investigation as she canvassed as the Conservative candidate for Bristol North West. Saunders was soon joined by her husband, Tony Lee, the Conservative Party’s director of campaigning, who took a leave of absence after it emerged that he was also being investigated by the GC. Everything on our site is set up in such a way that customers of all levels can find value in what we offer.

• It seems Major League Baseball, for instance, certainly doesn’t mind taking the money and the sponsorships, but it does have to be careful how close those get to touching on the actual game itself.
• The commission has not identified any individuals it is looking into but has said if someone uses confidential information in order to gain an unfair advantage when betting, this may constitute an offence of cheating.
• The two time American League most valuable player, one of the most visible players in all of Major League Baseball, and just recently pleaded guilty to a plea deal.
• There may be some differences between the audio and the text.
• We love betting but we think the industry could be a lot better.
• A further five police officers are also being investigated by the GC, it has since emerged.

Why is insider betting even a thing?

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Any small amount of potentially factual material could cause a tremendous scandal. So yeah, I think all of this, while the players have to guard against the appearance of impropriety, I think the officials and the referees in sports now become under a much, much greater microscope, because we are watching their every move. And I think one of the things that could result is more of those judgment calls being taken out of sports and using replays more often and in more circumstances to try and take that possible judgment call out of the situation.

The only good reason for departure from the buyer-beware principle is that people tend not to come back to a market where they think they will be taken advantage of. That was why the USA was the first country in the world to ban insider dealing — it wanted to develop a culture of mass participation in investment, and that couldn’t be done while retail investors thought that the whole market was rigged by well-informed insiders. It’s hard to believe today, but in many countries “insider trading” was not a crime until quite recently. It has been prohibited in the US for most of the 20th century but was only banned in the UK in 1980, and wasn’t a criminal offence in New Zealand until 2008. There’s also a reasonable question to be asked as to why “insider betting” should be an offence at all. The ability to have someone sent to prison for being better informed than you is a very great privilege indeed, and it’s not obvious what the bookmakers have done to deserve it.

Legal & Privacy

Although I guess in this case, Paqueta may not have gotten away with it. Analyze your online sports betting info from your Android, bet with your BlackBerry or place wagers from your iPhone, iPad or tablet. When visiting Odds Shark, you’ll think you’ve died and gone to professional hoops betting heaven. Through our pearly gambling gates is an NBA gambling playground, prime with NBA props and the greatest odds of all time.

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The people who have been banned recently, the folks involved with some of these scandals, you outlined it at the top, Steve, folks like Ohtani’s interpreter, Jontay Porter, a few of the baseball players that you mentioned. These are names that I think beyond Ohtani himself that the average sports fan may not be familiar with before these scandals. I’m curious what happens if a true star, a real superstar, gets caught betting on their sport? We saw this, you mentioned Pete Rose, he got banned for betting on baseball long before sports betting was legal stateside.

• Well, what happens when you’ve got money on the line or there’s a reason to suspect some bias on the part of an official or a referee?
• In most industries, finding out things that the customer doesn’t know and using this to gain an advantage is the epitome of good business.
• Although I guess in this case, Paqueta may not have gotten away with it.
• Because as we all know, we’d love to criticize the referees, the umpires, and say that they’re biased against our favorite teams.
• So I think where we will probably see issues popping up would be in players that aren’t superstars, that are maybe minor players that have only a small role in these games.
• In fact, that’s how Marcano and the other minor league baseball players were kind of found out, is that they used their real names and made what turned out to be very small wagers on these sports books online, and that’s where they were found out.
• This is different because Mr Craig didn’t bet on the date of the election, but on the – as yet unknown – result in his seat.

Insider dealing laws were brought in to protect the average retail punter from being taken advantage of by big moneyed interests. The application of the same principle to gambling markets appears to have the opposite effect; on one of the very few occasions where a few sharp punters might be able to have an edge over the bookie, they’re being forbidden to use it. In Lying for Money, my book about fraud, I argued that this was because insider trading is a “market crime”. Rather than being something that’s obviously against natural justice, it’s a convention or internal rule of a particular industry that’s found its way on to the statute book because that industry is so big and important.

Odds Shark also covers UFC, boxing, soccer, horse racing and NASCAR, along with other markets such as the Olympics and esports. Voters of Central Suffolk and North Ipswich constituency are giving their thoughts on a candidate betting to lose. Specific claims are being merged into one melange which gives the impression that political actors are betting on political outcomes with surprising frequency. We love betting but we think the industry could be a lot better.

The amount of money that they could make on gambling is dwarfed by what they could make as a major league player or as a professional athlete. If you had a superstar, just think now, Shohei Ohtani’s contract was $70 million a year, there’s no way you could make that much money or would want to try and make anywhere close to that in illegal gambling, when you have that amount of money just available to you for doing your regular job. So I think where we will probably see issues popping up would be in players that aren’t superstars, that are maybe minor players that have only a small role in these games.

Devolved politics

• One Labour candidate instantly got in touch after the news of Mr Craig’s suspension broke to tell me they did not believe he would be the only candidate to have placed a bet on the outcome of the election.
• I’m curious what happens if a true star, a real superstar, gets caught betting on their sport?
• Our regional betting sites range from USA and Canada to Asia, Brazil, Europe and practically everywhere else in between.
• He was found out by the NBA and subsequently banned for life.
• Detectives will take the lead in cases where the alleged offence goes beyond a breach of gambling rules.

Well, it is a partnership because both the sports leagues and the bookmakers, they have a shared responsibility to make sure that everything is on the up and up. The sports books don’t want to see people https://linebetuz.net/kirish/ illegally with inside information because it cuts into their profits. And obviously the leagues want to see the games pure and free from any gambling influences.

Kevin Craig, a Labour candidate, was suspended by the party when it became apparent that the Gambling Commission was looking at him too – albeit over a different kind of bet, one on the outcome in his constituency. Insider trading is not like stealing or counterfeiting; there is no Commandment which reads, “Thou shalt not use thy private information”. In most industries, finding out things that the customer doesn’t know and using this to gain an advantage is the epitome of good business. I don’t complain that my greengrocer knows more than me about the wholesale price of oranges.

Odds Shark shows you how the betting line is set, who sets the line, and why lines move during the week. Looking for NFL consensus data on how Vegas is betting each game or NCAA football power rankings to help with your handicapping? And coming soon are line move histories, halftime odds and more tutorials on how to read — and beat — the NFL point spread. Considerations like this are probably why, in the same position paper, the Commission makes it clear that it planned (in 2018 at least) to make very rare and sparing use of its powers of criminal investigation. Instead, what exists is a Position Paper from 2018 that’s no longer easily found on the Gambling Commission website, but which outlined the approach it intended to take in using its investigative powers. (Interestingly, the position paper seems to be more worried about the integrity of betting on things like the Celebrity Big Brother and Sports Personality Of The Year. Another major public policy interest, I’m sure you’ll agree).