02-02-2006 Betfair wants role in the new Starting Price system

According to the Racing Post, the betting exchange is keen to meet with the Starting Price Regulatory Commission, which lead by Lord Donoughue is currently conducing an independent review of how starting prices are formed, to discuss how the bets matched on the website can have an effect on SP returns.

"It’s hard to see how punters would accept a new starting price mechanism which didn’t embrace the whole market," said Betfair spokesman Jack Houghton.

"Change is clearly on the agenda, and with Betfair an increasingly important player in the market, we would hope that Betfair’s prices played some role in the formulation of any new SP," he added.

"We’re keen to be involved in any discussions that take place and think we have a lot to offer the process."

David Hood, William Hill Director of Racing and Public Relations, said the SRPC should look into the effects exchanges have had on the SP in recent years before deciding on any radical overhaul of the current system.

He also suggested that if Betfair's prices would have to be considered in the mechanism for returning the starting price, they would have to be guaranteed to be available to win £5,000, which is the current criteria required to be a part of the current industry price mechanism.