As reported by the Racing Post, Lord Donoughue revealed that the Starting Price Regulatory Commission is in “advanced discussions” with the advisory company to complete an independent review into the compilation of SPs by early-summer.
Lord Donoughue also described as “encouraging” a trial by racecourse bookmakers at Catterick of trading without recourse to betting exchanges.
“Things have changed in the industry – the flows of money are not what they were and the rise in betting exchanges is a factor.”
“I should say that the system is an excellent one – we have had no complaints, it has great integrity and no-one can influence it. But it was based on the Arthur Andersen report, which was produced before betting exchanges, when the course market was itself and alone and a perfectly adequate and appropriate system. Things have changed.”
Donoughue added: “We will not pre-judge the review – they may say that nothing is needed. When it is completed we will announce what we will do with their conclusions.”
“An independent starting price of integrity is an important foundingstone of the betting process and gives confidence and assurance to the punter, therefore it is good for the betting industry.”
“Both from the point of view of the industry\’s reputation for integrity and protecting the punter we have to make sure it reflects what is actually going on in betting on racing in Britain.”
Jon Ridley, a leading on-course bookmaker at Catterick, said the experiment of hedging bets without resorting to betting exchanges worked very well.
“Maybe it was because it was a one-off, but the ring was certainly vibrant. Hedging has taken place around the ring between bookmakers, meaning business has been spread out, and, with the major firms trading as well, which is part and parcel of the ring, it was definitely busier,” said Ridley.
“I think everyone thought it was very worthwhile. It brought the racecourse alive,” he added.
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