{"id":571594,"date":"2024-09-01T12:18:12","date_gmt":"2024-09-01T12:18:12","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=571594"},"modified":"2024-09-01T12:19:08","modified_gmt":"2024-09-01T12:19:08","slug":"the-growing-threat-of-unregulated-betting-in-the-horseracing-industry","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/the-growing-threat-of-unregulated-betting-in-the-horseracing-industry","title":{"rendered":"The Growing Threat of Unregulated Betting in the Horseracing Industry"},"content":{"rendered":"

The Growing Threat of Unregulated Betting in the Horseracing Industry<\/h3>\n

The horseracing industry is facing a severe threat from illegal betting markets that are not regulated, significantly jeopardizing the sport’s integrity and diverting billions in revenue. A prime example of such illegal operations is Citibet, an online platform that has become a major concern for the Asian Racing Federation (ARF)<\/a>.<\/p>\n

The Unfair Advantages of Black Market Betting<\/h4>\n

Citibet<\/a> operates primarily in southern China and is believed to handle a massive gambling turnover, estimated at around $50 billion annually. This figure is so substantial that it rivals the revenue generated by legal betting markets. According to a report by the ARF’s anti-illegal betting task force, Citibet’s operations are equivalent to about 25% of the legal turnover from horseracing in Hong Kong.<\/p>\n

One of the most concerning aspects of Citibet’s activities is its allowance for punters to bet on horses to lose, much like legal exchange platforms<\/a>. However, unlike these regulated platforms, Citibet operates in complete secrecy and refuses to share any information with racing authorities. This lack of transparency fosters an environment ripe for match-fixing and spot-fixing, severely compromising the integrity of the sport.<\/p>\n

Illegal operators such as Citibet have a strong appeal because they can offer higher returns to bettors. This is possible because they are not burdened with costs related to taxes and regulatory fees, unlike their legal counterparts. These practices threaten the financial stability of the legal betting markets and deprive the sport of essential funding. This funding is crucial for various aspects of horseracing, including ensuring the welfare of the horses.<\/p>\n

The Ease of Setting Up Illegal Bookmaking Operations<\/h4>\n

James Porteous, who serves as the senior due diligence and research manager for the Hong Kong Jockey Club (HKJC), has openly criticized these illegal operators. Porteous points out that the advancement in technology has made it easier than ever to establish an illegal bookmaking operation. Nowadays, an aspiring operator can get everything they need for just a few thousand dollars, allowing them to provide an experience nearly on par with that offered by high-profile regulated companies.<\/p>\n

The illegals have zero regulatory overheads and zero concerns about reputational or ethical considerations about how they deploy technology to attract customers and boost their turnover.<\/p><\/blockquote>\n

To complicate matters further, the increasing presence of cryptocurrency in the betting markets is exacerbating the problem. Cryptocurrency offers anonymity and facilitates the easy transfer of funds across borders, making it a preferred choice for illegal operators. While regulators often manage to contact traditional payment gateways and block payments to black-market businesses, cryptocurrency transactions effectively bypass such measures, making it difficult to curb illegal activities.<\/p>\n

The Need for Industry Vigilance<\/h4>\n

As illegal operators like Citibet continue to enhance their technological capabilities and expand their reach, it is imperative for the stakeholders in the horseracing industry to intensify their efforts to combat this growing menace. The preservation of the sport’s fairness and financial health depends on these efforts. Additionally, consumers must exercise caution and engage only with regulated betting platforms, which provide the necessary guarantees of safety, accountability, and transparency.<\/p>\n

HorseRacing Betting in Asia<\/h2>\n

In Thailand, horse betting is tightly regulated and only permitted at a few specific venues, most notably the Royal Bangkok Sports Club<\/a> and the Royal Turf Club. These legal betting options are controlled by the government, ensuring that revenue generated is subject to taxation and oversight, contributing to the country’s economy. However, the limited availability of legal betting opportunities has led to the growth of a significant underground betting market, where illegal operations thrive. These unregulated markets are difficult to control and often involve higher risks for bettors, including the possibility of fraud and lack of recourse in disputes.<\/p>\n

Contrasting this with other countries in Asia, the situation varies widely. For example, in Hong Kong and Singapore, horse betting is legal and highly regulated, with large, state-run organizations like the Hong Kong Jockey Club and the Singapore Turf Club overseeing operations. These entities provide a safe, transparent, and reliable environment for bettors, with the added benefit of contributing significantly to public funds through taxes and charity donations. In contrast to Thailand, the prevalence of illegal betting in these regions is much lower due to the availability of legal and accessible betting platforms.<\/p>\n

Meanwhile, in countries like Malaysia and the Philippines, illegal horse betting is more pervasive despite the presence of regulated betting markets<\/a>. The allure of higher payouts and the anonymity of illegal operations attract bettors who are either dissatisfied with the odds provided by legal outlets or wish to avoid government oversight. This situation mirrors Thailand’s illegal betting market but on a larger scale, showing a common pattern in Southeast Asia where strict regulations or limited legal options drive bettors towards underground markets. The contrasts across these countries highlight the challenges and complexities of regulating horse betting in diverse legal and cultural landscapes.<\/p>\n

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Exploring CoinPoker: A Blockchain-Based Poker Platform<\/h2>\n

CoinPoker<\/a> presents itself as an attractive platform for poker enthusiasts looking to wager their crypto assets in a decentralized, anonymous, and transparent environment. As a poker site built on blockchain technology, CoinPoker offers a unique gaming experience that is not only secure but also community-driven. The platform incentivizes its users with its native token, CHP, creating a thriving community of poker lovers.<\/p>\n

Launched in 2017, CoinPoker initially allowed players to enjoy poker games without the need for real money. However, within a year, the site expanded its offerings to include real-money wagering, enabling users to maximize their crypto assets while enjoying their favorite poker games. The platform supports popular cryptocurrencies like Bitcoin, Ethereum (ETH), USDT, and its native token, CHP, all of which are integrated into its Ethereum-based ecosystem, providing a high level of security. The use of a Random Number Generator (RNG) ensures that game outcomes are fair and free from manipulation, further enhancing the platform’s credibility. Additionally, CoinPoker maintains player anonymity, ensuring that user identities are protected during gameplay and transactions.<\/p>\n

Despite these strengths, CoinPoker’s focus<\/a> on poker and limited sports betting options has restricted its appeal to a broader audience. The platform does not offer slot games or other popular casino genres such as blackjack, baccarat, and roulette, which are staples in other online casinos. For those seeking a more diverse gambling experience, platforms like Lucky Block, TG.Casino, and Mega Dice may be better suited. However, poker enthusiasts will find a robust lineup of tournaments on CoinPoker, offering not just the chance to win real money but also to test their skills against other players. These tournaments are a significant draw for those passionate about poker.<\/p>\n

When considering whether to recommend CoinPoker, it’s important to note that the platform’s focus on poker and limited sports betting means it struggles to compete with other sites offering a wider range of gambling options. While it may not be the ideal choice for those looking to play a variety of casino games, it remains a strong contender for poker enthusiasts. The platform’s blockchain-powered RNG guarantees fair play, and its anti-fraud system prevents the use of third-party software or automated play, ensuring a level playing field for all users. Sports bettors may also find CoinPoker appealing due to its competitive odds and mobile app compatibility with both Android and iOS, making it convenient to gamble on the go. Moreover, CoinPoker emphasizes responsible gambling, offering features like self-exclusion and support from a responsible gaming officer to help combat excessive gambling. The platform is licensed in Curacao, providing an additional layer of legitimacy and security for its users. CoinPoker’s reliance on cryptocurrencies also ensures that users can make deposits and withdrawals anonymously, transferring assets directly from their wallets to their accounts with ease.<\/p>\n

For an authentic experience, you can visit CoinPoker today<\/a>.<\/p>\n

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