Betfair chief spoke his mind on prohibition


Edward Wray, the respected founder of the Betfair online gambling empire, spoke his mind on the American legal situation in an interview with the UK publication Real Business this week, commenting that he was not a fan of prohibition as an alternative to regulation.

That said, Wray does not intend to take any risks and told the publication: ""We're not interested in going into grey areas. We have 25 people in our legal team and we get professional, detailed opinions on every country that we operate in. As a rule, however, I don't believe in prohibition; it's futile. People will find a way to gamble online, regardless of whether you tell them not to do it."

The interview follows news earlier this week that Betfair has acquired the US-based TV Games Network from Macrovision for $50 million in cash . TVG is among the most widely-distributed horseracing networks in the world and is also a leading provider of [legal] advance deposit wagering services in the U.S. TVG covers racing from 70 tracks 16 U.S. states, including the key racing centres of Kentucky, California and New York. It also accepts bets from residents of those states, dividing the profits with the racecourses concerned.

David Yu, CEO of the Betfair Group Ltd, commented then: "We have waited to enter the U.S. market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals."

Yu also stressed that Betfair has no plans at present to introduce its betting exchange model into the US market, but will use its cutting-edge technology to improve the pari-mutuel betting services offered to TVG clients. "We have waited to enter the US market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals," said Betfair's chief executive.

Wray was pragmatic regarding the change in the political leadership in the United States, voicing an opinion on whether President Obama is likely to prove a better bet for online gambling. "I'm delighted that he won but, let's face it, gambling legislation isn't going to be on the first or second page of Obama's to-do list," Wray opined. "I think the country will move to regulation but it may take five years, it may take ten years.

"We've had the luxury of growing at our own pace over the past decade and we've spent tens of millions of pounds on technology. Our website won't fall over.

"When the US does open up, we'll be ready."

General Gambling News Gambling Law & Society News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from Russian Federation read Diamond VIP Casino review

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    22
  • Members Online
    399
  • Guests
    1,694
Highest Community Rated Online Casinos
SlotsMillion
  (122 Ratings)
32 Red Casino
  (396 Ratings)
Guts Casino
  (219 Ratings)
Club USA Casino
  (321 Ratings)
Mr Green Casino
  (336 Ratings)
Buzzluck Casino
  (194 Ratings)
Lucky Red Casino
  (253 Ratings)
Videoslots.com
  (189 Ratings)
Nexxedge
  (72 Ratings)
Bet365 Games
  (203 Ratings)
NextCasino
  (199 Ratings)
Unibet Casino
  (178 Ratings)
CasinoLuck
  (267 Ratings)
Betsson Casino
  (259 Ratings)
Redbet Casino
  (190 Ratings)
Betsafe Casino
  (235 Ratings)
ComeOn Casino
  (298 Ratings)
Spin Palace Casino
  (139 Ratings)
Casino Extreme
  (202 Ratings)
Raging Bull
  (111 Ratings)
Vera John Casino
  (211 Ratings)
Intertops Red Casino
  (146 Ratings)
Thrills Casino
  (176 Ratings)
Slotty Vegas
  (142 Ratings)
Slotland
  (371 Ratings)
BETAT Casino
  (234 Ratings)
Royal Panda
  (146 Ratings)
Ladbrokes Casino
  (171 Ratings)
Casino Saga
  (124 Ratings)
Winner Casino
  (373 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus