Betting shops...
Discussion
MX7 said:
But if a company is discovered to be repeatedly fraudulent, would they not be shut down? Are shareholders putting money into companies who don't comply to the regulations?
The big gaming companies make money year in, year out. The additional revenue they could make by being underhanded isn't a consideration if the penalty is that they could lose their licence. They simply don't need to.
You're right. But even the big boys have received 'advisories' after inspections. Firms will push regulation as far as they can. The big gaming companies make money year in, year out. The additional revenue they could make by being underhanded isn't a consideration if the penalty is that they could lose their licence. They simply don't need to.
Listed firms have to answer to shareholders and meet expectations. A loss on a book and it's all too easy to make a tweak that recoups the funds more quickly.
Admittedly most shut downs are crooked little operators but it would be sensible to think that larger and credible firms are also more than capable of 'accidentally misinterpreting' parts of regulation. Chunks of which you can drive a bus through sometimes.
Where it is dangerous is where there isn't a market being made by a competitor. Arbitrage is the best regulator of a bookie. Things like Bingo, roulette etc can't be arbed so are sealed events between a bookie and the client. This is where the risk lies in the UK.
DonkeyApple said:
Martin is also right that high streets have been destroyed and left scrabbling over charity shops, fried chicken and other road kill vendors and bookies.
Oi, I like fried chicken 
Gambling isnt entirely a mugs game though, uninformed gambling is. Theres some people who earn many hundreds of thousands in the capacity of 'professional gambler' and if you can get into the right circles - particularly in regards to horse racing - your betting carries no more risk than the stock market.
DonkeyApple said:
MX7 said:
But if a company is discovered to be repeatedly fraudulent, would they not be shut down? Are shareholders putting money into companies who don't comply to the regulations?
The big gaming companies make money year in, year out. The additional revenue they could make by being underhanded isn't a consideration if the penalty is that they could lose their licence. They simply don't need to.
You're right. But even the big boys have received 'advisories' after inspections. Firms will push regulation as far as they can. The big gaming companies make money year in, year out. The additional revenue they could make by being underhanded isn't a consideration if the penalty is that they could lose their licence. They simply don't need to.
DonkeyApple said:
[Where it is dangerous is where there isn't a market being made by a competitor. Arbitrage is the best regulator of a bookie. Things like Bingo, roulette etc can't be arbed so are sealed events between a bookie and the client. This is where the risk lies in the UK.
You know much more that I do, so I'll back out now, but you mention "a market being made by a competitor", and one thing I do sometimes is political betting. Betfair won't do the French election market because you're not allowed an exchange in France now. It's not entirely relevant, but an example of where the companies are so willing to conform to regulations, even if they are regulations from a different country that doesn't apply to them, that I suspect that they are incredibly aware of how bad any violation can be. It seems to me that, in some ways, the greater the regulation, the more undesirable consequences emerge. The only reason why the High Street is flooded with shops is because of rules that weren't thought through.
MX7 said:
The big gaming companies make money year in, year out. The additional revenue they could make by being underhanded isn't a consideration if the penalty is that they could lose their licence. They simply don't need to.
Quite. The gaming industry is a guaranteed win.It's essentially running a shop where people come in and part with their money but you don't actually have to give them any goods or services in exchange! Peachy.
Ozzie Osmond said:
Quite. The gaming industry is a guaranteed win.
It's essentially running a shop where people come in and part with their money but you don't actually have to give them any goods or services in exchange! Peachy.
There is a social aspect though to a bookies just like with a pub. Most people just spend a little bit of money to while away some time and chat with like minded people. It's essentially running a shop where people come in and part with their money but you don't actually have to give them any goods or services in exchange! Peachy.
If you look at them from this angle there is an argument that they are good for a social environment.
Let's face it, in modern society, any function which gets people from a community out and about and chatting to each other should be protected.
DonkeyApple said:
There is a social aspect though to a bookies just like with a pub. Most people just spend a little bit of money to while away some time and chat with like minded people.
If you look at them from this angle there is an argument that they are good for a social environment.
Let's face it, in modern society, any function which gets people from a community out and about and chatting to each other should be protected.
That's a good point. And no alcohol, presumably?If you look at them from this angle there is an argument that they are good for a social environment.
Let's face it, in modern society, any function which gets people from a community out and about and chatting to each other should be protected.
You seem to know an awful lot about such shops...
Ozzie Osmond said:
DonkeyApple said:
There is a social aspect though to a bookies just like with a pub. Most people just spend a little bit of money to while away some time and chat with like minded people.
Pub = some losersBookies = all losers
HTH
Ozzie Osmond said:
DonkeyApple said:
There is a social aspect though to a bookies just like with a pub. Most people just spend a little bit of money to while away some time and chat with like minded people.
Pub = some losersBookies = all losers
Regardless, there is a social aspect to such physical entities for communities that has importance. In some places where industry has shut down these establishments are the few places where people logically gather. This is a terribly sad indictment in itself but isn't a reason to try and kill them off. I would hazard that the best way to keep people out of bookies is to keep them in work.
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