Let’s Get Regulated

| June 4, 2019 | Reply

Since my last article I’ve added a review of Quentin Franks Racing which I would highly recommend you take a look at. There are also new reviews of Glenn Whelan Racing, The Last Waltz, Colossus Racing, Shane Murphy’s Irish Tips and Golf Forecast, as well as Multi-Attack, Acca Tipster and Wizard of Big Odds. Plus, there’s a final update on Racing Exchange which is worth making a note of, as well as updates on all our other ongoing reviews.

May’s reviews are already lined up and I can promise you some interesting reads, including Football Acca Tipster (different to Acca Tipster in April!), Place For Profit and Primed Winners to name but three. So be sure to visit the reviews section regularly by clicking this link.

Remember also to visit our partner site Tipstars for daily updates, monthly rankings, historic results, tipster bios and the latest news on over 175 tipster services across a range of sports. While you’re there have a look at Quentin Franks Racing’s past performance which just underpins our current review.

Politics, In-Fighting and Bad-Mouthing!

If the title made you think you were going to get an article on Brexit, I’m sorry to disappoint you, or more likely you’ll be relieved!

In my roles as Head Reviewer for the Betting Rant and co-founder and compiler of Tipstars I get to speak to a lot of tipsters. Unfortunately, in recent weeks all of the terms in my headline could be applied to situations I have encountered within the tipping industry.

Considering it is an industry which already suffers with reputational issues, cynicism and scams, the last thing it needs is internal issues starting to affect people’s perception as well.

In a week that included the high profile jailing of Chris Beek (read the Racing Post report here, I would expect the industry to be looking for ways of improving its profile and working to promote the genuine services that do exist, while exposing the rubbish that is out there as well.

From recent experience it is quite apparent that the industry lacks the cohesiveness, camaraderie or shared vision to do this itself. It’s time for an independent industry regulator to be created to protect the tipping world from itself.

When you consider how highly regulated dealing in stocks and shares is, then it is inconceivable that sports tipping is left totally unregulated. Now I’m not suggesting sports tipsters need to be wound up in red tape to the extent that financial services are, but some degree of control is long overdue.

An industry watchdog could easily be funded by a small monthly subscription fee per service, but the benefits would repay that cost many times over.

As a starter, a regulator could provide the following:

  • Independent verification of all tips, advised prices, results and profit and loss accounts using an industry standard formula.
  • Independent proofing of results for services in test mode prior to going live. How many times have you seen new tipsters launch on a fanfare of fantastic testing results only for them to slump the minute it’s live? Cynical? Maybe, but this would alleviate any debate.
  • Industry logo to allow punters to easily identify sites complying with the regulator.
  • Annual registration of all services, including contact details, details of tipster (not for public display) and other related data.
  • Regular audit of results on tipster’s own website in comparison to the proofed results.
  • Guidelines on the advertising of services.
  • Dispute resolution service.
  • Communication channel with other interested parties e.g. Gambling Commission, problem gambling advice lines, etc.
  • Industry-wide data and trends analysis.
  • Annual conference.

I’m sure there’s more but this would be a major step forward.

There are elements of this being done, but in a piecemeal, uncoordinated manner and still with links to tipster services and platforms which effectively takes away the total independence that is required. Indeed, my own Tipstars site is a small step to providing punters with some level of comfort from an independent source.

The longer the industry believes it can continue and prosper in its current state, the more likely it is to implode on itself.

In an ideal world every tipping service would sign up to such a scheme. In reality that is unlikely. But at least if a scheme is in place and services choose not to sign up then punters can at least ask themselves the question “Why not?”

There are potential issues around borders (I’m not going to get onto Brexit still!) and where services are based. But an initial stance would be for any services offering their product in the UK to fall under the coverage of the new industry regulator.

I’m sure many will see this line of thought as radical, controversial or even unnecessary. But no industry has prospered without being adaptive, without understanding what potential customers need to make them use the product or without pulling together as members of the same industry.

At the moment, the industry has an opportunity to put its own house in order. If it doesn’t take that opportunity then I fear that imposed control will not be long in the offing and that will undoubtedly be more onerous and consequently much more expensive.

I’d be interested to hear the views of the punters as well on this subject. You can leave any comments at bettingrant@agorapub.co.uk

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Category: Betting Advice, Betting System Reviews

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