Is spoofing cheating under the Gambling Act.

News, chat and debate about the Betfair betting exchange.
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ruthlessimon
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I like to think of manipulation like this: The girl in pink is manipulating the market. She's having to work really hard to go against the natural direction, to get a great fill - & in some cases is easy to spot (grimace in her face/big stakes). Tension builds, she lets go, then it explodes.
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sealebet
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Joined: Mon Dec 05, 2016 2:43 am

An interesting topic. It's illegal in the financial markets but seems to be fair game in the gambling markets.
I envisage that one day, the rules and regulations around the gambling markets will start to allign with the financial markets.

https://www.bloomberg.com/news/articles ... llegations
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Euler
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Location: Bet Angel HQ

Gambling is heavily regulated in terms of licensing but governments nor gambling firms seem to care much for the actual gamblers in terms of legislation. When I've pushed for things within government bodies I get the feeling that people think if you lose money gambling then that's your fault for being so stupid.
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Naffman
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People who want spoof to be illegal get swayed easily by it, those who don't mind it (or even like it) can usually adapt to it and most other things that affect the market.
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bennyboy351
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Location: West Midlands, England.

The way I look at it is this: Is spoofing the market any worse than Betfair building in a false delay in its video? Is it any less 'legal' than trainers and jockeys 'tuning' a horses performance to do well/poorly in a specific event?

In short, it is what it is and is just another hurdle to be overcome. :|
RentonT
Posts: 201
Joined: Tue May 19, 2015 12:26 am

Spoofing is risky business... if it wasn't then everybody would be doing it. It must take some skill to spoof successfully. But as others have said it presents opportunities in the market and potentially I would suspect it wobbles a few bots operating on WOM but I don't know much as I am a manual trader and don't put too much emphasis on WOM.

It would only be cheating if the money shown couldn't be matched but it can so therefore if you are spoofing then you are taking a risk. I wouldn't do it.
foxwood
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Joined: Mon Jul 23, 2012 2:54 pm

We see what we reasonably assume is spoofing and if it could be proved to be intentional It probably is illegal.

Unfortunately it is probably impossible to prove so nothing will get done about it imho.

Unlike financial exchanges there is nothing that is really being "traded" since there is no underlying asset. What is called "trading" here is just gambling on price movements.

The exchanges offer instantaneous peer-to-peer gambling by showing offers to bet that can be withdrawn at will.

People will bet on anything so how could you prove that someone hasn't genuinely offered a big bet a couple of ticks lower/higher on one side of the book then changed their mind and gone to the other side ? The money is really there in their accounts to allow the bet to be placed and is deducted from their available balance so how can you prove deception or intent ?

The exchanges are not bothered since they are just following their remit of offering peer-to-peer punter back/lay offers to the market. That is similar to the financial exchanges which have got the "Flash Boys" suits rejected in the US https://www.law360.com/articles/695790/ ... uits-nixed

Caveat emptor
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SeaHorseRacing
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Ive been manipulating the markets quite well over the last few months. But it is only when I see an opportunity.
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ruthlessimon
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:roll: :roll: :!:
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RentonT
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:lol:
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Naffman
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SHR has gone from battling trader to ultimate spoofer in no time how does he do it!?!?!
Freepunt
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Joined: Sat Apr 29, 2017 9:11 am

Race after race after race, the ladders are filled with unmatched bets. Do you think that is punters sitting there all day for nothing or is it unmatched millions there to manipulate the prices?
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