Bookies remain odds on to win
THE racing festival season is upon us again. The media do a wonderful job reporting these events, but what a pity the commentators get it so wrong in referring to the bookmaking trade as a betting market.
A market should involve buyers and sellers bargaining on equal terms. However, the betting trade is a book where the bookmakers set and control the odds. And like many other self-regulating bodies, the business is run for the benefit of the bookmakers rather than the punters.
The odds offered to the public need to be looked into by a proper authority, and the system of setting odds needs to be regulated properly.