Richard Burger and William Dodsworth report on the Horseracing Regulatory Authority’s report into inside information
Over five million people visit British racecourses each year, while many more watch horseracing on TV, making it the second largest spectator sport in the UK. With the growth of betting exchanges and online gaming it is not surprising that betting on racing is the second most popular form of gambling after the National Lottery—more than 12% of the population bet on a horse race in the last year.
Unfortunately the potentially handsome gains to be made from betting on racehorses also attracts an unwelcome element, who are prepared to misuse inside information and influence races by betting on or laying a horse to lose. Perhaps mirroring the efforts of the City regulator, the Financial Services Authority (FSA), to combat insider dealing and the civil offence of market abuse; racings’ watchdog, the Horseracing Regulatory Authority (HRA), set up a working group to report on and recommend steps to enhance the integrity of racing, especially in the use of inside information.
In the same week in July that the FSA
