Why Is Betting On The Date Of The Election Such A Bad Thing?

[hellywelly4]

Sorry if this has been discussed before but I can't find anything about it. I really don't understand what the problem is - if I went to the races (which I don't) would it matter which horse I bet on? Would it affect the end result? Why is there such a row going on?

[naomi24]

The suspicion is that the gamblers had inside information.  They knew the date of the election.

[Atheist]

The suggestion is that people close to the PM got wind of his decision to have a snap election before it was made public, and they then laid bets on it. It is considered by many to be wrong, for reasons I won't go into.

[hellywelly4]

But what difference would it make to the result?

[barry1010]

Insider betting is illegal.

Under section 42 of the Gambling Act 2005, it is a criminal offence to ‘cheat’ at gambling or do anything for the purpose of enabling or assisting another person in doing so. 

[bhg481]

Betting on yourself to lose is clearly a bad thing as you could ensure that yo did.

Using inside information is illegal eg, if the PM says to you in confidence that he's going to announce an election on a certain date, betting on it is illegal.

[hellywelly4]

Oh I think I'm beginning to understand - it's nothing to do with the outcome of the election,  just making money?

[naomi24]

It was nothing to do with the outcome of the election.  They were betting on the date of the election.

[ToraToraTora]

it's fraud to gamble on something when you know the outcome. People in the party knew what the election date would be before it was announced. If they then placed bets on that before it was announced then it's fraud, that is what the issue is.

[Atheist]

An unintended (presumably) impact on the election result could be that voters will feel that there are tories who are unprincipled, disloyal, on the make, stupid and drunk on hubris, and that such voters will take their votes elsewhere.

[hellywelly4]

I feel quite stupid now!!! I never thought it was such a simple reason. Thank you for explaining it to me. 
 

[naomi24]

No reason to feel stupid,  If you don't know there's nothing wrong with asking.  It's the sensible thing to do. 

[Prudie]

As an extra did you know that jockeys in the UK are not allowed to bet on horse races ever, even ones they're not riding in?

[Atheist]

I learned years ago that when sitting round a table with a boss, a deputy boss, and a load of know-it-alls nodding wisely, if you question something that has been said because you don't see the sense or the logic of it, you will often see relief on the faces of most people because they also didn't understand but were too nervous to ask.

[Peter Pedant]

The suspicion is that the gamblers had inside information.  They knew the date of the election.

and cheating is specifically forbidden in the Gaming Act

but is this cheating? I think it obviously is. Cue lawyers rubbing  their hands. 

Here the gaming authority has power to investigage and er like the post office can prosecute or pass the info to the police. ( not against data pricniples as a crime may have  been committed)

At least one MP is saying if you bet in May 24 it will be July 24 then it cant possibly be unlawful as no decision had been made at that time

[ToraToraTora]

11:49 that's what stable lads are for.

[Peter Pedant]

if you question something that has been said because you don't see the sense or the logic of it, you will often see relief on the faces of most people because they also didn't understand but were too nervous to ask.

yes happens quite a lot actually ( in science). Is an antidote to Group think, surprisingly ( one discordant voice breaks the chain) - you also get ( which I do tabulate and fondly recall) "oh I think brighter minds than you Peter, have settled this." sort of a bit like AB really but real life. oh and er of course.... they havent

Nothing wrong with asking - see Abby's long long long thread about not knowing / memorising bar codes

[Ken4155]

There's no law against 'connections' to horses having a bet. That includes stable staff. There are quite a few 'gambling' stables and it's often worthwhile knowing which ones they are so that when the price of one of theire runners shortens quite a bit, it means they could be 'on'.

Prudie, unless i'm mistaken, the ban on betting covers participants of all sports. Can you imagine Usain Bolt popping into the bookies and having a couple of grand on the 2nd fav in a race in which he was fav?

[Peter Pedant]

11:49 that's what stable lads are for. - -  heavens ay dont want to recall what Oscar Wilde ( the divine Oscar) said about stable lads (*) 1893

I DID take a tip from a stable lad - 1976 - on a gee-gee, and then realised that he was just being loyal to his employer. as in "my employer's horse is gonna win". It didnt

[naomi24]

Does that extend to owners, Ken?  The late queen loved horseracing.  

[Peter Pedant]

(*) oh OK, the people demand...

He had admitted to kissing X and the Marquess' counsel asked Oscar " and did you kiss him?"

and Oscar replied "oh no - he was far too ugly!" and that was the beginning of the end as frequently the question was er posed " did you kiss him or was he far too ugly"

someone asked