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Betfair at the Merrion

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  • 02-06-2005 10:12am
    #1
    okidoki987
    Registered Users Posts: 10,620 ✭✭✭✭


    Some info about what happened on page 3 of today's Irish Indo, top rhs.
    Merrion Casino taking Betfair to court.
    Seemingly all the bets were going over the one account and winnings were paid out in CASH!
    Turnover was 1m a month :eek:
    Isn't that a prime potential "money laundering" account?


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    #2
    NickyOD
    Closed Accounts Posts: 5,124 ✭✭✭NickyOD


    okidoki987 wrote:
    Some info about what happened on page 3 of today's Irish Indo, top rhs.
    Merrion Casino taking Betfair to court.
    Seemingly all the bets were going over the one account and winnings were paid out in CASH!
    Turnover was 1m a month :eek:
    Isn't that a prime potential "money laundering" account?

    :eek: Holy Crap!!!.

    Wait, this was in the indo? oh ok.. carry on.


  • Options
    #3
    bill_ashmount
    Closed Accounts Posts: 1,047 ✭✭✭bill_ashmount


    Here's the full article from Unison.ie

    All bets off as casino row heads for court

    A ROW between the world's biggest betting exchange and a Dublin casino is heading for the High Court.

    The owners of the Merrion Casino Club plan to take legal action against Betfair.

    Both sides have confirmed that a controversial relationship which saw Betfair operating from the MCC offices in Merrion Square has come to an end.

    Betfair says that an experiment, which was no more than a promotional tool for its business, has been terminated as it was only designed for a limited period.

    MCC manager Charles Harbourn, who runs MCC with his father Michael, says he is constrained from commenting "as the matter is to be the subject of legal action by us".

    Documents seen by the Irish Independent confirm that a betting lounge was opened in the Merrion Casino. It opened at 10am and hours were the same as bookmaker shops.

    That is the most controversial aspect as neither Betfair nor MCC were licensed to operate a betting shop from Merrion Square albeit, in this case, the MCC was running a members-only policy.

    Private members who bet in the MCC were doing so on a single Betfair account. Another difference was that they were lodging money before racing and, circumventing the usual Betfair channels which are on a strict on-account basis, were paid cash at the close of business.

    The scheme greatly increased MCC membership but we have learned of a hasty withdrawal of facilities by Betfair after a dispute over the percentage e retained by both sides.

    Insiders believe that the Betfair/MCC arrangement was turning over €1m a month on just one account.

    John Martin


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