Gambler pair back new-style betting
Jun 25 2009 By Christopher Knox, The Journal
A FATHER and son team have launched a betting business that allows people to gamble on losers as well as winners and the pair hope to roll out a chain of trading rooms in the coming years.
John McDonough and his son, also John, have set up Traders Betting Exchange in Newcastle in response to the Gambling Act 2005, which has created a new category of betting premises.
The rules, which came into force only this year, allow people to gamble on the losing horses as well as place bets during a race via internet exchanges.
Traders Betting Exchange acts as an intermediary, providing fast connection to the Betfair betting exchange so punters can respond quickly to a race as it happens.
There are eight trading rooms in the UK run by different operators, with Traders Betting Exchange hoping to establish its own chain of sites as the business becomes a popular alternative to traditional betting shops. Both father and son have gambled for a number of years, with John Senior realising the rule changes presented a great business opportunity.
Mr McDonough, who worked as a black cab driver in Newcastle for many years, said: "We realised that there was a need for a dedicated trading room in Newcastle, based upon our own needs as professional gamblers and our experience of using other premises, and also upon trends that we have seen established within the industry and the region." Traders at the premises each have a workstation, with a high specification PC, 22-inch LCD television, headphones, reclining leather chair and internet access. It also provides access to Turf TV, SIS, and Sky Sports for up-to-the-second live TV sports access, with much of the internet and trading technology installed by Gateshead IT company Mneumonix.
The pair are already making waves on the region’s racing scene and sponsoring the 3pm race at Newcastle Racecourse today, (thursday) to be called the Tradersbettingexchange.co.uk Novice Stakes.
Mr McDonough was able to secure a licence with the help of Newcastle’s Mincoff Jacksons Law Firm, which has been advising the gaming industry for more than 40 years.
Solicitor Matthew Foster, of Mincoff Jacksons, said: "Traditional betting in bookmakers was once the only way that bets could be made legally, other than on the track. As technology has improved, telephone betting and internet betting have become increasingly popular, and this is just the latest development in this emerging industry."
