• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Betting Offers UK

Best Free Bets & Casino Sign Up Offers For 2022

  • Betting Offers
  • Free Bets
  • Casino Bonuses
  • Home
  • New Sites
  • Free Spins
  • Free Bet Clubs
  • Bookies
  • Football
    • Premier League
  • Horse Racing
    • Cheltenham Festival
      • Disruptions & Cancellations
      • Old Course v New Course
      • Prestbury Cup
      • Top Trainers
      • Top Jockeys
      • Amateur Races
    • Grand National
      • Picking a Winner
      • Grand National Winners
      • Grand National Fences
      • Disruptions & Cancellations
      • Back to Back Winners
      • How Often Does the Favourite Win?
      • Prize Money
      • Virtual Grand National
      • Grand National Sponsors
      • Reserve Horses
      • How Many Finish
      • How Many Run
      • Grey Horses
      • Popularity
      • Amateur Jockeys
  • Irish Lottery
  • Blog

Horse Racing Bloodstock: Why the ‘Unlawful’ and ‘Unethical’ Industry Needs a Shake Up

20 December, 2019

Wooden GavelIt was a report two years in the making.

Finally, the BHA’s forensic analysis of the bloodstock industry has been published and made available to read, and the results have been damning of a trade in which a minority are threatening the very integrity of thoroughbred sales.

While the investigation found that the ‘vast majority’ of buyers and sellers act with integrity, there have been a number of ‘bad apples’ identified who are engaging in ‘unlawful’ and ‘unethical’ practices.

Some issues can lead to a lack of trust in the system, while the perception of those outside of the bloodstock game could be permanently scarred unless those who are acting in such a way are barred from the industry.

Justin Felice, who headed up the research findings that were published in the Bloodstock Report, concluded that: “We have found clear and compelling evidence of widespread instances of breaches of agency and fiduciary duties….which in certain circumstances also constitute potential criminal offences, including under one or more of the Bribery Act 2010, the Fraud Act 2006 and the Criminal Law Act 1977.

“There are also concerns that certain alleged practices could constitute money laundering and/or tax fraud offences.”

What is Bloodstock?

Chestnut Horse in Stable

As you may know, thoroughbred horses are bred purely to be sent into action as racehorses – whether that be as a sprinter, a chaser or a stayer.

They are known as ‘hot blooded’ horses, and that is where the bloodstock phrase came from.

The buying and selling of thoroughbred horses typically takes place at bloodstock sales held by the leading firms such as Goffs and Tattersalls, with buyers from all around the world looking for the next big thing or a breeding mare to help create a new generation of stars.

Just some horses that have been purchased at a bloodstock event include Kauto Star, Sprinter Sacre, Many Clouds and Altior.

Why Was the Bloodstock Report Commissioned?

There were increasing worries that the process of bloodstock trading was being used unethically or fraudulently by some, and the BHA set about commissioning a report back in June 2017 that would be the first major investigation for decades.

The vulnerabilities of the bloodstock process had led to concerns that the lifeblood of racing – owner investment – would be affected if new buyers could not be attracted to a ‘scam’ market.

Felice, who is a retired police officer, was selected to lead the report, with research and studies undertaken in 2018 and ’19.

He brought together an investigative team who went and interviewed more than 70 people with a direct connection to racing and the bloodstock industry, including buyers and sellers, breeders, owners, trainers and more.

The report was released to the BHA’s board in July 2019, and the findings were shared later in the year.

You can read the report in full by clicking here.

What Does the Bloodstock Report Say?

Reports on Desk

The 83-page document reveals that the bloodstock industry is, for the most part, a ‘safe’ environment in which thoroughbreds can be purchased and sold with integrity and complete peace of mind.

However, there are ‘unscrupulous’ individuals within that have been identified as repeat offenders when it comes to unethical practices. They, the report finds, are in danger of damaging the reputation of the bloodstock industry.

The interviewees revealed that many of them had fallen foul of said individuals, with four main practises highlighted: (secret) profiteering, ‘luck money’, bidding up and dual representation.

These are all unethical and, in some cases, unlawful.

The report identified a number of examples of such behaviour, with an example of a simple bloodstock transaction given. In it, the buyer tells an intermediary agent they are willing to pay £200,000 for a horse even though the vendor only wants a market value of £100,000.

An agreement is made with the vendor in which bidding is allowed to reach £175,000. The agent, in addition to their standard commission of 5%, picks up a secret sum of £37,500, while the vendor also picks up a £37,500 payday on that extra money paid.

One of the main issues in the industry has been an absence of a formal code of conduct, which would give aggrieved parties an opportunity to make a complaint and fight back against such activity.

That was one of eight recommendations that the report has brought to light, including the headline-making revelation that they believe the BHA should take on formal regulation duties of bloodstock.

One of the recommendations has already been observed. The Bloodstock Industry Forum (BIF) features a panel of experts including representatives from the Federation of Bloodstock Agents, Tattersalls, Goffs, the Racehorse Owners Association, the National Trainers Federation, the Thoroughbred Breeders’ Association and more.

They will meet periodically to discuss industry issues and ensure that unscrupulous practices are identified and stamped out.

All bloodstock agents will need to be licensed and approved to act, should another of the BHA’s recommendations be carried out, and there is absolutely no reason why that wouldn’t be enacted to bring bloodstock into line with other aspects of racing.

The Bloodstock Report was necessary, damning and rather condemning of certain aspects of the trade, although on the whole the industry has been praised for its integrity and commitment to ethical behaviour.

Previous Post: « Women in Darts: Fallon Sherrock Makes Darting History at the PDC World Championship
Next Post: Racism in Football: Does the UEFA Protocol Go Far Enough as a Punishment? »

Primary Sidebar

Blog

Check Complete Message Against Football Assistant Referee Facing Pitch Holding Flag
Can a Football Result Be Overturned Due to VAR Error?
Silhouette of Soldier Saluting Against Blurred Stadium Lights
Which Sports Stars Have Had to Complete Military Service?
Falling Footballs in Front of Floodlit Goal
What is the Highest Number of Goalscorers in a Single Game of Football?
Losing Form Guide Against Goal Net and Pitch
What is the Longest Point-Less Start to a Premier League Season?
Businessman Holding Up Contract and Pen
What is a Lifetime Sponsorship Deal and Which Sports Stars Have Signed One?
More Blog Posts | Full Archives

Archives

Betting Sign Up Offers

  • Free Bets
    • Bet £5 Get £20/£30+
    • Bet £10 Get £30/£40+
    • Casino Free Bets
  • Casino Bonuses
  • Free Spins

Loyalty Offers

  • Acca Bonuses
  • Acca Insurance
  • Best Odds Guaranteed
  • Free Bet Clubs
  • Loyalty Points

Major Events

  • Grand National
    • How to Pick the Grand National Winner
    • Grand National Winners
    • Grand National Fences
    • Prize Money
    • Disruptions & Cancellations
    • Back to Back Winners
    • How Often Does the Favourite Win?
    • What Is the Virtual Grand National?
    • Grand National Sponsors
    • Reserve Horses
    • How Many Horses Finish?
    • How Many Horses Run?
    • Most Successful Owners
    • Changes Over Time
    • Female Jockeys
    • Grey Horses in the Grand National
    • Amateur Jockeys
    • Popularity
  • Cheltenham Festival
    • Festival Disruptions & Cancellations
    • Old Course v New Course
    • The Prestbury Cup
    • Top Trainers
    • Top Jockeys
    • Amateur Races
  • Premier League
    • Without the Big Six?
  • Irish Lottery

Related Posts

  • Which Horse Races Have the Biggest Odds Winners - Flat or Jumps?
  • Who is the Most Successful Jockey in Royal Ascot History?
  • How Many Female Jockeys Have Won at Royal Ascot?
  • Huge Shock as Horse Racing in Singapore to End in 2024 After More Than 180 Years
  • Radical Changes for British Horseracing in 2024 Revealed
  • How Can a Jockey Finish a Circuit Too Early?
  • Why are So Many Racehorse Trainers Quitting the Sport?
  • Which Cheltenham Festival Races are Most Likely to Be Won by Favourites?
  • Which Trainer Has the Most Cheltenham Festival Runners?
  • How Often Do Horses with 50/1+ Odds Win at the Cheltenham Festival?

Betting Blog

  • American Football
  • Athletics
  • Betting Industry
  • Boxing
  • Cricket
  • Darts
  • Football
  • General
  • Golf
  • Horse Racing
  • Motor Racing
  • Politics
  • Rugby
  • Snooker
  • Tennis

Please bet responsibly. If you need help to stop gambling visit Gamstop.


Copyright © 2023 Betting-Offers.com | BeGambleAware.org 18+