Betfair assists lcexch.com, hurting India
Betfair, the biggest online betting network in the world with over 50 million pounds sterling of turnover per week, assists illegal betting operations in India and the authorities are either helpless or not interested in taking up the matter. Even Betfair’s past history of data theft doesn’t seem to wake up the regulatory bodies from another Cambridge Analytica kind of situation emerging.
Betfair lends its technology and system to www.lcexch.com which is run by a Pakistani from Dubai but primarily targets the illegal massive Indian betting markets, reportedly siphoning off Rs 5000 crores of cash per month. It even gives rise to suspicion that www.lcexch.com could even be a front for Betfair.
The website www.lxcexch.com shares profits and loss with Indian bettors in cash through the help of its agents spread in every nook and corner of India. The “collection” of black money then goes through “havala” via Dubai to Pakistan from where it ostensibly is used to fund drugs and terrorism in India.
That the operations of www.lcexch.com is done physically is apparent by the fact that you can’t sign up for this website, implying its’ a closely operated network of punters and bookies.
Despite extensive coverage in India, the crime and regulatory authorities in India are yet to crack down on the nefarious operations even as a more damaging picture is only now beginning to emerge.
Betfair has admitted in the past that it stole the payment data of 3.15 million of its clients; a further personal details of 3 million other users—in all over 6 million data of its clients.
The fact evokes the dreaded image of Cambridge Analytica, recently in news for data breach of Facebook that ostensibly is used to affect and shape elections, including ones in India.
Betfair technically is safe on legal grounds since it only supports the operations of a Dubai and not India-run website but it’s impossible it doesn’t know that this website’s betting is done in cash and that online betting is prohibited in India—hence it clearly seems in league with an illegal betting website.
Besides helping generate black money and siphoning off India’s money abroad, Betfair also is not accountable that the data it collects of Indians is safe and secure and that it’s not guilty of creating a Cambridge Analytica kind of dangerous situation.
There is a saying that colonial powers ruled the word on one axiom: Take control of any one of the three—Land, Labour or Resources—and you would control that country.
That Betfair doesn’t become another East India Company is a responsibility squarely on the shoulders of Indian authorities which hasn’t so far shut down www.lxexch.com despite extensive coverage. It’s time it actively and swiftly brings the website down to a close.