THE racing festival season is upon us again.
The media do a wonderful job reporting these events, but what a pity the commentators get it so wrong in referring to the bookmaking trade as a betting market.
However, the betting trade is a book, where the bookmakers set and control the odds to their own advantage.
Like many other self-regulating bodies, the business is run for the benefit of the bookmakers rather than the punters.
The system of setting odds needs properly to be regulated.