In New Zealand, TAB bookmakers have been advised to prohibit all professional groups from placing fixed-odds wagers due to concerns over so-called ‘arbitrage’ wagers. Arbitrage wagering involves punters taking odds with the New Zealand TAB before off-laying them at a lesser dividend with a betting exchange such as Betfair. The practice is more common in bigger and more sophisticated betting markets with many professional bettors using computer programmes loaded with software that has been designed to seek out anomalies. According to a report from The New Zealand Herald newspaper, TAB bookmakers have been told to cull approximately 20 fixed-odds punters…