That is to safeguard the public, to guarantee payment, and to prevent welshing.
There will be no welshing on that obligation.
That was the thing that annoyed me most of all—the argument that in any case the tote could not do any welshing.
I have said that there will be no welshing on that obligation.
It had a bad effect because it brought into being, in addition to the then existing backers and bookmakers, the "welshing" bookmaker and the fraudulent backer.
