"The only honour guaranteed in the betting ring is from the bookmakers, punters think the layers are fair game."
This is a shocking generalisation.
I once gave a sum many might describe as significant back after being paid out on a subsequently-disqualified "winner" at Whitfield Point-to-Point.
Not all punters are the same - and not all bookmakers are the same either (there's honour, but also a lack of integrity at times, on both sides of the fence and I've been on both sides of the fence and should know).