News

Report: Gangs launder $140B through sports

Report: Gangs launder $140B through sports

SPORTS:Soccer and cricket were identified as the sports most threatened by criminals seeking to rig the gambling market but tennis, basketball, motor racing and badminton were also affected, according to the report. Photo: clipart.com

PARIS (Reuters) – Criminals are using betting on sports events to launder $140 billion each year, a report said on Thursday, exposing a lack of effective regulation that allows match-fixing to spread.

Soccer and cricket were identified as the sports most threatened by criminals seeking to rig the gambling market but tennis, basketball, motor racing and badminton were also affected, according to the report.

“The rapid evolution of the global sports betting market has seen an increased risk of infiltration by organized crime and money laundering,” said Chris Eaton of the Qatar-based International Centre for Sport Security (ICSS).

The report, compiled by the ICSS and the Sorbonne in Paris, said that 80 percent of global sports betting was being carried out on illegal markets, placing it beyond the reach of regulators and investigators.

A number of soccer leagues have been hit by match-fixing scandals in recent years and three Pakistani cricketers were jailed for a plot to deliberately bowl no balls during a test match against England at Lord’s in 2010.

Technology and live television have transformed the sports betting market in recent years, allowing viewers to bet on a wider range of events and gamble in real time as a match progresses.

Eaton, a former head of security at FIFA, said the changes have made suspect betting patterns harder to spot.

Among solutions, the report recommended a sports betting tax to finance investigations into match-fixing and closer cooperation between betting companies and sporting bodies.

(Writing by Keith Weir, Editing by Ed Osmond)

Latest Stories

17 mins ago in Local, Local Sports, UVA Sports

Virginia Baseball Prepares For ACC Tourney

Fresh
WP-VirginiaBaseball

Virginia's Skipper previews the ACC Tournament.

1 hour ago in Entertainment

Depp back as Mad Hatter in ‘Alice Through the Looking Glass’

Fresh
22-overlay-3

The movie follows on from the 2010 box office hit "Alice in Wonderland," which starred Depp alongside Australian actress Mia Wasikowska as the titular heroine and Oscar nominee Helena Bonham Carter as the Red Queen.

1 hour ago in Lifestyle, National

Record number of Millennials are living with their parents

Fresh
23-overlay-9

Living at home with parents is now the most common arrangement for people age 18-34.

2 hours ago in National, World

Obama to Asians worried about U.S. election: It’s going to be OK

Fresh
16-overlay-8

U.S. President Barack Obama sought on Wednesday to ease growing Asian worries about the raucous election campaign to succeed him which has been dominated by the incendiary rhetoric of mogul Donald Trump, now the Republican Party's nominee.

2 hours ago in Sports

Super Bowls awarded

Fresh
goodell16145779127383

The NFL has awarded the 2019 through 2021 Super Bowls to three cities that have significant financial investments in new stadiums or recently upgraded an existing one.