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

in Albemarle County, Charlottesville City, Local, Surrounding Counties

City Police Charge Four With Fraud

Fresh
Burnette Cowgil Shifflett Bartley

Four suspects have been charged with fraud in what Charlottesville Police say was a scheme to rip off the elderly.

in Entertainment

Emma Watson is Belle in Beauty and the Beast

Fresh
emmawatson

The former "Harry Potter" star will play the princess in a live-action version of the Disney film.

in Albemarle County, Charlottesville City, Local, Surrounding Counties, UVA

UPDATE: Winter Weather Advisory Time Frame Shortened

Fresh
National Weather Service Logo 2 .jpg

The time frame for the winter weather advisory has been shortened.

in Charlottesville City, Local, UVA

Minor Problem Leads To Couric Center Evacuation

Charlottesville Fire Department Logo .jpg

An electrical problem led to a temporary evacuation Monday morning at the Emily Couric Cancer Center.

in Entertainment

Seekers of the Hollywood Sign disrupt nearby neighborhood

hollywood

Like pilgrims flocking to a holy shrine, they come from all over the world to pay homage to a symbol of celebrity.