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)

Recent Headlines

in Local

Member of Jesse White Tumblers Shot

Murdered Chicago teen a member of Jesse White Tumblers.

in Local

Durbin Weighs In on Senate Proposal to Revoke NFL Non-Profit Status

dickdurbin1

Dick Durbin says he's still deciding on the U.S. Senate proposal that would revoke the NFL's non-profit designation.

in Local

Rauner Tells GOP Not to Expect Favors if He is Elected

Illinois Republican gubernatorial candidate businessman Bruce Rauner participates in a Republican gubernatorial candidate debate Tuesday, Feb. 18, 2014, in Springfield, Ill. The four Republican gubernatorial candidates said that they’ll be willing to work with unions if elected but differed on how to approach the relationship during a downstate debate that largely focused on pension reform, taxes and just briefly on personal issues that have dogged some of the candidates.

Republican candidate for Illinois governor Bruce Rauner says he won't offer any patronage jobs to GOP members if he wins.

in Local

Illinois Awards $25.8M in Health Outreach Grants

Health

Most of the same Illinois organizations that helped consumers sign up for insurance in the first year of the Affordable Care Act will receive additional funding for a second year.

in Local

Quinn: No Point in Plan B for Pension Overhaul

pension

Amid signals that Illinois' pension overhaul could be found unconstitutional, Gov. Pat Quinn argued Friday that it makes no sense to develop a contingency plan.