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

12 hours ago in Local

Chicago Officer Sues Estate of Teen He Shot, Claiming Trauma

wtax 011015

A white Chicago police officer who fatally shot a black 19-year-old college student and accidently killed a neighbor has filed a lawsuit against the teenager's estate, arguing the shooting left him traumatized.

12 hours ago in Local

New Commemorative Quarter Features Shawnee National Forest

shawnee quarter

A commemorative coin featuring a scene from the Shawnee National Forest in southern Illinois has entered into circulation.

12 hours ago in Local

U of I Reports Record Number of Freshmen Applications

u of i urbana 2

University of Illinois officials say a record number of prospective freshmen have applied for enrollment next fall across the school's three campuses.

17 hours ago in Local

USO Says “Thank You” to National Guard

2-6-16 National Guard USO

The USO’s Illinois chapter wrapped up a week celebrating their 75th anniversary by thanking the people they serve – the troops.

2 days ago in Local

Court Upholds TV Pitchman Kevin Trudeau’s 10-Year Sentence

wtax 011015

An appeals court in Chicago has upheld a 10-year prison term for best-selling author Kevin Trudeau.