:domain:url

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 News

in Entertainment

‘The Lion King’ makes history

Fresh
lionking

"The Lion King" is the top ticket of all time.

in Entertainment

‘Fashion Police’ to go on without Joan Rivers

Fresh
Joan-Rivers2

Bosses at the E! network have confirmed they plan to revive the series in January.

in Entertainment

Samuel L. Jackson plans Christmas charity single

samueljackson

The "Pulp Fiction" star is rounding up his celebrity friends to raise money for the cancer charity One For The Boys.

in Entertainment, Sports

Shaq sings Bon Jovi song at crowded college bar

shaq

WATCH: The basketball legend jumped on stage at an LSU-area bar to belt out a Bon Jovi classic.

in Entertainment

Rihanna, Kardashian among latest victims of photo hackers

rihanna

Gabrielle Union, Meagan Good, and Hayden Panettiere are reportedly also among the latest celebrities to have shots posted online.