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 Sports

This week’s top sports shots

little

A look at the biggest stories and best photography in sports this week.

in Sports

This weekend’s sports schedule

yankees

A complete look at this weekend's sports schedule.

in National

Making headlines this week

surf

A look at the week's biggest newsmakers and the stories you won't soon forget.

in National

WATCH: The history of Labor Day

21-overlay4

While you take your three day weekend, remember those who struggled to get Friday and Saturday off.

in Sports

Tony Stewart returns to NASCAR racing after fatal accident

Tony Stewart smiles as he speaks with his crew before the start of the rain delayed NASCAR Sprint Cup Series Daytona 500 race at the Daytona International Speedway in Daytona Beach, Florida, February 27, 2012.

Tony Stewart will return to racing this weekend at the Atlanta Motor Speedway for the first time since he struck and killed a young racer at a dirt track earlier this month.