Thursday May 15,2014 : SPORTS BETTING NEEDS TO BE BETTER REGULATED SAYS I.C.S.S.
Match rigging and money laundering are the result of inadequate regulation, claims International Centre for Sport Security.
Chris Eaton of the Qatar-based International Centre for Sport Security says in a report compiled by the Centre and the Sorbonne in Paris that the rapid evolution of the land and online global sports betting market has seen an increased risk of infiltration by criminal elements and money laundering.
Eaton claims that up to $140 billion is laundered through sports betting every year as a result of a lack of effective regulation, which allows match-fixing to spread.
He identifies football and cricket as the sports most threatened by criminals seeking to rig the gambling market, but claims tennis, basketball, motor racing and badminton are also affected.
The ICSS report claims that 80 percent of global sports betting is being carried out on illegal markets, placing it beyond the reach of regulators and investigators.
It notes that 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; his report recommends closer cooperation between betting companies and sporting bodies.