Report Claims Illegal Global Sports Betting Generates $140 Billion Annually
The illegal sports betting market is a $140 billion market according to a report by the International Centre For Sport Security (ICSS) which was conducted over a two year period. According to the reports findings criminals are laundering over $140 billion annually through illegal sports betting and match fixing.
One of the key causes that allows this illegal market to flourish is the lack of regulation as well as technology that allows people to bet on just about every aspect of the game. Match fixing and illegal sports betting is nothing new and as we reported occur in football, basketball and even tennis. The ICSS concluded that 80 percent of global sports betting was carried out in illegal markets which makes it impossible for authorities to regulate and control.
The problem regions are Asia which makes up 53 percent of the illegal sports betting market followed by Europe which makes up 49 percent. Some of the global online sports betting hotbeds are in Malta and the UK who has over 114 online betting licenses. Industry experts are warning that the problem is getting worse and could lead to sport becoming “an arena of corruption”.
When it comes to possible solutions the report recommends that revenues from a sports betting tax could be used to finance investigations into the ever increasing world of global match fixing and sport betting corruption.