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Olympic Games Betting

Now we’re actually in 2012 and only 100 days or so until the Olympic Games, organisers and betting operators are working extra hard together to address any possible corruption in London’s massive showcase. Betfair, for example, has signed an information deal with the International Olympic Committee (IOC) to help avoid scandals that have tarnished a few sporting events during the last couple of years.

This comes after the IOC's show of strength very early in the proceedings with numerous announcements regarding their war on corruption, from performance enhancing drugs to fixing, betting irregularities and the influence of illegal betting syndicates such as those in Asia.

For its part, being based off-shore, Betfair doesn’t, in fact, need to co-operate with UK law in terms of assisting the Gambling Commission by making available information about suspicious betting activity and anything else that could indicate cheating or illegal acts both before and during an event. But this recent arrangement with the IOC is along the lines of existing memorandums of understanding with numerous authorities around the globe. 

 

Martin Cruddace, Betfair’s Chief Legal and Regulatory Affairs Officer, said: "The interests of sports governing bodies, like the IOC and Betfair are completely aligned in wanting to ensure consumers can bet on sporting events in a transparent and secure manner."

"If we are to protect the sports we all love then we must continue to work openly and cooperatively, and today's agreement is a clear example of just that."

As for the IOC itself, President Jacques Rogge said: "It is as dangerous as doping for the credibility of sport… we already monitored the Beijing Games and the Vancouver Games with a special unit who looked at the results but also who looked at the betting patterns with betting companies." 

The situation certainly has improved for bookmakers, with an emphasis on increasingly sophisticated software and expert teams put in place to better spot any irregularities, while in anticipation of the games and other major sporting attractions generating such large sums in betting, the UK government has also endeavoured to make certain laws more flexible to facilitate anti-corruption measures.

Not surprisingly Betfair and a host of other online operators will be providing countless markets as the summer approaches, with such bets as how many times Usain ‘Lightning’ Bolt strikes his trademark pose to who will break a world record, who might be disqualified and so on – all available through our mobile phones.  


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