ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

When there is a will, there is a way... gaming is a vice and naturally an avenue for $ laundering...

Organised crime launders $140bn annually on sports betting: report
AP MAY 15, 2014 6:17PM

A NEW study of sports betting, corruption and match-fixing has estimated that organised crime launders $140 billion each year by laying bets on sporting events.

The Qatar-based International Center for Sport Security and Paris' Pantheon-Sorbonne University say much match-fixing remains hidden and that “hundreds or even thousands” of cases are suspected in 2013 alone.

Cricket corruption charges near

The report, released today, is the result of a two-year study involving more than 70 international experts.

Among other measures, they recommend new taxes be levied on sports betting to finance stronger efforts against match-fixing.

They say spottily regulated sports betting offers “numerous opportunities” to make dirty money look like it comes from legitimate sources and that more than 10 per cent of worldwide revenue from organised crime is possibly laundered this way.

AP

Any cash based business has potential to launder money. And criminals don't mind paying GST
and income tax to make money looks legit.

^^ "urban legend" has it that these syndicates are willing to pay 120% of your winning lottery tickets. Question is of course after accepting offer how one explains the wealth

nowsadays if there are casinos around why can't they just claim the money was won at the tables who will really know? There are casino on ships too just buy a 1 day cruise ticket go out sea come back and say you won a few hundred k do it several times a month you can claim a million already nobody is any wiser

IIRC casinos have to share win loss data with the govts

So question is not whether anyone is any wiser, but whether u are a viable target to go through the effort

(16-05-2014, 08:50 AM)specuvestor Wrote: [ -> ]IIRC casinos have to share win loss data with the govts

So question is not whether anyone is any wiser, but whether u are a viable target to go through the effort

You may not aware the casino is able to track you second-by-second via CCTV, or from its database. The question is, as Mr. specuvestor's commented, whether you are a viable target that worth the effort.

(16-05-2014, 08:50 AM)specuvestor Wrote: [ -> ]IIRC casinos have to share win loss data with the govts

So question is not whether anyone is any wiser, but whether u are a viable target to go through the effort

I've been on cruise ship casinos, once the ship enters international waters casino opens I've seen PRC gamblers take out red stacks of rmb that look like bricks to change for gaming chips because in intl waters there's no police or anybody around to ask questions even the dealer will take money to change for chips no questions ask.

You take a few hundred k change for chips play black jack or bacarrat then change back, people win or drop few hundred k on cruise ship casino quite common will video track activities of hundreds of gamblers?

Yea I know what u mean. In fact casinos are one place that they look to launder money but process is much more complicated than that with few operatives and their purpose is not winning

But neither are the casinos dumb. For considerable amounts they actually segregate the cash and return same cash to same owner if they exchange back their chips.