Gambling Industry Braces Itself Against Tougher Sports Betting Rules Ahead of the London 2012 Olympics
The IOC is making arrangements to ensure that the forthcoming London Olympics is free of sport betting scandals with the view of restoring the integrity of the biggest sports events in human history.
Past sporting events have received bad reviews because of numerous gambling scandals which have rocked teams. The recent cricket scandal where some teams were paid to act accordingly came as shocker which tainted the image of the teams and prompted the responsible federations to take swift action against teams that acted mischievously. This was witnessed in the 2010 season of the Australian Rugby League where sports authorities found serious discrepancies in the betting patterns.
Officials are making plans to prevent cases of betting scandals in gambling industry in the forthcoming 2012 London Olympics. The International Olympic committee wants to restore the integrity of this universal event. The committee has unwaveringly said it is committed to tackle this problem. This follows a public announcement it made to approve the introduction of moderated sports betting in the last Olympics event.
The committee’s president Jacques Rogge said that the committee favored a system where betting operators received permission from the government and consequently issued with operation license. Jacques also added that the all partners but specifically sports facilitators, national federations, and international sports federations would also get the benefit for arranging for this event. He also suggested that the foregoing groups should receive something in return for their invaluable contribution in the gambling industry.
The IOC chief statements imply that facilitators and teams will share the returns from the entire event. According to this arrangement, teams will receive a proportion of the expected returns which amounts to billions of dollars expected from the biggest sporting event of that year.
Jacques regretted that cases of cheating, match fixing and sports scandals are common in the gambling industry. He also affirms that if the IOC works within the moderated gambling sector to set up guidelines and seal loopholes, then they can easily detect and stop any of the scandals and planned match fixing for certain teams.
This has become a trend in Europe where many sports books operating online have partnered with sports leagues to ensure safety is maintained through information sharing. As a result, cheating is minimized in potentially suspicious betting patterns and wherever there is proof of match fixing, the responsible teams are summoned and suspended with immediate effect.
The IOC has solicited the help of Sports Monitoring ahead of the London Olympics to help moderate all sports betting events. This organization has worked with many sports bookers online particularly in Europe to exchange information related to sports betting patterns. Nevertheless, this announcement has caused jitters among some key players in the gambling industry who feel they will lose out. Although universal regulation is good for the sake of integrity and the teams, sports pundits argue that it will have dire financial consequences on some players.
At the moment, most sports books pay their tax in the country where they are mandated to operate but with implementation of this system, it means that sports books would be required to pay sports leagues and teams part of the profits from betting events. Only time will tell whether the IOC will execute the arrangements swiftly and guarantee partners a scandal free London Olympics come next year. Sports analysts believe that sports books will take advantage of the sensational event and capitalize on all major games.