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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    Default Another major online gambling bust in China

    A few weeks ago Buzzy reported that China would be cracking down on online gambling for the World Cup. Well, if a post on a Wall Street Journal blog is any indication, they are doing a good job.

    According to reports, police busted a nearly $15 billion online gambling ring in the city of Shenzhen.

    A police official told China Real Time on Tuesday that the $14.7 billion figure represents the accumulation of bets that gamblers wagered through the site since August 2006 until the network unraveled early last month.

    “It’s usually hard to define the specific amount of money involved in online gambling, but roughly speaking we estimate that over more than three years, the money involved in this gambling network goes beyond 100 billion yuan,” said Qin Xiaoshan, a police official in Laibin city in Guangxi province, who helped investigate the case.

  2. #2
    Spearmaster is offline In Memoriam, 1964-2010
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    Probably a conservative estimate... but remember the other thread where I said the amount confiscated in that case was a drop in the bucket - and remember where I said the total betting of any one of 3-4 countries betting on a World Cup match would dwarf the worldwide takings of the Super Bowl?

    Let's take 3 (years) x 38 (weeks of EPL action) = 114

    15 billion / 114 weeks = roughly $132 million per week in gambling action. Or around $13 million bet on each EPL match.

    That's a pretty large network - but it is only 1 of many underground networks in China - and I said earlier that the estimate was conservative...

    This network was in Guangxi province - likely a lot smaller than networks in Guangdong, Shanghai and Beijing since Guangxi hosts no major city.

    The estimated Vegas total for the Superbowl was $92 million. The "illegal" online total was estimated at $2.5 billion.

    The math may not be that clear or accurate, but it should give you a pretty good idea just how much money is *illegally* bet on an EPL match in China in a "minor" province. Factor in the three biggest cities and it will become plainly obvious just how much sportsbetting takes place in China.

  3. #3
    Anthony's Avatar
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    I had no idea the level of sports betting in China.

    Does China think they can actually do anything to stop it?
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  4. #4
    Spearmaster is offline In Memoriam, 1964-2010
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    Quote Originally Posted by Anthony View Post
    I had no idea the level of sports betting in China.

    Does China think they can actually do anything to stop it?
    Not a chance and they know it - however, they have to be seen to be looking after the interests of the people. Up until this year, that meant some sort of an action every year or so, usually minor, and quickly forgotten.

    This year, I guess they wanted to be seen to be doing more - but my guess is that they saw an opportunity to get larger sums of money under the table, while appearing to be strictly cracking down on gambling.

    It'll all blow over shortly after the WC ends and everything will be back to status quo. There are too many fingers in pies for China to make any sort of enforcement work.

  5. #5
    HBKKH is offline Public Member
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    "gambling network goes beyond 100 billion yuan" looks like a great market

  6. #6
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    Quite agreeable..

    They have to be viewed as having the best interests of the people at hand.

  7. #7
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    Good find.

  8. #8
    dhayman is offline Public Member
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    Wow ! China may actually be worse than the U.S. !!!

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