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Betfair Shows Commitment To Corrupt-Free Olympics

By GamblingKingz editorialPublished Updated

In a bid to reaffirm its commitment to a corruption-free Olympic Games this year, Betfair has signed an information agreement with the International Olympic Committee (IOC).

The deal comes in the wake of the IOC's declared war on any potential corruption at the London Games, which take place in less than 100 days.

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Because Betfair is offshore, it is not subject to the UK Gambling Commission's requirements that bookmakers share information about suspicious betting patterns or similar data. However, Betfair does have agreements with a number of international authorities around the world. As such, the recent agreement with the IOC is an extension of this policy.

Betfair is one of a number of online gaming companies that employ integrity teams, backed by the latest in security technology, to track bets placed on their sites to ensure that nothing out of the ordinary is taking place.

Commenting on Betfair's commitment to a corruption-free Olympics, the Group's Chief Legal and Regulatory Affairs Officer, Martin Cruddace, said: "The interests of sports governing bodies such as the IOC and Betfair are completely aligned in wanting to ensure that consumers can bet on sporting events in a transparent and secure manner."

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

UK Government Warns of Olympics Corruption

British Sports Minister Hugh Robertson and IOC President Jacques Rogge have both warned of the potential for gambling-related corruption at the 2012 Olympic Games.

A special unit has been set up to identify suspicious betting patterns, while the Gambling Act has been amended to allow the Commission to share vital information with the IOC.

Speaking about international sports match-fixing, Rogge said: "It is a global problem and a very pernicious problem.  With the introduction of broadband you can bet worldwide. The danger is that from illegal betting comes match fixing and you see more and more attempts to fix matches. It is as dangerous to the credibility of sport as doping. It's just the beginning of a huge battle.

Betfair, along with many other top UK sportsbook groups, will be offering odds on virtually every event at the London Olympics, generating millions of bets from around the world.

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