Betfair Shows Commitment To Corrupt-Free Olympics

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

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

Because Betfair is based off-shore, it is not subject to the UK Gambling Commission's demands that bookmakers share information about suspicious betting patterns or similar data. However, Betfair has memorandums of understanding with a number of international authorities around the world. As such, its latest agreement with the IOC is an extension of this policy.

Betfair is among a number of online gambling companies which employee integrity teams, backed by the last word in security technology, to track bets placed at their sites to ensure that nothing out of the ordinary is taking place.

Speaking about Betfair's commitment to a corrupt-free Olympics, the Chief Legal and Regulatory Affairs Officer for the group, Martin Cruddace 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."

UK Government Warns of Olympics Corruption

The UK Sports Minister, Hugh Robertson, as well as IOC President Jacques Rogge have both warned that there exists the potential for gambling-related corruption in the 2012 Olympic Games.

A special unit has been created to pick up suspicious betting patterns, while the Gambling Act has been changed to allow the Commission to share important information with the IOC.

Speaking of the international sports match fixing, Rogge said: "It is a world problem and it is 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 manipulate matches. It is as dangerous as doping for the credibility of sport. It's only the beginning of a huge battle."

Betfair, along with many other top UK sports betting groups, will be offering odds on practically every event in the London Olympics, which will generate millions in wagers from around the world.