IOC and Online Betting Exchange Betfair Tackle Match Fixing

Published Thursday, January 12, 2012 -

Having the online betting operators on the watch for illegal betting on the Olympics gives punters some confidence that their bets are not being corrupted by unscrupulous scammers. A recent report has indicated that the International Olympic Committee has received a signed document from the online betting exchange Betfair saying it will co operate with the Committee to reveal any unusual wagering patterns during the International event coming to London in the summer.

Betfair revealed recently it has provided a "memorandum of understanding" that ensures the firm will monitor for any thing suspicious during the wagering on the Olympic games. 
The International Olympic Committee has vowed to eliminate corruption and match fixing for the sake of the games and their integrity. Betfair has said it will apply all available technological resources and expertise  to "ensure that any suspicious betting activity is investigated and relayed straight to the IOC as required." Betfair's Chief  Legal and Regulatory Affairs Officer, Martin Cruddace explained that Betfair and the IOC "are completely aligned in wanting to ensure consumers can bet on sporting events in a transparent and secure manner."

The IOC has done this before with Betfair for the 2008 Beijing Olympics in China and the 2010 Winter Games in Vancouver, Canada with success. There was no suspicious wagering activity reported for those games which were monitored closely.
Emmanuelle Moreau spokesperson for the IOC made it known the IOC has formed arrangements with every online gambling operator, including the lotteries, bookmakers and betting exchanges, in order to curtail this kind of corrupt activity.  Moreau was quoted in the Associated Press as saying, "By strengthening its cooperation with operators such as Betfair, the IOC steps up its efforts to protect the integrity of sports competitions through a permanent and efficient system of information exchange,"
British Olympic Association chair Colin Moynihan commented on the match fixing issue recently, saying, "I think it is a really serious issue, particularly for those athletes around the world for whom a bribe of $20,000 is a life-changing amount of money,"


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