BETTING WORLD NEWS Chinese Police arrest syndicate team 3 weeks ago Samuel Post Views: 88 Chinese Police in Wenzhou City claim to have disrupted a syndicate that had illegally capitalised on an online sportsbook ‘loophole’ to cash in the equivalent of almost $4.6m. The scheme consisted of buying up hundreds of money-losing accounts and exploiting the perks afforded to big-betting but unsuccessful gamblers. According to the police, the “core figure” of the syndicate was the owner of an Internet Café in Wenzhou; the owner was identified only as ‘Shi.’ Shi himself allegedly lost big amounts of yuan on several sports betting sites and his own experience taught him that once an account had lost big amounts of money, the operator would be willing to offer more enticements to keep the owner playing. Said enticements included unlimited withdrawals, instant betting features and a percentage back on losing bets. Additionally, the operators would also be more likely to accept large bets. In July 2020 Shi asked his associate ‘Zhou’ to place web advertisements asking for as many ‘losing accounts’ as possible. Respondents could earn up to yuan 5,000 ($782) daily for simply providing the information necessary to access their accounts. Certain accounts required facial recognition, so Shi had arranged for several account holders to live in his father’s villa while the syndicate was in operation. Over 200 account holders from all over China had signed up for the advertised plan. Shi had teamed up with a gambler called ‘Wang’ based in Hainan Province who helped form a team of over a dozen gamblers and sports betting analysts. They would travel to sports events in Europe and Southeast Asia to exploit the instant-betting function, taking advantage of the short latency of broadcast and data feeds. Wenzhou police have arrested 69 criminal suspects and seized 35 computers, and 136 mobile phones used in the operation, while also freezing the equivalent of around $3m in funds. The group had operated for just seven months. Source: gamblinginsider.com SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: arresting, betting syndicate, China Continue Reading Previous Aristocrat completes US$965 million fundraising exercise for Playtech bidNext BtoBet was awarded as Sports Betting Supplier in Africa More Stories CASINO WORLD NEWS NOVOMATIC portfolio excelled at Gaming Industry Expo in Kiev 24 hours ago Iwo Bulski BETTING HOT NEWS PremierBet Partner’s AS Monaco as Official Betting Firm in Africa 1 day ago Adeleye Awakan BETTING KENYA How Ksh50 Can Win You a Luxury Kileleshwa Apartment 2 days ago Samuel BETTING KENYA Pragmatic Play ventures into lucrative East African market 2 days ago Szarlot BETTING HOT NEWS KENYA Kenya’s football supremo charged with corruption 3 days ago Samuel BETTING SOUTH AFRICA South African operator Hollywoodbets teams with Chalkline 3 days ago Szarlot BETTING GHANA Betika Signs Partnership Deal with Asante Kotoko 4 days ago Adeleye Awakan BETTING NIGERIA Buhari’s N5k cash for subsidy could fuel sports betting 4 days ago Szarlot CASINO WORLD NEWS Macao detains Suncity boss on China gambling charge 5 days ago Szarlot EXPERTS WORLD NEWS BtoBet to provide FanDuel with new Player Account Management Platform 5 days ago Szarlot BETTING KENYA Why Kenyan bettors are laying record figures on betting sites this year 5 days ago Samuel ONLINE WORLD NEWS Review of Playtech Games Software In 2020 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.