BETTING WORLD NEWS Chinese Police arrest syndicate team 2 years ago Samuel Post Views: 746 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 About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts 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 EXPERTS WORLD NEWS UK clamps down on cryptocurrency sector 2 days ago Samuel EXPERTS WORLD NEWS iGG Day Two Recap: A Successful Summit Comes To A Close 2 days ago Iwo Bulski BETTING NIGERIA Challenges and Future Trends of Sports Betting in Africa 3 days ago Szarlot ONLINE WORLD NEWS Slotegrator presents a new bonus: ‘Wheel of Fortune’ 4 days ago Iwo Bulski BETTING NIGERIA Protecting Stakers From Gaming Exploitation 5 days ago Szarlot BETTING KENYA Get Started with Sports Betting in Kenya 5 days ago Szarlot EXPERTS WORLD NEWS Capitalising on iGaming: The Rise of Affiliate Programmes 5 days ago Tools ONLINE WORLD NEWS How to start an online casino in 2023 6 days ago Iwo Bulski BETTING KENYA How Kenyan Sports Betting Newcomers Are Becoming Popular 6 days ago Samuel BETTING KENYA How to Avoid Unhealthy Gaming Habits 6 days ago Szarlot HISTORY WORLD NEWS History of online casinos 6 days ago Samuel BETTING KENYA Esports Melbet betting – take a risk and win 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.