BETTING WORLD NEWS Chinese Police arrest syndicate team 9 months ago Samuel Post Views: 446 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 ONLINE WORLD NEWS Slotegrator will take part in the Sigma Balkans & CIS Summit 1 day ago Iwo Bulski CASINO WORLD NEWS Top actors who play in online casino games 2 days ago Samuel BETTING KENYA Gambling operators ignore orders to close during the election 2 days ago Iwo Bulski BETTING GHANA Ghana: Gaming Commission Must Regulate Industry 2 days ago Szarlot EXPERTS WORLD NEWS WhatsApp allows people to sneak out of group chats 2 days ago Samuel BETTING KENYA Kenyans spend over KSh 300b on bets, cigarettes and liquor yearly 3 days ago Szarlot BETTING NIGERIA All About Cricket Betting 3 days ago Iwo Bulski ONLINE WORLD NEWS AstroPay Seeks to Bolster Growth with Affiliate Program 4 days ago Samuel BETTING KENYA Kenyan government orders all operators to close for election day 4 days ago Iwo Bulski EXPERTS WORLD NEWS Answers to the iGaming industry’s most pressing questions 4 days ago Samuel BETTING KENYA The government should work with the betting industry 2 weeks ago Iwo Bulski ONLINE WORLD NEWS 4 sales-boosting modules from Slotegrator’s new platform 2 weeks ago Iwo Bulski 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.