Australia finds links of illegal gambling operators to Asia based crime gangs

The Black Economy Taskforce of Australia has given approval to law enforcement agencies to pounce on illegal betting exchanges reportedly linked to crime gangs with Asian roots. As per a report released by the Sydney Morning Herald, BET has come across 10 illegal exchanges yielding worth AUD1 billion or US$805 million per year.

Michael Andrew, the BET chairman, said such illegal betting exchanges are connected to local as well as international crime syndicates, notably the Asian crime gangs. He added BET procured this update from 147 submissions, some of them coming from racing industry insiders. Andrew also said the agency was getting inputs on the activities of these agents for quite some time. BET, however has not been able to figure out how illegal gambling exchanges manage to convert black money into white. These fraudulent operators charge 1 to 2 percent fee in lieu of the usual 15 percent.

The agency has already warned the illegal gambling operators that they will be at the receiving end after the deployment of the Gambling Amendment Act. Even the agents and participants will get slapped with severe taxation liabilities if they are found guilty.

Andrew went on to say that illegal gambling activities hamper the overall integrity of the sports entertainment sector. It also makes things harder for the betting operators who abide by legal routes for operation. BET has asked businesses, religious community leaders and professional bodies to aid the government locate a means to put an end to those illegal betting operations.