The United Nations Office on Drugs and Crime reported that illegal betting on sports is estimated to be around $1.7 trillion annually, predominantly used by criminals for money laundering operations. These estimates diminish the legal sports betting market, valued at about $40 billion, according to the report released yesterday. The increasing number and variety of bets complicate law enforcement efforts to crack down on illegal betting, particularly with the rise of fraudulent online operators who use cryptocurrencies to obscure the identities of gamblers.
The report stated that illegal gambling strips sports of their positive power and transformative ability, threatening their potential to educate and inspire youth. Ghada Waly, the executive director of the United Nations Office on Drugs and Crime, noted in the report's introduction: "In our increasingly globalized world, sports are exposed to complex risks from corrupt actors who seek to exploit them for illicit gains."
The report concluded that governments, regulatory bodies, and sports institutions must work together more effectively to combat illegal betting and establish units and controls to counter money laundering. It also called for reforms to include mandates for operators to record customer information and betting data, in addition to banning anonymous payment platforms.
