Olympic athletes: place your bets

July 28, 2012 4:09 pm

That didn’t take long.

The opening ceremony to the London Olympics was yesterday and already authorities are investigating an athlete who bet on a competitor and won $4,800. International Olympic Committee rules bar athletes from betting on Olympic events. (Of course, the IOC may top the NCAA when it comes to hypocrisy, corruption and money.)

Back to sports betting. We did a blog post the other day, pointing to concerns about bets during the Olympics and match fixing. As sports betting spreads, look for corruption and sports-betting scandals to become a part of all games.

Olympic fears: betting and match fixing

July 26, 2012 1:01 pm

As the Olympic Games get under way in London, officials there say concerns over doping have been replaced by fears of “match-fixing” and “betting.”

Sports betting is big in London. Illegal bookmaking in Asia and the Internet has also expanded the reach of sports betting. Coming soon: several states, including New Jersey, in the U.S. are pushing to legalize sports betting.

The boom in sports betting is likely to increase pressure on athletes to fix games. Indeed, there have been a number of sports betting scandals over the years as this list here shows.

Gambling gone wild

July 4, 2012 9:48 am

One indication of just how far out of control gambling has become in America is today’s annual Nathan’s Hot Dog Eating Contest in Coney Island.

A London bookmaker has put odds on who will win and is accepting bets. The big favorite is five-time winner Joey Chestnut. There is even an over-under bet as to how many dogs he will eat in 10 minutes. That is set at 62.5. He ate 62 last year and 68 in 2007.

More than 40,000 people are expected to attend the event in Brooklyn, which will also be televised on ESPN. It may not be too long before gamblers are able to bet on such ridiculous events as this in the United States. Several states, including New Jersey, are pushing forward with plans to allow sports betting. If legalized, it will only be a matter of time before Jersey is taking bets on a hot dog eating contest.

U.K. doubles down on casinos

January 31, 2012 10:41 am

The United States isn’t the only country betting big on casinos. Great Britain is poised for a sweeping expansion of casinos there.

Casinos could open in a dozen towns and cities that could generate up to £250m a year in winnings for operators, including several large Las Vegas-style super casinos. Church groups fear the growth could increase the number of problem gamblers and hit poor families. The addiction charity GamCare said the growth underscores the need for more education.

Sounds alot like the U.S., except the British press has a special knack for capturing the vivid scene inside a casino in a shopping center in east London:

It takes a few moments for the eyes and brain to adjust from the light of a late-January afternoon to the flashing lights of 150 slot machines in Aspers casino in the Westfield Stratford City shopping centre, east London. Once they have, the most striking thing about the UK’s largest gambling house is that it really isn’t that big.

Moreover, it doesn’t appear to be inhabited by desperate-looking people, pouring the remainder of their souls into a flashing machine which will only ever let them win enough to keep them coming back. Perhaps mercifully for the early afternoon, it doesn’t seem to be inhabited by that many people at all. Syed Naeem Kazmiu, 18, said he had been told by staff that he is one of the youngest they see at the casino. “I have probably dropped around £2,500 in the last two weeks,” he said. But, he added, “I play for the fun. I put down money when I can afford it and, when I can’t, I don’t.”

That’s what all the gamblers say.