London 2012 Olympics Welcomes Online Betting

Recent sporting events have had their fair share of scandals. Last summer there was the cricket spot-betting shocker. 2010 also saw the Australian Rugby League with a heavy cloud cast over it due to the identification of suspicious betting patterns. In both cases legal action followed, bringing these sports into disrepute.

Olympic Sports Betting

As the 2010 London Olympics approaches the International Olympic Committee (IOC) is keen to retain the integrity of this historical sporting event. Their stance however is totackle the issue head on. It has publicly announced its endorsement of regulated sports betting on the 2010 Olympics.

Regulated Markets are Safer

IOC President Jacques Rogge has been quoted as saying, "Specifically, we are in favor of a system where betting operators have to be licensed by the government. Sports organizers, national federations, and international federations would have a fair return for all their efforts for organizing the sport. They should be recognized with a return from financial income."

His comments infer some kind of redistribution of profits with teams receiving a proportion of the billions of dollars expected to be wagered on the 2012 Olympic Games.

Shared Information and Safeguards

It is Rogge's view that match-fixing and other betting scandals are easier to set up in an unregulated market. He believes that the IOC can work within the regulated gambling industry to put safeguards in place that can detect and flag up potential match-fixing activity.

In Europe there has been increasing collaboration between the online sportsbooks and sports leagues. Suspicious betting patterns are highlighted and in many cases betting is suspended.

For the London 2012 Olympics the IOC has tasked International Sports Monitoring (ISM) to oversee sports betting on this prestigious event. ISM already has agreements in place with major online sportsbooks across Europe to share sports betting information, in particular betting patterns.

Shared Profits

It might all sound rosy but some industry insiders are worried. Worldwide regulation may well help their case for legitimacy but it also has financial repercussions. Currently online sportsbooks pay taxes in the location they're licensed but under these proposals this system would need to be expanded to share profits with sports leagues and teams too.

It remains to be seen what final arrangements will be in place to ensure a scandal-free 2012 London Olympics. One thing's for sure though; the Olympic Games is a sporting sensation. With online gambling already legal in the UK, massive gambling action is expected for all major matches.