This would have allowed the team to bet on the changing odds of the final score of a soccer match after a goal had been scored, for example, faster than those watching it on a \u201clive\u201d feed.<\/p>\n
\n
A goal will always change the odds of the game\u2019s outcome. But this may not be reflected at precisely the same time at different sports books. This provides a window for arbitrage, and for a quick-fingered gambler to make money.<\/p>\n<\/div>\n
According to police, Shi’s team was responsible for managing the accounts and account holders, and Wang’s team was responsible for betting and gambling. Meanwhile, Zhou was allegedly the money man. He purchased nearly 3,000 bank cards for the syndicate\u2019s use.<\/p>\n
Wenzhou police said they have so far arrested 69 criminal suspects and seized 35 computers and 136 mobile phones used in the crime. That while freezing the equivalent of around $3 million in funds.<\/p>\n
The group was in operation for just seven months.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese police in the eastern city of Wenzhou say they have disrupted a syndicate that illegally capitalized on an online sports book \u201cloophole\u201d to cash in the equivalent of around US $4.6 million. The scheme involved buying up hundreds of money-losing accounts to exploit perks afforded to big-betting but unsuccessful gamblers, as reported by Wenzhou […]<\/p>\n","protected":false},"author":36,"featured_media":191814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,1074],"tags":[],"acf":[],"yoast_head":"\n
Chinese Cops Bust Gambling Ring That Exploited Sports Betting Loophole<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n