China Gambling Ring Exploiting ‘Losing Account’ Sports Bet Loophole Busted

[BobbyFK]

So this guy would buy losing players accounts to take advantage of the "perks". I can't believe they made 4.6 million in 7 months

Chinese Cops Bust Gambling Ring That Exploited Sports Betting Loophole

Gamblers from Wenzhou and Hainan arrested after making $4.6 million by exploiting ‘losing accounts’ sports betting loophole.

www.casino.org

 

[jamescarter]

You only need to deal with trusted sites, such as crocazino. --

 

[BMR Genie]

You only need to deal with trusted sites, such as crocazino. --

Welcome to BMR James.

Please be reminded that promotional content is not allowed here. Thanks

 

[BMR Genie]

So this guy would buy losing players accounts to take advantage of the "perks". I can't believe they made 4.6 million in 7 months

Chinese Cops Bust Gambling Ring That Exploited Sports Betting Loophole

Gamblers from Wenzhou and Hainan arrested after making $4.6 million by exploiting ‘losing accounts’ sports betting loophole.

www.casino.org

A total of $4.7 Million for 7 months. Imagine how much they can still make if not being caught.

 

[Ace7550]

So this guy would buy losing players accounts to take advantage of the "perks". I can't believe they made 4.6 million in 7 months

Chinese Cops Bust Gambling Ring That Exploited Sports Betting Loophole

Gamblers from Wenzhou and Hainan arrested after making $4.6 million by exploiting ‘losing accounts’ sports betting loophole.

www.casino.org

Great read and great find. Thanks for sharing Bobby!

 

[hazliam]

Not sure why this is illegal? I see it like the account holders are more or less hiring a professional gambler to help them win. Not much different than using a stock analyst. As for offering instant bets on live, these books must be crazy?

 

[DontTailMe]

"I see it like the account holders are more or less hiring a professional gambler to help them win."

If that's what they had done, then there probably wouldn't have been any issue. You really don't see a problem with people impersonating others so that they can control a large number of accounts they aren't supposed to have?

 

[hazliam]

"I see it like the account holders are more or less hiring a professional gambler to help them win."

If that's what they had done, then there probably wouldn't have been any issue. You really don't see a problem with people impersonating others so that they can control a large number of accounts they aren't supposed to have?

Impersonating would be an issue but I really see it as me having my mutual fund guy buy and sell security on behalf of me.

 

[DontTailMe]

Impersonating would be an issue but I really see it as me having my mutual fund guy buy and sell security on behalf of me.

If your agent were buying and selling securities on your behalf, that would be done transparently, right? They wouldn't be logging into your personal account using your credentials. In this case, there's no transparency. They were impersonating other people. And the reason for doing so is obvious - they made a ton of money exploiting a system which is constructed on the founding principle that 1 account = 1 person.

 

[hazliam]

If your agent were buying and selling securities on your behalf, that would be done transparently, right? They wouldn't be logging into your personal account using your credentials. In this case, there's no transparency. They were impersonating other people. And the reason for doing so is obvious - they made a ton of money exploiting a system which is constructed on the founding principle that 1 account = 1 person.

That is true, but still isn't that going against the term of the book vs breaking the law? Like I can see these people getting their funds confiscated by the books, but getting arrested IDK.

 

[DontTailMe]

That is true, but still isn't that going against the term of the book vs breaking the law? Like I can see these people getting their funds confiscated by the books, but getting arrested IDK.

First, we should caveat the conversation as we are talking about China here.

But even in the United States, I think you'd be surprised by how many activities might fall under existing laws. There doesn't have to be a law which explicitly talks about not using someone else's sportsbook login. For example, think about the college admissions scandal from a few years ago. There's no law specifically which specifically covers lying on college applications, and they didn't lie under oath or anything. Yet they all did prison time under honest services fraud and mail fraud, I believe. Here, I have to imagine you could be prosecuted under something like wire fraud which is very broadly a federal crime that involves any scheme to defraud another person or party by means of electronic communication.