Bet365 accused of profiteering in Chinese online market

In a damming report from leading UK newspaper The Guardian, it says that online gambling firm Bet 365 has knowingly and willing flouted Chinese anti-gambling laws to make millions in profits.

The newspaper report says that they have acquired interviews from current and former employees of the firm stating those facts along with Freedom of information requests made to the UK Gambling Commission & an analysis of foreign-language media reports.

Stoke based gambling firm that has used leading actor Ray Winston to promote their adverts has said the newspaper grown into one of the world’s leading online sports betting companies helped by the Chinese gamblers who risk prison by betting on the companies illegal websites within the country.

In the report from the Guardian it  says that Bet365 sports betting  is now three times larger than William Hill’s own sports business and seven times larger than that of Ladbrokes and has seen a jump of 78% in their online business over two years.

Within the Guardian report it says that Bet365 which has no physical presence in China has set up a warren of online betting sites that are able to avoid Chinese government attempts to close them down.

However Bet 365 says that by offering their services online in China it has not broken any laws, even thou the newspaper says that chinese national have been arrested for interacting with Bet365 online among other online betting websites.

It is reported that Bet365 frequently changes its website addresses in China, thereby side-stepping attempts by local regulators to close sites down. Along with the company setting up a complex payments system that allows it to take bets in the Chinese currency.

Another interesting part of the report says that Bet365 only makes 50% of its £1.3 billion profits from regulated licensed countries.

All of Bet365 competitors who are all Plc listed William Hill, Betfair, Ladbrokes and Paddy Power say they do not take bets from within the Chinese territory.

To read the full report from the Guardian click here