Hong Kong - Five suspects were being held by police in Hong Kong Friday after a suspected gambling syndicate placing bets worth hundreds of thousands of US dollars on Euro 2008 football matches. The syndicate, headed by a 24-year-old computer expert, used a sophisticated system to monitor online websites around the world to track down the websites offering the most favourable odds.
Police sources quoted by Friday's South China Morning Post said the syndicate would often place bets minutes before kick-off when odds would fluctuate sharply.
The syndicate's computer system would send out an alert when the best odds were available and the members would then bet heavily on international gambling websites, the sources said.
The 24-year-old who devised the system and four other suspects, three men and a woman, were arrested shortly before Euro 2008 games kicked off early Thursday morning Hong Kong time, police said.
Seven computers were seized in the police raids with records of betting orders totalling more than 250,000 US dollars placed in the previous seven days, mostly on Euro 2008 matches.
The five suspects, who are believed to have been placing bets for the syndicate on overseas matches for around a year, were being held on suspicion on illegal gambling Friday morning. No charges had been laid.
Gambling is a hugely popular activity in Hong Kong but betting on football matches is legal only through official Hong Kong Jockey Club outlets which tax bets and winnings.
Illegal syndicates offering a broader range of betting options and tax-free winnings for punters rake in millions of US dollars during international football tournaments screened live in Hong Kong.
