In truth, I could be talking about any betting exchange. I did name the exchange but changed it to the generic because the issue is for one and all.
I have no proof that dirty money is being laundered by betting/laying on the exchanges, but you can see the logic behind it.
So why do I even ask such a question?
Take a look at the graph, you see a couple of large(ish) bets placed late in the evening of a given day. I'm not going to name the horse or trainer as it has nothing to do with this subject matter. Two bets were placed on ****** wanting about 15.0 (14/1). I think they were £325 & £347 (around that money). Anyway, this couple of bets popped up and within seconds were taken.
You may say: ''There's nothing wrong with that?''
True, it could be a fine example of an astute wager. The horse was backed down and returned about 9/2 with bookmakers, so it was a wise bet whatever the background. I was interested in this horse because I was sure it would be backed. I tried to get a small bet at the same odds seconds after.
Not a sniff.
It may be very innocent. However, thinking about it, I couldn't help but imagine how the exchanges could be used to launder dirty money.
Is this unfair?
Well, we have heard that many activities in casinos have been associated with money laundering. Also, Fixed Odds Betting Terminals (F.O.B.T) Have been tarred with the same brush. It is easy to see why they are used because they prove someone got ''lucky'' and they have evidence to justify the cash in their purse.
Betting exchanges are ideal for money laundering because all you need is two accounts. One to place bets and one to take them (or visa versa). All the person pays is $% commission to make that money bona fide.
Perhaps I'm just a naive spectator to the world of criminals, drug dealers and protection.
Whatever the subject is one I'd be interested to hear your thoughts.
(Graph is used as example only)