China, the new bourgeoisie within this population of 1.3 billion people flooded the Internet gambling market. As the millennium turned, European sportsbooks followed the lead of their Asian counterparts, establishing online portals. Eventually the European and Asian markets began to work in concert, online, following each other’s price and line movements, bookies on one continent laying off bets with bookies on the other as part of their risk management strategy. Asian books established European-registered subsidiaries under different names, the client none the wiser. As happened with other industries as they migrated online, in gambling, national borders dissolved. In short order, the Internet enforced global regulation, of a sort, on a largely unregulated, gray-market, underground industry.
“The Asian and European betting markets have come together and created one giant pool,” says David Forrest, an economics professor at the University of Salford, in Manchester, England, who specializes in the study of sports gambling. “It’s now one huge liquid market. And liquidity is the friend of the fixer. You can put down big bets without notice, and without changing the odds against yourself.”
The Internet altered what people bet on, as well as the way that they bet. Twenty years ago, roughly 15 percent of bets on the international sports market were placed on football. But as the Internet enabled betting houses to offer continuous propositions based on the various factors of a game in progress – including the time remaining, the score, the players on the field, and the intuition of the bookie adjusting the line and the odds – the rise of in-game betting enhanced the popularity of football as a gambling proposition. The game now accounts for roughly 70 percent of the international sports betting market, according to Interpol estimates. The Internet also allowed for a rise in the trading of bets between bettors. International gambling on football matches has come to resemble a stock market, with constant fluctuations, numerous propositions, and instantaneous arbitrage.
Along with these changes came heightened scrutiny on football matches and the valuable information secreted within them. Patrick Jay tells the story of a grizzled old bookie he worked with at Ladbrokes. “In 1995,” the man liked to say, “if the midfielder for Manchester United broke his leg, five people would know about it. His wife, his father, his coach, and his trainer. And me.” Now, said the man, if a minor injury afflicts an inconsequential player on an unknown club, “they’re betting $10 million on it in that Macau.”
Before the Internet, one of the only ways to bet on football was on the 1x2 market. The “1” represents a victory by the home team. The “2” represents an away-team win. The “x” represents a draw. The 1x2 market does not incorporate a line, or a point spread. Odds are simply established for the chances of each of the three possible outcomes. The final score is irrelevant. When the favorite builds an insurmountable lead in a match, the gambler doesn’t have much incentive to watch anymore. Despite this, the 1x2 market remains the most popular form of football betting in Europe.
Almost no one in Asia bets 1x2. The majority of people betting on football in the world – and this includes all sizable international match-fixing groups – operate on the Asian handicap and Asian totals markets. Locally known as hang cheng, the Asian handicap market takes the draw out of football betting. In essence, you bet on one team to win by an assigned handicap, or on the other team to lose by this same handicap. Bookies establish a point spread that recognizes one team as the favorite. They also assign odds to each bet. The odds place a number value on the chances of a proposition and thus the payout on a winning bet. The Asian totals market, on the other hand, offers the chance to bet on the number of goals scored in a match in aggregate, the over-under. Except for a few minor differences, the Asian handicap and the Asian totals markets are identical to the markets for betting on the NFL or NBA, in the United States.
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