UK-listed betting and gaming operator Betfair has signed a permanent information-sharing agreement with the International Olympic Committee (IOC) to help keep all future Olympic Games events free of betting corruption.
The Memorandum of Understanding (MoU) covers all future Summer and Winter Olympic Games, as well certain other competitions organised by IOC affiliated International Federations (IFs). Betfair and the IOC have previously signed agreements on an event-by-event basis, starting with the Beijing Olympics in 2008, and continuing through the London Olympics of 2012.
The agreement lays out a detailed framework for co-operation and enables Betfair to share customer and transactional data should suspicious activity be detected on a relevant event.
“The interests of sports governing bodies, like the IOC, and Betfair are completely aligned in wanting to ensure customers can bet in fair, transparent and secure markets on exciting sporting events,” said James Midmer, Betfair corporate communications. “Today’s agreement is another sign that sports and the betting industry are continuing to co-operate in this area.”
Betfair will apply its Exchange technology, monitoring systems, and dedicated team of integrity experts to ensure that any suspicious betting activity is investigated and relayed straight to the IOC’s Integrity Betting Intelligence System.
Mark Adams, the IOC’s Communications Director, said that the agreements between the IOC and various betting operators and regulators, including Betfair, are part of its concerted strategy to support clean sport and protect major competitions from any form of manipulation, particularly those linked to betting.
“We are very pleased with these agreements, which build on our successful collaboration during London 2012,” said Adams. “This information will be used by the IOC’s newly established Integrity Betting, Intelligence System (IBIS), which will be in operation for the first time in Sochi.”
IBIS collates alerts and information on manipulation through betting on sport, and will also be placed at the disposal of International Federations during their major championships.
The IOC is one of over 50 governing bodies around the world which Betfair has signed an MoU with since its pioneering agreement back in 2003 with the Jockey Club (now the British Horseracing Authority).
Shares in Betfair Group plc (Co. Data) (LSE:BET) are currently trading at 1,030.00 pence per share in London this morning.