Germany’s Oddset, the always distressed sports betting market, is having new turmoil following a single lottery retailer claimed by customers. Following word of an apparent consortium of customers and a single retailer, Andreas Schmidt, chairman of the Social Democratic Party (SPD) in the state of Sachsen-Anhalt, on Friday urged his state to distance itself from the Oddset betting business run by Germany’s state lottery operators.

Andreas stated that in 2017-18, Sachsen-Anhalt accounted for four of the top-10 highest-spending users of the Oddset product. Additionally, the four users also demanded €300k in winnings. This represented about half of all winnings by Oddset customers in the state. The four players included a lottery retailer in Zerbst, Marie Hebnarova, with whom all the suspect wagers were placed. Hebranova has since ceased running this Oddset operation, and Lottery retailers are not supposed to participate in Oddset contests.

It is uncertain that the quartet’s wagering desecrated any regulation surrounding Oddset’s operations, outside of this retailer participation. Much as 2015, reports indicate that just 1.3% of US daily fantasy sports players were claiming 91% of DFS profits shone an unflattering light on how that system could be legally gamed. However, the concern appears to be the inherent fairness of the system. There are calls by some state politicians for the state to withdraw from the Oddset market entirely due to it being “highly susceptible to abuse.”

There are fears on if the quartet’s betting stakes represented illegally obtained funds being laundered through the Oddset system. There is pressure on state lottery operator for seemingly withholding a third-party money laundering report from a Sachsen-Anhalt parliamentary committee. In October 2018, the money laundering report was submitted to Lotto Sachsen-Anhalt but was only turned over to the committee last week. Both Hebranova and one of her former employees have been summoned to testify on the shop’s betting activity. The new federal gambling treaty is scheduled to take effect on July 1, 2021, allowing international operators to offer services legally.

Source: https://calvinayre.com/2020/06/29/business/germanys-oddset-betting-under-fire-as-four-bettors-claim-e300k-winnings/

Leave a Reply

Your email address will not be published. Required fields are marked *

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.