Police in China have uncovered an illegal bitcoin gambling ring who have racked up RMB10 billion ($1.5 billion) in wagered bets on football. Police have arrested 540 people involved in the gambling ring.
The Fifa World Cup has seen Chinese gamblers wager large amounts of money through BTC on the sporting spectacle that happens every four years.
According to News.8btc.com, Police had been monitoring the gambling ring since May and during that time it had amassed 330,000 users in several countries.
Police cracked down on several core members of the gambling operation and confiscated over 15 million Yuan in assets and cryptocurrency citing "unauthorized operators of such online football gambling can easily manipulate the odds according to gamblers' stakes." This was causing majority of gamblers to lose especially after wrong betting on the quarter final games which had unfavourable results for many.
The operation, which operated its server offshore and only accepted BTC to avoid regulations, had its promotions on over 70 websites and 250 chat groups all shut down by Police and sees the first major case in the country to use BTC for online football betting.