There are many and at various different levels. To begin with, it is against the law. At the same time, all the transactions are unaccounted for and cost the government’s hundreds of millions of dollars in lost tax revenue. They also hurt revenues and profits of legal bookmakers, as better odds attract gamblers away from them.

But perhaps, the biggest concern that has emerged in recent years has been that illegal betting syndicates are increasingly indulging in ‘match-fixing’ to influence the result of a sporting event.

The fear is that these syndicates use financial rewards as a means to get players, or in some cases even teams and officials, to play in a such a way that they achieve a pre-determined result.

The bookmakers, having prior knowledge of the final outcome, can then influence the odds in a way that it nets them maximum profit.

“It is the equivalent of having insider information,” says James M Dorsey, a scholar at S. Rajaratnam School of International Studies in Singapore. “If you already know what the outcome of match is going to be, it becomes a different ball game altogether.”

Not only is this illegal, but also against the very spirit of playing sports. These fears have been fanned further after Europol alleged that 680 football matches played around the world have been fixed by criminal networks. It said that some 425 match officials, players and criminals were suspected of being involved in the fixing.

Over the past years, there have also been allegations of match-fixing in sports such as cricket.

The fear is that if not controlled, illegal betting and subsequent match-fixing may do irreparable damage to various sports.