Crown Casino Facing Class Action, Major Bust of Online Gambling Ring

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Crown Casino Facing Class Action, Major Bust of Online Gambling Ring

Following the arrests of 18 Crown Casino employees and their subsequent guilty pleas in promoting gambling in China this year, company shareholders have launched a class action against the casino firm for the sharp drop in its share price on news of the arrests.  Source: ABC Australia

Hong Kong Authorities Bust Major Online Gambling Ring - On Monday, China’s official state media agency Xinhua announced the arrests on Sunday of 71 individuals suspected of involvement in a major online gambling ring that involved illegal wagering by Chinese mainland gamblers on Hong Kong’s legal gambling industry.

Guangdong police claim to have frozen RMB 21m (US $3.2m) worth of online wagers.

The ring was organized into four tiers: “overseas bookmakers, senior brokers, brokers and gamblers. The senior brokers sometimes acted as the bookmakers and received bets directly from gamblers. Or they passed the bets to overseas bookmakers to earn brokerage.”

- Gilbert Horowitz, Gambling911.com

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