Police in Hong Kong crack massive illegal betting syndicate

    Police in Hong Kong have busted a cross-border gambling ring that may have been taking as much as HK$500 million a day ($64.5 million) in illegal soccer bets, according to local media reports. A total of 29 people were rounded up, including 26 in Hong Kong in what may have been one of the biggest illegal betting ring ever discovered in the city. Police confiscated records of HK$767 million in bets on soccer matches and horse racing from the syndicate’s bases in Hong Kong and Guangdong.Authorities in China and Hong Kong are cracking down on illegal betting ahead of the FIFA 2014 World Cup, which kicks off later this week. A separate report has estimated that the illegal turnover from sports betting in Hong Kong hit US$64 billion in 2013.