Sports. Gambling. Crime. Just one look at the 1919 Black Sox scandal, or Boston College’s mob-tied point-shaving scheme in 1979, evinces a picture of a dangerous game. Time and time again, players have been accused of throwing matches, leagues have disciplined those responsible and fans have questioned the fairness of the process.

Today, the headlines are back: NBA players are caught in federal betting probes, and 777 Partners is facing a $500 million fraud scheme. These scandals reveal a new playbook. It’s one that regulators can barely track. What was once seen as an isolated case of cheating has emerged as a frontier of financial crime in sports. The difference today isn’t just that players are breaking the rules -- it’s the scale, sophistication and regulatory gaps of the modern sports economy. The sporting industry has become a global financial market, estimated at around $2.65 trillion in 2023 (including fan engagement, sports products and sports participation) according to the Best Howard Sports Business Model. Yet, compliance frameworks lag behind. This disconnect has created a space for insider abuse, money laundering and corporate fraud.

Games once played for fun have since become a business. But, not quite like one we’ve seen before. Now, sports teams are leveraged and traded like securities, and their players and data are........

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