There are probably a lot of different ways in which the money flow in sport are being influenced, but today I want to highlight three ways that is well known to most of us.
- Cheating to lose - Match Fixing
- Cheating to win which is primarily known as doping
- Then we have cheating off the field, such as corrupt administrators, kickbacks to win marketing rights / hosting an international event, or just corrupt business dealings.
Doping is very difficult to counter, as the chemists, always tries to stay one step ahead, but there is still ways in which we can use blockchain technology to counter this threat. Remember blockchain are transparent, trustless and immutable. We can always track every doping test on the blockchain. We do not have to divulge the personal information of which athlete were tested, but we can always just keep the data on the chain.
The other two, match fixing and corrupt administrators, normally emerge from poor management and also from these transactions happening behind closed doors.
Corruption of the field
In today's sporting and media world, media rights is just massive. And where there is money and people involved, a lock of transparency and accountability is where we start finding problems.
America’s FIFA indictment alleges that some $150m in bribes were paid to secure media rights and votes for hosting the World Cup. A review by the International Olympic Committee (IOC) of the bidding process for the 2002 Winter Olympics found strong evidence that as many as 20 of the committee’s 110 members had received compensation for their votes. The Sochi Olympics last year cost an estimated $51 billion, funded mostly by the Russian government. They enriched dozens of well-connected construction and hospitality firms
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Match Fixing
We all know that the sports betting industry is massive and a lot of these bets happens illegally. Legitimate gambling is growing at a humongous pace globally and when it comes to illegal betting, this is when we have a huge problem as some of these moneys flow into the players pockets.
In the real world sport cannot be separated from money.
But before wealth flows corruptly it must first be created. FIFA and the IOC get it from broadcast and sponsorship rights, which are large: after all, they have monopoly power over global sporting events. Unlike professional sport teams, though, they do not then disburse much of this cash to athletes (nor does much flow to the venues where they compete). Instead it goes to supposed good causes—and can be creamed off.
SportsPodium vows to make the money flows in sport transparent, democratic and accountable. Sure we cannot change the whole world at once, but we undertake to start at the bottom and work our way up step by step. We aim to ensure that rewards would accrue to the athletes and executives whose skills generated the revenue, rather than to middlemen and the match-fixers.
The SportsPodium Team
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