Israeli Police Bust Play2Bet.com

The Israel Police National Serious and International Crimes Unit has arrested at least seven men with alleged connections to Play2Bet.com, a Web site the Israeli press has called an "illegal online gambling ring."

According to Globes, the Israeli police allege that the Play2Bet business generated hundreds of millions of shekels -- Israeli currency -- which were later laundered.

Police also suspect that elements of organized crime "and other top criminals" were involved with the site, and that the alleged perpetrators used the site to launder money derived from other operations.

Police claim that Play2Bet provided a variety of services, including sports betting.

The Web site was allegedly based in Tel Aviv, police said, though its server was "based in Europe."

A search via Network Solutions revealed that the Web site was secured by way of GoDaddy.com and was created in April 2004. No administrative or technical contact was listed.

The police suspect the Web site was administered by a "24-year-old Tel Aviv resident."

The report said that 18 people -- in addition to the seven male arrestees -- were detained for questioning.

Currently, the Play2Bet.com domain is not operating.

According to its Web site, the National Serious and International Crimes Unit has as its function "to detect and investigate serious crime and crime with international ramifications, to conduct inquires of especial public importance, to respond to letters of inquiry from overseas courts of law and accord other investigative assistance to overseas agencies, and to conduct special inquiries at the request of the Commissioner of Police or the Head of the Investigations Division."

IGN is awaiting response from the Israel Police as well as a Tel Aviv-based legal contact.

For a look back at last February's run-in between Victor Chandler International CEO Michael Carlton and the Israeli authorities, click here.