The 40-year-old Broadmeadow man was arrested as part of police raids on Wednesday morning across Newcastle, Lake Macquarie and Port Stephens.

Police allege the man, an ex-table tennis professional, leveraged contacts in Ukraine to learn of matches which would be fixed.

He then allegedly used sports betting accounts both in his name and in the name of others to bet on the matches, netting more than $500,000.

About half of that sum went back to his contacts in Ukraine, police say.

He has since been charged with using his influence to conduct corrupt betting on sports events, as well as dealing with the proceeds of crime.

NSW Police Detective Superintendent Martin Fileman said police had been tipped off on the man's betting activity by corporate bookies.

He said the 40-year-old accused had formerly played ping pong in Ukraine.

"(This) was able to flourish during COVID-19 because while all other sports had closed down, this sport - which was already practising social distancing, because you're talking about players who are two metres apart - continued to operate in Ukraine," Det Supt Fileman told reporters on Wednesday.

"These types of transnational sporting groups are opportunists and saw the links the head of the syndicate had to other players."

Det Supt Fileman said Sports Integrity Australia had been involved in the investigation and were working to see if other people were involved in the fix.

He suspected other people would be charged in the near future.

During Wednesday's searches across nine properties, detectives also allegedly seized $12,000 cash, documentation and electronic devices.

The 40-year-old man was granted strict conditional bail by police and will appear at Newcastle Local Court on January 28.

Australian Associated Press