A police unit dedicated to economic crime prevention during London 2012 says the ticketing market needs to be further regulated.

Operation Podium, set up in June 2010, said ticket fraud – the most prevalent ticket crime – causes at least £40m worth of damage to the sports and creative industries each year.

This month the unit released Ticket Crime: Problem Profile as a result of insights gained into ticket crime, such as fraud and unauthorised resellers, through the London 2012 operation.

The report said there needs to be an open and transparent ticketing market underpinned by legislation or regulation.

It also said victims need to be encouraged to report suspected offences and relationships needed to be strengthened with search engine companies and overseas website registrars and hosting companies.

Detective Superintendent Nick Downing, who leads Operation Podium, said there was a lack of understanding among the public about ticket crime and many people find it difficult to distinguish between authorised, unauthorised or fraudulent websites.

The unit, which worked in partnership with members of the ticketing industry, will close at the end of March, but police will continue to work with industry partners to mitigate the risk of ticketing crime.