He claims the players regularly predetermined certain in-game events, but never fixed the results of games, according to CNN.
"For a while we did this almost every week," the Norweigian defender said. "We made a fair bit of money. We could make deals with the opposing captain about, for example, betting on the first throw, the first corner, who started with the ball, a yellow card or a penalty. Those were the sorts of thing we had influence over.
"The results were never on the agenda. That is something I would never have done. We were professional competitors. Even though what we did, of course, was illegal, it was just a fun thing."
The revelations threaten to engulf English soccer in the gambling scandals that have hit other countries in recent years.
Arraigning minor events like the first throw-in is commonly known as "spot-fixing." The practice violates FIFA and FA rules. Both governing bodies are aware of Lundekvam's claims.
"FIFA is monitoring this issue and involved its chief investigator in England," a FIFA statement said. "Once all information is known it will be decided who is leading the investigations."
Lundekvam played in the Premier League from 1996-2005.
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