The English FA have ruled out taking any action against Michael Owen over allegations that the Liverpool striker has gambled on Premiership and Champions League matches.
The Sunday Mirrorreported that Owen, using accounts registered in his father's name, has placed bets on Manchester United to win games in Europe and backed Chelsea in the Premiership.
However, as none of the alleged wagers were on matches which involved his own club, the FA insist no rules have been broken.
FA spokesman Adrian Bevington said: "Michael Owen will not face any investigation from the FA with regard to reports surrounding betting on football in a Sunday newspaper.
"The rules regarding betting on football prevent any players from placing bets on fixtures involving them directly."
The England international has also reacted to this week's reports that he lost heavily while playing cards during the build-up to last year's World Cup finals in Japan and South Korea.
Owen told the News of the World: "I have done nothing wrong and I can't understand why people should think I have.
"I can't believe some of the hurtful allegations that have been thrown at me, especially as they are so obviously inaccurate.
"I would never deliberately do anything to embarrass my club, my country, myself and more importantly my family."
Owen has already received the backing of his club manager over suggestions that he lost up to £30,000 while away on international duty.
Liverpool boss Gerard Houllier declared: "Michael's whole attitude has been spot-on.
"He doesn't drink, he doesn't smoke and he rarely goes out. If he'd not been serious about his game he wouldn't have won the Balon d'or (European footballer of the year award) last season.
"He is a world-class professional and, for a manager, he's a gem. His desire to learn and bring more into his game, and also his desire to develop off the field, is first class."
PA