A Newcastle man has been charged after placing bets on fixed European table tennis matches and netting himself $500,000.

Police say the 40-year-old Broadmeadow man participated in a transnational gambling syndicate, and placing bets on matches in Europe he knew were fixed.

Police raided nine homes across Newcastle, Lake Macquarie and Port Stephens early on Wednesday, seizing documents and electronic devices.

During the searches, strike force detectives seized $12,000 cash, documentation and electronic devices.

The Broadmeadow man was taken to Newcastle Police Station and charged.

The man was granted strict conditional bail to appear at Newcastle Local Court on January 28.

-AAP