11
Sep

California, New York men charged in billion-dollar gambling ring | Reuters

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Joshua P. Igo

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A toll-free number for wagering was also provided.

Gordon Mitchnick, 58, Joseph Schneider, 39, Arthur Rossi, 66, and Claude Ferguson, 43, were charged with crimes including enterprise corruption and first-degree promoting gambling in a 57-count indictment, Brooklyn District Attorney Ken Thompson said in a statement.

“Illegal gambling is not a victimless crime,” Thompson said. Thompson said he believes the bust is the biggest of its kind to be brought by local prosecutors.

It was not clear how much money was handled over the life of the operation or for how long it existed.

Most forms of gambling are illegal in New York state, with legal gambling limited to Indian reservation casinos, betting on horse races and Las Vegas-style casinos.

The defendants face up to 25 years in prison if convicted of the top charge of enterprise corruption, prosecutors said. Additional arrests are expected in the ongoing investigation.. By Laila Kearney

| NEW YORK

Mitchnick is the suspected leader of the ring, which operated in Brooklyn and other areas, prosecutors said. He is accused of purchasing more than 20 houses to help him launder money. “It preys on peoples’ vulnerabilities and directly leads to money laundering, loansharking and a host of other crimes,” Thompson said.

The operation accepted $927 million in wagers on National Football League games during the 2015 season, prosecutors said.

At its peak, the operation had $200,000 in monthly bills including salaries for a team of employees located in San Jose, Costa Rica, who ran a call center for betters, prosecutors said.

Clients were solicited by word of mouth and on internet gambling forums.

(Reporting by Laila Kearney; Editing by Andrew Hay)

The group operated several password-protected websites that allowed gamblers to place bets on a series of professional and collegiate sports games, prosecutors said.

Attorneys for the defendants were not immediately identifiable.

NEW YORK Four California and New York men have been charged in an internet-based sports gambling ring that handled nearly $1 billion in bets during a single football season and ran a team of employees in Costa Rica, prosecutors said on Thursday

10
Sep

How the Sports Betting Line is Made by RJ Bell

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Joshua P. Igo

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Individual books having players who consistently bet with certain tendencies (such as an extreme bias toward favorites or toward a certain popular team like USC)

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“The main objective is that our clients get equal action on both sides,” Seba said.

Why the Line Changes

Oddsmakers at LVSC are professional sports junkies who love what they do and would probably do it for nothing if you asked them, but they do get paid for it. Oddsmakers have to determine if any changes are necessary and send out an “adjusted line.”

A round-table discussion among the 4-5 oddsmakers involved in making the line for each sport is then conducted and a consensus line is decided upon by the Odds Director before it is released to the sportsbooks.

Power ratings are the oddsmaker’s value of each team and are used as a guide to calculate a “preliminary” pointspread on an upcoming game.

Once the opening line is released by LVSC, the individual sportsbooks decide if they want to make any adjustments before offering it to the public. Also, adjustments are made after reading each team’s local newspapers to get a sense of what the coaches & players are thinking going into the game. Reasons for such adjustments include:

RJ Bell

┬ęPregame.com 2006

Website: http://www.Pregame.com

Oddsmakers can also change the line depending on various event-related factors such as player injuries or weather. By necessity their approach is very research-oriented and concise, since with millions of dollars at risk there is little margin for error.

Once betting begins, sportsbooks can adjust the line at any time.

Las Vegas Sports Consultants (LVSC) is the world’s premier oddsmaking company and the most respected authority on making the lines. If we’ve done that, we’ve done our job.”

For example, if the pointspread on a game is 7 and most of the money is coming in on the underdog (taking the +7), sportsbooks will then move the number down to 6 ┬Ż to try and attract money on the favorite. In our extended interview, Seba explained that there are 4-5 oddsmakers assigned to make lines for each of the major sports (pro & college football and basketball; MLB, NHL, boxing, golf). People think it’s much more complicated, but it’s not.”

Moving the line is the oddsmaker’s effort to balance betting action, and often times such moves can have a major impact on a bettor’s decision. This usually includes having up-to-date power ratings on each team.

Experts working for the individual books having a strong opinion on the game

What Is the Line Trying to Accomplish?

There is a common misconception that point spreads represent the oddsmakers’ prediction of how many points the favorite will win by.

The opening line is the first line created by the oddsmakers, which is then sent out to sportsbooks. Of course there is an entire method to the madness on how the opening line is created. Mike Seba is a Senior Oddsmaker at LVSC and has been making lines for the last six years.

The purpose of these adjustments, like all line adjustments, is to more equally divide the betting action.

Divided action means the sportsbook is guaranteed a profit on the game because of the fee charged to the bettor (called juice or vig – typically $11 bet to win $10). The power ratings are adjusted after each game a team plays. Each of these oddsmakers bring unique opinions, strengths and weaknesses to the process. In doing so they attempt to make more attractive the team that is getting less action. Obviously, if the line comes out a week ahead of the event (which is the case in football), there is much that could happen during the week leading up to the event that could affect the line.

“You either have a passion for it or you don’t,” Seba said. Examples of non-game factors that would require an adjustment to a team’s power rating are key player injuries and player trades. . That is not the case at all – their intent is NOT to evenly split the ATS result between the teams; rather, their goal is to attract equal betting action on both sides. For example, the public might have heavy betting interest week after week on a popular college football team such as USC. Of the 4-5 oddsmakers, generally the 2 most respected opinions are weighed more heavily by the Odds Director before he decides on the final line.

How the Opening Line Is Made

The last step in the line-making process for each oddsmaker is taking one final look to determine whether or not the line “feels right.” This is where common sense and past experience with how games are bet enters into the picture. We do this by drawing from past experiences and applying them to current situations. If an oddsmaker comes up with a preliminary line of USC -7, then an adjustment up to -7.5 or -8 would be made in response to the public’s expected USC bias. “We’re not trying to pick the team that covers the spread, we’re trying to make it a coin flip, a tough decision (for the bettor).

“The #1 thing for us is to make a line for each game that creates good two-way action. Stated another way, they want to create a line that half the people find appealing to bet one way while the other half find it appealing to bet the other way (known as ‘dividing the action’). Seba explained that it all starts with each oddsmaker creating a line on each game based upon their own personal approach. By moving the line, sportsbooks can influence how the public bets on a particular game.

Since the oddsmaker’s ultimate goal is equally dividing the betting action, public perception and betting patterns must be taken into account.

Once a game’s power rating based pointspread is determined, the oddsmaker will make adjustments to that line after considering each team’s most recent games played and previous games played against that opponent

9
Sep

NFL, others file lawsuit to block New Jersey sports betting | Reuters

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Raymond Lesniak told Reuters in a telephone interview.

“I believe we have found that path in this bipartisan legislative effort,” he added.

“I’m looking forward to placing the first legal bet in the state of New Jersey on a sporting event next Sunday,” Lesniak said.

The federal court sided with the leagues, so the state appealed. Supreme Court refused to hear the case, leaving the lower court ban in place.

In calling for the injunction, the NFL, NBA, Major League Baseball and the NCAA are seeking to block enforcement of a law that New Jersey Governor Chris Christie signed on Friday, which partially repeals a ban on sports wagering in the state.

But the sports leagues sued, saying it violated a federal ban on the activity in all U.S. the proliferation of state-sponsored and approved sports gambling in Atlantic City casinos and at New Jersey racetracks will cause immediate and irreparable harm” to the sports leagues,” the lawsuit said.

The new law allows sports betting at state-licensed casinos and racetracks. But given earlier decisions by federal courts, it was critical that we follow a correct and appropriate path to curtail new court challenges and expensive litigation.

Voters approved the idea of legal sports betting in 2011 and the following year Christie signed a bill allowing the wagering.

“In order to get an injunction, the leagues have to show that they will be irreparably damaged if Monmouth race track starts taking bets on sports sporting events on Sunday,” New Jersey State Sen. Monmouth Park, a thoroughbred race track in Oceanport, is planning to offer sports betting on Sunday.

In a statement Friday after signing the legislation Christie said: “I am a strong proponent of legalized sports wagering in New Jersey. But the U.S. They claimed that the law violates the Professional and Amateur Sports Protection Act, a 1992 federal ban on state-sponsored sports betting.

“If the 2014 Sports Wagering Law is not declared unlawful… states except four.

“How can that be determined when Las Vegas is taking bets already, every single day? The NFL has three games at Wembley Stadium (in London) every year where people are betting right across the street from the stadium.”

The National Football League and other sports leagues filed a lawsuit on Monday in an attempt to block New Jersey from offering legalized wagering on sporting events.

(Reporting by Steve Ginsburg; editing by Andrew Hay)

Lesniak believes it is up to the state to determine whether sports gambling can occur and said the wagering will jump-start New Jersey’s sagging gaming revenues.