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Sports book director for Cantor Gaming arrested

Discussion in 'The Sports Book' started by IxAccDnf, Oct 24, 2012.

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  1. IxAccDnf

    IxAccDnf VIP Whale

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    IxAccDnf, Oct 24, 2012
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  2. JWBlue

    JWBlue VIP Whale

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    I wonder if it is gambling related.
     
    JWBlue, Oct 24, 2012
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  3. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    Out of state warrant......well, it's something serious and almost certainly gambling related since gaming agents effectuated the arrest. I smell someone passing insider knowledge to gamblers
     
    I Need Spa
    Travel Fanatic, Oct 24, 2012
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  4. IxAccDnf

    IxAccDnf VIP Whale

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    word is many offshore ties
     
    IxAccDnf, Oct 24, 2012
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  5. 44inarow

    44inarow VIP Whale

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    Sounds to me more like some generic shady business related to Pinnacle, since offshore sportsbooks are still illegal; this comes out of the Queens County DA, not any gaming enforcement agency.
     
    44inarow, Oct 24, 2012
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  6. cardfelon

    cardfelon Low-Roller

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    It will be interesting to see what happens!
     
    cardfelon, Oct 24, 2012
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  7. DonD

    DonD VIP Whale

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    DonD, Oct 25, 2012
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  8. vegas_or_bust

    vegas_or_bust High-Roller

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    Its related to offshore books that have agents in the United States. The US agents pay/collect from customers who bet on credit through the bookmaker's website. The agent has to kick up a percentage of money collected to the bookmaker, but they keep the rest.

    I am guessing that the 8 guys arrested in Vegas were agents of an offshore book and they were running the Vegas hub of the operation. Most legal books in Vegas do not accept wagers larger than 10K (some limit max wagers to 2K). This has forced the large professional gamblers in Vegas to make bets through offshore accounts. Many prefer to bet through local agents (which is illegal) because they are allowed to bet on credit and settle up with cash (as opposed to depositing the money up front with a credit/debit card and waiting to receive a check when you cash out). This leaves zero trail for the IRS to follow and it allows them to pay/collect with minimal hassle.

    I am guessing that Mr. Colbert was taking very large bets for professional gamblers as an agent for an offshore book. Likely any bets that Cantor Gaming refused to take because the action was too high.
     
    vegas_or_bust, Oct 25, 2012
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  9. IxAccDnf

    IxAccDnf VIP Whale

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    IxAccDnf, Nov 2, 2012
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