Yale Student banned for beating sports.

https://www.ctpost.com/news/article/Meet-the-Yale-medical-student-who-made-thousands-17619168.php?utm_campaign=CMS%20Sharing%20Tools%20(Premium)&utm_source=t.co&utm_medium=referral

If only he had limited himself to one unit per day....

:) :)

As always from stories like this we are missing key information. WHY is he banned from on premises sports books but not their online versions? Sounds like he took a few years off from Jed school to do this. I’d guess he made 7 figures. I think it said he had even hired someone?

Betting limits at kiosks? What is that, and who cares?

For travelers: the TSA may impose a $15,000 fine for getting your gun confiscated at the airport.

My friend is the #2 guy for the OTB’s in Connecticut. The lottery runs the Sportsbook in the OTB, the OTB just gets a small percentage. He got kicked out by the lottery officials. Suspicious wagering activity, money laundering etc. he would bet at the teller and kiosk BUT would have other people cash out the winning’s including the W2G’s. He would also involve his employees in one way or another.

Quote: SOOPOO

As always from stories like this we are missing key information. WHY is he banned from on premises sports books but not their online versions? Sounds like he took a few years off from Jed school to do this. I’d guess he made 7 figures. I think it said he had even hired someone?
link to original post

So that the State of Connecticut can no-pay him and make up some rule that justifies it.

Quote: SOOPOO

As always from stories like this we are missing key information. WHY is he banned from on premises sports books but not their online versions? Sounds like he took a few years off from Jed school to do this. I’d guess he made 7 figures. I think it said he had even hired someone?
link to original post

I was wondering that myself.
1)Perhaps the lines are different.
2) They can restrict and limit his bets.
3)They know exactly what he's betting, how much he's making, the when, where, etc without having to use surveillance. He can't hand tickets to someone else to cash or anything like that.
4)Less work for employees.

I was thinking the simple solution would be for him to have others make bets for him but apparently, that's illegal.
He could get around that by just charging certain people a fee, classes, or with some type of guarantee and rebates or whatever it takes so people are not actually making bets for him yet he is profiting from the bets.

the article says he has made thousands, but who knows, it might be 10 thousand total and it's not even worthwhile.
It seems that if it was a significant advantage and worth enough he wouldn't have made it public and he would've just figured a way around it.

They just might not have liked the fact that it seemed as if he was part of something bigger or money laundering, and structuring. Perhaps he was just cashing so many tickets and it was annoying them. Better safe than sorry type of thing.

Quote:

"For all intents and purchases, I am a leech on the system," he said of his sports betting exploits. "I don't generate any social value for anyone involved anywhere. This is the most selfish professional thing I have ever been involved with, and that doesn't sit well with me."

this guy understands why regulators make/want APs to be illegal - gambling is supposed to create value for the communities around them and APs to them are removing that value

Quote: BillHasRetired

Quote: SOOPOO

As always from stories like this we are missing key information. WHY is he banned from on premises sports books but not their online versions? Sounds like he took a few years off from Jed school to do this. I’d guess he made 7 figures. I think it said he had even hired someone?
link to original post

So that the State of Connecticut can no-pay him and make up some rule that justifies it.
link to original post

Title 31 / Money Laundering suspicion is reason enough to ban someone.


ZCore13

Quote: Zcore13

Quote: BillHasRetired

Quote: SOOPOO

As always from stories like this we are missing key information. WHY is he banned from on premises sports books but not their online versions? Sounds like he took a few years off from Jed school to do this. I’d guess he made 7 figures. I think it said he had even hired someone?
link to original post

So that the State of Connecticut can no-pay him and make up some rule that justifies it.
link to original post

Title 31 / Money Laundering suspicion is reason enough to ban someone.


ZCore13
link to original post

‘Suspicion’ should never be reason to ban someone. Proof should be reason to ban someone. I guess suspicion could reasonably result in a temporary suspension, while evidence is analyzed, but not a lifetime ban.

Quote: CT Lottery Official Web Site

As we focus on the future, the Lottery’s mission will remain the same as it has always been: To raise revenue in an entrepreneurial manner for the State of Connecticut, consistent with the highest standards of good public policy and social responsibility, by offering products to our players that are fun and entertaining, and by ensuring the public’s trust through integrity and honesty.
link to original source

(Bolding Mine)

I think the honest thing to do would be to use this case in a significant number of their ads for the next year, making sure to highlight that they'll let players lose for the benefit of the General Fund, but will blacklist anybody who wins too much.

Quote: Connecticut Council on Problem Gambling

If you or someone you care about are being adversely affected by gambling, then we can help. We can help with strategies to reduce harm if they choose to continue to gamble or to connect them with treatment and support options if they want to stop.
link to original source

(Bolding Mine, again)

Maybe Connecticut just decided the game stopped being fun.

(If I'm going too political, complain to the usual folks, and I'll report for timely incarceration.)

I kind of expected this back in the 1980's.

Quote: SOOPOO

‘Suspicion’ should never be reason to ban someone. Proof should be reason to ban someone. I guess suspicion could reasonably result in a temporary suspension, while evidence is analyzed, but not a lifetime ban.

I disagree. If I own a convenience store and everytime a particular person comes into the store something goes missing, I am banning that person even if I can't prove it. A private business can justifiably make that decision without proof.

Quote: DRich

Quote: SOOPOO

‘Suspicion’ should never be reason to ban someone. Proof should be reason to ban someone. I guess suspicion could reasonably result in a temporary suspension, while evidence is analyzed, but not a lifetime ban.

I disagree. If I own a convenience store and everytime a particular person comes into the store something goes missing, I am banning that person even if I can't prove it. A private business can justifiably make that decision without proof.
link to original post

I thought the state lottery was involved ?

OTB kiosks are often used for money laundering by street dealers. By banning his use of the kiosks, they can now monitor his betting online.
Unless there are surcharges or fees involved, I don't see what is the big deal. If he is legit winning, how does limiting his betting to online affect it?

In New York about two decades ago, there was a big scandal where horse trainers would work with money launderers to clean their money.
The trainer would enter a horse in a race. The dealers would have smurfs putting their small bills into kiosks and betting on the horse. At the last minute, the horse would scratch, and the dealers would get their money refunded in nice new big bills. It takes a lot of investigation to find patterns like that, and some trainers made more by scratching their horses than by running them.

Quote: billryan

OTB kiosks are often used for money laundering by street dealers. By banning his use of the kiosks, they can now monitor his betting online.
Unless there are surcharges or fees involved, I don't see what is the big deal. If he is legit winning, how does limiting his betting to online affect it?

In New York about two decades ago, there was a big scandal where horse trainers would work with money launderers to clean their money.
The trainer would enter a horse in a race. The dealers would have smurfs putting their small bills into kiosks and betting on the horse. At the last minute, the horse would scratch, and the dealers would get their money refunded in nice new big bills. It takes a lot of investigation to find patterns like that, and some trainers made more by scratching their horses than by running them.
link to original post

He would probably be limited or something is different online(not sure how it works there). Perhaps they could change the line based on his bets etc. There are different reasons a pro sports bettor would rather use kiosks.

Two things,

First the suspicious activity angle. It's a load of hogwash that they banned him for suspected money laundering etc.

Gambling institutions usually call in the authorities and have them surveil the suspect. What they don't do is let the guy get away with it by simply banning him.

If they don't have enough evidence to call in the authorities then they don't have anything. Suspicion alone without enough to prove anything should never be enough to ban someone.

But they will use the private business can trespass who they choose argument for any reason barring protected class reasons.

Two:. He may actually have a legal argument to get a permanent injunction to be allowed in and wager.

He has to prove the CONNECTICUT OTB is actually NOT a private business but a franchise of the state. This has been done before and has a long history.

There are maybe eight markers established by the courts as to what constitutes a state franchise. Just proving one may not be enough but you don't have to prove all the markers are in play. It's by an aggregate amount.

Once he proves the Connecticut OTB is a franchise of the state then they cannot evict him without cause (he has to commit a crime or be on the State exclusion list) and even then he has to be given due process. I.E., they have to give him a trial if claiming a crime was committed.

Otherwise he has equal access to the OTB as a state franchise.

Some of the markers:
The business is just a revenue agent of the state
The business raises revenue for the public good

And just from those two the official OTB lottery site seems to confirm they are a franchise of the state.

Quote: Dieter

CT Lottery Official Web Site
As we focus on the future, the Lottery’s mission will remain the same as it has always been: To RAISE REVENUE in an entrepreneurial manner for the STATE OF CONNECTICUT, CONSISTENT WITH the highest standards of good PUBLIC POLICY and social responsibility, by offering products to our players that are fun and entertaining, and by ensuring the public’s trust through integrity and honesty

Of course he may not pursue that angle. His comments don't seem to show he is doing that. For example he criticizes gambling as not having any value. No, no, no he should be stating it has value for the public by raising revenue for education and other public works etc.

He is sabotaging the only angle he probably can succeed on. SMH!

Quote: billryan

The dealers would have smurfs putting their small bills into kiosks and betting on the horse. At the last minute, the horse would scratch, and the dealers would get their money refunded in nice new big bills. It takes a lot of investigation to find patterns like that, and some trainers made more by scratching their horses than by running them.

Casinos have rules that if you put money on account at the cage it has to be withdrawn in the same denominations it was put in with. I don't know how well they actually monitor it, but I deposited a good chunk of money at Mandalay Bay once and the gave it back to me the same way I gave it to them.

In Vegas, I imagine you can just pump $5s and 10s into any slot machine and just cash out or give minimal play to avoid suspicion.
I'm sure these days, the dealers have thousands of fractional bitcoin to dispose of.

Quote: billryan

In Vegas, I imagine you can just pump $5s and 10s into any slot machine and just cash out or give minimal play to avoid suspicion.
I'm sure these days, the dealers have thousands of fractional bitcoin to dispose of.
link to original post

I'm asking seriously if I am missing something.

Doesn't cleaning money really refer to showing proof money was earned from a legitimate source when it actually came from an illegal source?

Just exchanging old bills for new bills doesn't do anything, correct? (Not to mention the redemption machines often give me bills that are older and crumplier than the ones I put in.)

Cleaning the money therefore would entail getting a W2g to prove your cash came from Casino winnings.

I don't engage in money laundering unless you are about to describe something I accidentally blundered into so if I am missing something let me know.

Thanks.

EDIT: Someone PM me about marked bills which I assume would be from ransoms and bank robbery. So that would make some sense.

Quote: darkoz

Quote: billryan

In Vegas, I imagine you can just pump $5s and 10s into any slot machine and just cash out or give minimal play to avoid suspicion.
I'm sure these days, the dealers have thousands of fractional bitcoin to dispose of.
link to original post

I'm asking seriously if I am missing something.

Doesn't cleaning money really refer to showing proof money was earned from a legitimate source when it actually came from an illegal source?

Just exchanging old bills for new bills doesn't do anything, correct? (Not to mention the redemption machines often give me bills that are older and crumplier than the ones I put in.)

Cleaning the money therefore would entail getting a W2g to prove your cash came from Casino winnings.

I don't engage in money laundering unless you are about to describe something I accidentally blundered into so if I am missing something let me know.

Thanks.
link to original post

Drug dealers collect lots of small bills. Laundry bags of them. Before bitcoin, the need was to convert small bills so a laundry bag of fives became a brick of hundreds. You can't convert cash like that in banks without setting off all sorts of alarms. The days of walking into banks with wagons full of cash ended a generation ago. Street-level distributors can't pay their wholesale suppliers in $5 bills so they were flooding OTBs and the Big A with people. The story is when they tried doing this at Belmont, the smurfs caught security's eye because so few young black guys played there that they stood out.

Quote: billryan

Quote: darkoz

Quote: billryan

In Vegas, I imagine you can just pump $5s and 10s into any slot machine and just cash out or give minimal play to avoid suspicion.
I'm sure these days, the dealers have thousands of fractional bitcoin to dispose of.
link to original post

I'm asking seriously if I am missing something.

Doesn't cleaning money really refer to showing proof money was earned from a legitimate source when it actually came from an illegal source?

Just exchanging old bills for new bills doesn't do anything, correct? (Not to mention the redemption machines often give me bills that are older and crumplier than the ones I put in.)

Cleaning the money therefore would entail getting a W2g to prove your cash came from Casino winnings.

I don't engage in money laundering unless you are about to describe something I accidentally blundered into so if I am missing something let me know.

Thanks.
link to original post

Drug dealers collect lots of small bills. Laundry bags of them. Before bitcoin, the need was to convert small bills so a laundry bag of fives became a brick of hundreds. You can't convert cash like that in banks without setting off all sorts of alarms. The days of walking into banks with wagons full of cash ended a generation ago. Street-level distributors can't pay their wholesale suppliers in $5 bills so they were flooding OTBs and the Big A with people. The story is when they tried doing this at Belmont, the smurfs caught security's eye because so few young black guys played there that they stood out.
link to original post

Thanks that makes sense.

OTB’s in Connecticut is a private company based out of the UK. I think it’s called Sportstech. I can ask my friend to be sure, but he definitely doesn’t work for the state.

Quote: Vegasrider

OTB’s in Connecticut is a private company based out of the UK. I think it’s called Sportstech. I can ask my friend to be sure, but he definitely doesn’t work for the state.
link to original post

I understand a private company runs it, yes sporttech.

A private company can be deemed a state franchise based on a number of predetermined factors.

I'm not saying the factors are in play here. The determination is up to the court.

Quote: billryan

Quote: darkoz

Quote: billryan

In Vegas, I imagine you can just pump $5s and 10s into any slot machine and just cash out or give minimal play to avoid suspicion.
I'm sure these days, the dealers have thousands of fractional bitcoin to dispose of.
link to original post

I'm asking seriously if I am missing something.

Doesn't cleaning money really refer to showing proof money was earned from a legitimate source when it actually came from an illegal source?

Just exchanging old bills for new bills doesn't do anything, correct? (Not to mention the redemption machines often give me bills that are older and crumplier than the ones I put in.)

Cleaning the money therefore would entail getting a W2g to prove your cash came from Casino winnings.

I don't engage in money laundering unless you are about to describe something I accidentally blundered into so if I am missing something let me know.

Thanks.
link to original post

Drug dealers collect lots of small bills. Laundry bags of them. Before bitcoin, the need was to convert small bills so a laundry bag of fives became a brick of hundreds. You can't convert cash like that in banks without setting off all sorts of alarms. The days of walking into banks with wagons full of cash ended a generation ago. Street-level distributors can't pay their wholesale suppliers in $5 bills so they were flooding OTBs and the Big A with people. The story is when they tried doing this at Belmont, the smurfs caught security's eye because so few young black guys played there that they stood out.
link to original post

Small bills were/are coming from street buyers, meth and crack heads. Are you telling me they are all using BTC? If so, definitely load up on BTC.