Poll

3 votes (33.33%)
6 votes (66.66%)

9 members have voted

DiscreteMaths2
DiscreteMaths2
Joined: May 4, 2016
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heatmap
October 26th, 2020 at 2:19:32 PM permalink
I got recruited for a betting syndicate and was looking for advice if I should I do it or not.
I don't want to give too much away since they seem like pretty nice people and they are hiding in plain sight if you will.

The syndicate has legal entities as well as publicly known leaders. The play has been vetted by a law firm known in the poker world.
Involvement is on a contractual basis and while I risk not getting a pay day if they turn out to be scoundrels I have no risk of losing my own money, just my time and labor.

While I highly doubt this is a scam, I was wondering if any of you wise and experienced folks have any solid advice for this situation. My financial gain from all this is comparable to a paycheck from my current job but I kinda just want to be involved for the fun of it.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
ChumpChange
ChumpChange 
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October 26th, 2020 at 4:39:11 PM permalink
I'd say it's the wrong time to trust anybody, for the rest of your life.
Wizard
Administrator
Wizard
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October 26th, 2020 at 5:23:02 PM permalink
Based on what you wrote, my vote is "don't do it."
It's not whether you win or lose; it's whether or not you had a good bet.
Zcore13
Zcore13
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October 26th, 2020 at 8:59:40 PM permalink
Quote: DiscreteMaths2

I got recruited for a betting syndicate and was looking for advice if I should I do it or not.
I don't want to give too much away since they seem like pretty nice people and they are hiding in plain sight if you will.

The syndicate has legal entities as well as publicly known leaders. The play has been vetted by a law firm known in the poker world.
Involvement is on a contractual basis and while I risk not getting a pay day if they turn out to be scoundrels I have no risk of losing my own money, just my time and labor.

While I highly doubt this is a scam, I was wondering if any of you wise and experienced folks have any solid advice for this situation. My financial gain from all this is comparable to a paycheck from my current job but I kinda just want to be involved for the fun of it.



Most likely, eventually you'll get burned. If not now, then when they disband or you leave. Partnerships in legit brick and mortor business have a high fail rate. Businesses where the owner isn't involved on a daily basis have a high fail rate. No benefits, no 401k, no health insurance, no paid time off.


ZCore13
I am an employee of a Casino. Former Table Games Director,, current Pit Supervisor. All the personal opinions I post are my own and do not represent the opinions of the Casino or Tribe that I work for.
LuckyPhow
LuckyPhow
Joined: May 19, 2016
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October 27th, 2020 at 7:56:57 AM permalink
Quote: DiscreteMaths2

I got recruited for a betting syndicate and ... I highly doubt this is a scam. ... The play has been vetted by a law firm known in the poker world.



Please pardon my rearranging text from your post. In my past partnerships and consulting arrangements, EVERYTHING was shared with ALL partners. Here are my questions to you:

Do YOU know who the "legal entities" and "publicly known leaders" are? Have YOU and your attorney reviewed the analysis used by the organizers to "vet" the play? If you answer yes, and all you see is green lights ahead, then you have the information you need to decide. If you answer no, then you still have homework to do. My 2 cents.
billryan
billryan
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October 27th, 2020 at 10:28:00 AM permalink
What value do you bring to the team? They recruited you so you must have something they want or need. What is it? When you come up with an honest answer, you'll have your answer.
The legal jargon you are throwing around sounds very suspicious.
Is it full-time? Will you be traveling? With who? Sharing a hotel room or six-hour car rides with people you don't like or who have questionable hygiene literally stinks.
With what little information you shared, I'd be a pass.
heatmap
heatmap
Joined: Feb 12, 2018
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October 27th, 2020 at 7:01:07 PM permalink
this betting syndicate stuff actually very possible, profitable, and not illegal in whatever jurisdiction hes in, hell,

from https://www.national-lottery.co.uk/games/syndicates

Quote:

syndicates can be made up of friends, family or even work colleagues. In fact, two thirds of current syndicates are work based*, with syndicate managers starting them up to inject some fun and social interaction into the workplace.



and a quick google search

i got possibly

https://www.starlizard.com/

from

https://www.nerdsofgambling.com/4-biggest-betting-syndicates-history/
jjjoooggg
jjjoooggg
Joined: Jul 13, 2012
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October 27th, 2020 at 9:00:06 PM permalink
How did they find you? If its not to private
Last edited by: jjjoooggg on Oct 28, 2020
I belong to an elite group called the "Zombie Outbreak Response Team."
heatmap
heatmap
Joined: Feb 12, 2018
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October 28th, 2020 at 5:55:36 AM permalink
Quote: jjjoooggg

He did they find you? If its not to private



everything about this post seems off. i mean with the fact that betting syndicates seem as if they are legally regulated in the UK, and that the national lottery tells you how to form your own syndicate, coupled with the fact that i cant find a single "illegal" part about it, seems to me as if the poster is misunderstanding maybe why his company is "hiding in plain sight".

the only thing seemingly illegal about these things that i can tell is, when you live in a jurisdiction that disallows placing a bet for someone else. but how the hell are they supposed to really regulate that??

on the other hand, people apparently do this type of stuff all the time. it is not limited to sports, and the legal way its handled is that you make a business with someone else, and pool your money with your business partners, in order to make the bets.

edit

From the starlizard website, which somewhat jives with what the OP was saying...

Quote:

INTEGRITY
Our predictions work best when the game is fair

With our unrivalled knowledge of world football and global betting markets, Starlizard is uniquely placed to spot harmful elements detrimental to fairness in sport.

Starlizard Integrity Services provides sports integrity stakeholders (governing bodies, national associations, leagues and others) with specialist analytical assessments of both betting markets and on-pitch activity, in order to detect and advise on anomalies and integrity concerns.



and again

https://www.lasvegasadvisor.com/faq-gambling-sports-betting-syndicates/

Quote:

What are the syndicates?



They're just that: people who pool funds and resources to beat the bookies' lines on major and minor sporting events. The successful sports-betting syndicates employ a powerful computer that crunches an enormous amount of data to determine the pointspread or moneyline number at which a sporting event should go off, giving the books their best shot at balancing the bets between one side and the other. (Sports book want to take in an exact number of money on both sides of a bet. That way, they pay off the winning bets with the losing bets and keep the vig on all bets.) If the syndicate's number is different than the number that the oddsmakers put up, the pros exploit the difference, hammering the sports books with as much money as they're allowed to get down.



And that's the friction point between the professional sports bettors and the sports books. The raison d'être for sports-betting syndicates is the betting limit.



Say a sports book has a $1,000 limit on a bet. It's simply not worthwhile for a group of pros, who have millions of dollars and highly sophisticated and expensive technology at their disposal, to bet a piddly thousand here or a thousand there on a proposition where they have the edge. So they enlist other people (known as "movers" or "beards") to bet as much as they can of the syndicate's money. The problem is, it's not worth the syndicate's effort to organize 49 beards to get down $50,000. Also, if the books are getting hammered on a particular line, that line will move before all 49 beards are able to get down.

Meanwhile, the sports books don't like to get beaten, and many explicitly disallow syndicate action. The bookies are well-aware of their vulnerabilities and hypersensitive to the big money and the smart money, even if it's not particularly big, so the bettors have to go to extraordinary lengths to beat them.

Up until recently, the secrets of the cat-and-mouse game between the syndicates and the books were closely guarded -- rife with rumor, innuendo, and legend.



However, a book by Michael Konik, The Smart Money -- How the World's Best Sports Bettors Beat the Bookies out of Millions, is one of the great gambling adventure stories ever written, a rip-roaring, adrenaline-pumping, anus-clenching rollercoaster ride that provides a detailed, accurate, and surprisingly sensitive look deep into the arcane world of high-stakes sports betting. We highly recommend it to anyone with an interest in the subject.



so the "bookies" aka sportsbooks do not allow it but if this guy is working for someone else, and he doesnt put up his own money, i dont see why he shouldnt do this.
Last edited by: heatmap on Oct 28, 2020
DiscreteMaths2
DiscreteMaths2
Joined: May 4, 2016
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Thanks for this post from:
heatmap
October 29th, 2020 at 2:04:06 AM permalink
Thank you for your feedback everyone. I decided not to go ahead with the opportunity not because I thought I wouldn't get paid or anything but because I would essentially be a boot on the ground and there was no real avoidance plan for me not getting 86'd from establishments I would rather not get 86'd from.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.

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