by willychichi » Thu Apr 07, 2016 2:20 pm
Earlier this year lawyers for the state of New Jersey presented arguments for the legalization of sports betting in Atlantic City's casinos and at the state's racetracks.
The legal arguments before the Third Circuit Court of Appeals included lots of posturing from both the state and the professional and collegiate athletic organizations that oppose the idea. Ethics and integrity were the buzz words thrown around by lawyers for the NCAA, MLB, NFL and NBA. Economics was the linchpin of the state's positon.
New Jersey just wants a piece of the action.
An obscure case playing out in the same federal courthouse at Sixth and Market Streets helps drive home the state's point.
There's money, serious money, to be made in taking bets on sporting events.
Just ask Leonard Stango, a 68-year-old South Philadelphian who quietly ran a sports book that over a three-year period beginning in 2006 generated over $5 million. That, according to authorities, was just a slice of Stango's business which Assistant U.S. Attorney Nancy Potts wrote "spanned years" and generated "significant profits -- over $2 million tax free."
Read more at
http://www.bigtrial.net/2016/04/saga-of ... xpoxVeK.99
Original indictment:
https://www.justice.gov/sites/default/f ... ctment.pdfEarlier this year lawyers for the state of New Jersey presented arguments for the legalization of sports betting in Atlantic City's casinos and at the state's racetracks.
The legal arguments before the Third Circuit Court of Appeals included lots of posturing from both the state and the professional and collegiate athletic organizations that oppose the idea. Ethics and integrity were the buzz words thrown around by lawyers for the NCAA, MLB, NFL and NBA. Economics was the linchpin of the state's positon.
New Jersey just wants a piece of the action.
An obscure case playing out in the same federal courthouse at Sixth and Market Streets helps drive home the state's point.
There's money, serious money, to be made in taking bets on sporting events.
Just ask Leonard Stango, a 68-year-old South Philadelphian who quietly ran a sports book that over a three-year period beginning in 2006 generated over $5 million. That, according to authorities, was just a slice of Stango's business which Assistant U.S. Attorney Nancy Potts wrote "spanned years" and generated "significant profits -- over $2 million tax free."
Read more at http://www.bigtrial.net/2016/04/saga-of-south-philly-bookmaker.html#jj6ZIvEYdxpoxVeK.99
Original indictment: https://www.justice.gov/sites/default/files/usao-edpa/legacy/2014/10/22/stango_indictment.pdf