sports betting

[jrobert]

is sports betting still a big earner?

[johnny_scootch]

Yes, absolutely.

[dack2001]

You want a lock today? Jump the Chargers -3. License to print money.

[gohnjotti]

It always will be until online casinos let you bet on credit!

[Wiseguy]

It always will be until online casinos let you bet on credit!

Which of course will never happen. They're not in the "collections" business.

[Little_Al1991]

It has not appeared as much within indictments since the law surrounding it changed
The major Colombo case involving the union shakedown in 2021 did not involve gambling.

[aray22]

It has not appeared as much within indictments since the law surrounding it changed
The major Colombo case involving the union shakedown in 2021 did not involve gambling.

The recent Gambino bust involved gambling and said they took in over $22 million in action over a 6 month span.

[Newyorkempire]

The legal sites are beginning to get fined for tricking players and not paying out as they should. NY sanctioned sites are imposing surcharges on players' "big" wins as well to offset the high cost of doing business in NY. Special incentives are being uncovered as scams as well.

[SonnyBlackstein]

As long as the G taxes it, it'll remain underground.

The illegal weed trade in Canada almost hasn't changed since it became legal. You going to pay $25 a whatever at a store which pays taxes and rent or go to your local guy for $10? The only difference is you won't get arrested for it.

[Uforeality]

We have a couple bookies here in the Beach communities where I live. I'm sure there are more. All of them do very well.

[gohnjotti]

I've always thought the main angle of sports betting (at least in the 21st century) was the credit, and then charging interest or eventually cannibalizing a debtor's business or assets. Although, perhaps I only have that perception because it's those incidents that get prosecuted more, and therefore receive more public attention. Is this true? Is sports betting on its own extremely profitable, or is the 'strings attached' regarding interest and credit that really generates income?

[johnny_scootch]

Is sports betting on its own extremely profitable, or is the 'strings attached' regarding interest and credit that really generates income?

Most bookies just want customers who bet and pay up what they owe, it’s all that other stuff that gets you jammed up these days.

[Little_Al1991]

I've always thought the main angle of sports betting (at least in the 21st century) was the credit, and then charging interest or eventually cannibalizing a debtor's business or assets. Although, perhaps I only have that perception because it's those incidents that get prosecuted more, and therefore receive more public attention. Is this true? Is sports betting on its own extremely profitable, or is the 'strings attached' regarding interest and credit that really generates income?

It is generally quite profitable. There have been quite a few cases which have involved heavy figures.

Lucchese member Anthony Villani apparently earned over 1 million per year from gambling, if I remember correctly. He was arrested in 2022

The huge Lucchese bookmaking case that took place in 2007/8. They took 2.2 billion worth of wagers which certainly must have resulted in huge profits.

Sonny Juliano, a Gambino member had a very lucrative gambling business during the 2000s

It is the mob’s bread and butter along with loansharking but the 2018 decision from the Supreme Court has affected their bookmaking businesses as it has not appeared as much within recent indictments but even with that being said, they are still raking in quite a lot of money from it

[Little_Al1991]

I've always thought the main angle of sports betting (at least in the 21st century) was the credit, and then charging interest or eventually cannibalizing a debtor's business or assets. Although, perhaps I only have that perception because it's those incidents that get prosecuted more, and therefore receive more public attention. Is this true? Is sports betting on its own extremely profitable, or is the 'strings attached' regarding interest and credit that really generates income?

It is generally quite profitable. There have been quite a few cases which have involved heavy figures.

Lucchese member Anthony Villani apparently earned over 1 million per year from gambling, if I remember correctly. He was arrested in 2022

The huge Lucchese bookmaking case that took place in 2007/8. They took 2.2 billion worth of wagers which certainly must have resulted in huge profits.

Sonny Juliano, a Gambino member had a very lucrative gambling business during the 2000s

It is the mob’s bread and butter along with loansharking but the 2018 decision from the Supreme Court has affected their bookmaking businesses as it has not appeared as much within recent indictments but even with that being said, they are still raking in quite a lot of money from it

[Little_Al1991]

I don’t know why that posted twice but it’s “harmless error” as the Second Circuit say