Online Betting Contest

Las Vegas has been portrayed in many movies as a place for some of the biggest robberies in American history. Casino robbery has known a significant growth lately. A string of robberies have plagued Montana casinos all year. More recently, attempts were made in other states.
Friday morning, the robbery scenario played out in real life as a Las Vegas casino was hit.
The Las Vegas Hilton Hotel and Casino was subject to a robbery, as two robbers took bags of money from the sportsbook and fled, presumably with a third person as a getaway driver.
Two men wearing motorcycle helmets and covered from head to toe walked into the sportsbook at 6:00 A.M. holding handguns. They ordered the employees at the betting window to fill bags of money, and then they were gone.
Las Vegas Police Lt. Clint Nichols said authorities also were looking for a third person believed to driven a getaway car from the 6 a.m. heist at the Las Vegas Hilton Race and Sportsbook.
Nichols said several gamblers witnessed the robbery at the casino located just east of the Las Vegas Strip and known for its large sports betting operation.
As quickly as they came in through a back door, they vanished. The whole period of time took less than a minute, according to Las Vegas Police Lt. Clint Nichols. They jumped into the getaway car and have yet to be found.
Nichols does not have any leads in the case and is wary that the felons might not be caught. “They were quick,” he said, “We have nothing.” The sportsbook was left to pick up the pieces.
It was not revealed exactly how much money was taken in the heist. Nichols and Hilton spokesman Ira Sternberg would not disclose how much money was stolen from the casino.
The good news was that nobody was injured in the robbery. Sternberg said the sportsbook was reopened within a couple of hours of the incident. He was not aware of any previous robberies at the casino.
Investigators have no leads. Perhaps questioning will start with how the personnel operating the omnipresent camera system carried by all Vegas casinos didn’t find patrons walking through the casino wearing helmets to be suspicious.

An Irish card player from Claregalway has written his name in the poker record books after he cashed out for almost €1 million in a prestigious tournament in Spain.

Fintan Gavin, aged 40, won €900,000 for finishing in an impressive second place in a field of 620 players at the €8,000 entry European Poker Tour (EPT) event in Barcelona.

He almost outlasted a field of 620 players in the event, but was eventually eliminated following a brief head-to-head battle with the winner, a German professional Sebastian Ruthenberg.

The two players negotiated a deal which netted Mr Gavin a total payout of just over €900,000, while the winner took home the EPT trophy and €1,361,000 in prize money.

Mr. Gavin currently works in the poker business in the northwest, where he runs poker events in the Eglinton Casino in Galway and the surrounding area.

Like many of the big winners in the world of poker in recent years, Mr Gavin qualified for the event by winning a small online satellite tournament, the prize for which was a €12,000 package to cover his entry fee and travel costs.

“I never thought going over there I would get anywhere near as far as I did. There were 620 players taking part, including the top poker players in Europe. It was something else to reach the final table,” he said.

Despite his big pay-day, he said he was not considering taking up the game professionally and would continue organising rather than competing in events.

Fintan Gavin is one of many Irish poker players to have made a big impact on the poker scene in recent years.

Belfast player Marty Smyth won a $10,000 entry pot-limit Omaha event at the World Series of Poker in Las Vegas in July, for which he received $859,532 (€600,000).

Ireland has produced one world champion poker player. In 1999, prior to the boom in the popularity of the game, which was brought about by the advent of online and televised poker, Dublin businessman Noel Furlong conquered a field of 393 in the World Series of Poker main event winning $1 million (€695,000).

Dublin-based player Andrew Black became a familiar face in international poker circles when he made his way to the final table of the World Series of Poker main event in 2005. He eventually finished fifth out of 5,619 players, winning $1.75 million (€1.3 million) and has since continued to perform well in big poker events.

A large-scale bookmaking, gambling and loan sharking organization, which had an association with the Philadelphia organized crime family, was busted by authorities in Philadelphia on Tuesday. Troopers from the Pennsylvania State Police arrested no less than 17 people on charges from illegal gambling through loan sharking and drug dealing.

Attorney General Tom Corbett said the investigation focused on Nicholas Cimino, 49, also known as “Nicky the Hat”, who was the head of a southeastern Pennsylvania “large-scale” bookmaking operation from 2002 until March 2007 that included an illegal casino located at 431 MacDade Blvd., Folsom, Delaware County, where poker games, illegal betting on horse races and other gambling activity occurred. As part of the illegal gambling organization, Nicky the Hat also ran a Web site for online sports betting, and accepted sports wagers from 800 bettors without computer access. Gregory “King” Triantafillou, Daniel Diedrich, Victor “Vic” Novelli and Spiro “Bart” Barbalois were allegedly employed to accept sports wagers, collect money from bettors’ losses, and pay bettors for winning bets. The domain name of the sports betting website has not been released.

According to Attorney General Tom Corbett, one of Cimino’s principle debt collectors was identified as Joseph Pizza who was responsible for receiving payments from individuals who owed the organization money. Agents involved in the operation dubbed “Delco Nostra” said that Pizza was also allegedly responsible for “laying off” bets from the Cimino organization to other bookmaking organizations in order to minimize the risk of loss to the organization.

According to the grand jury, Cimino’s organization had a close association with the Philadelphia organized crime family through Louis “Bent Finger Lou” Monacello. Corbett said that Cimino allegedly paid Monacello a “tax” every month in order to be allowed to operate his illegal gambling casino.

The grand jury found that Cimino used the associates of his bookmaking operation to collect debts and had a reputation in the gambling community for threatening or using force to pressure individuals to pay.

Grand jury testimony revealed that Cimino’s source of his illegal income was hidden by the purchase of numerous real estate properties in Delaware County and by using Pizza and two other individuals, Ralph “Ralphie head” Abbruzzi and Robert Beck, to purchase winning Pennsylvania state lottery tickets, which were cashed in to show a “legitimate” source of income.

On at least one occasion, Monacello had a debtor’s car vandalized and on several other occasions sent individuals to a debtor’s house with the intent of assaulting them into paying Cimino.

Attorney General Tom Corbett added that Cimino and Monacello were allegedly aware on the grand jury’s ongoing investigation and Monacello allegedly encouraged witnesses to perjure themselves during testimony.

“Through this investigation, we successfully dismantled a major illegal gambling enterprise operating in Southeastern Pennsylvania,” Corbett said. “And, with the arrest of Louis Monacello, we have taken into custody a well-known member of the Philadelphia organized crime family.”

Corbett stated that the investigation is continuing and more arrests are expected and thanked the Pennsylvania State Police and the FBI for their work on the case.

The case will be prosecuted in Delaware County by Chief Deputy Attorney General Erik Olsen of the Attorney General’s Organized Crime Section.

Internet gambling is an activity that is growing more and more popular with each passing day. More recently, online gambling has just become the focus of at least five bills circulating through Congress. Arguments against legalization of online gambling are based mainly on web gambling’s potential to be more addictive than gambling in a casino.

Researchers at UNLV and the University of Western Ontario released a new study which suggests that online casinos can be harsher environments than the bricks-and-mortar casinos frequented by Las Vegas inhabitants. The study is based on 90-minute interviews with 30 Las Vegas gamblers and researchers focused on a negative aspect of online gambling which has been ignored in the political discourse: web gambling can be a negative environment where foul-mouthed players bully and harass their online opponents, mainly in gambling chat rooms.

One of the participants, Donna (last names were withheld by researchers to protect their identities) reported being harassed while gambling online, including by one player who even stalked her by phone. She said she learned to ignore the live chats that accompany online games but still gambled only when her husband was sitting nearby to “protect” her.

“When I clicked off (a poker game), I was crying,” Donna told researchers. “I let a complete stranger who was online, who didn’t know me, I didn’t know him, hurt me. If it was in person, it would be different.”

Other online gamblers told researchers they were often called derogatory names in the accompanying chat area after winning a poker hand.

“Losing money can inspire bad behavior online, but bullies also abound in bricks-and-mortar casinos,” said Steven McLoughlin, a volunteer online moderator for Two Plus Two, a Las Vegas gambling book publisher that runs a gambling discussion forum attracting some 18,000 posts daily.

Casino gamblers in the study stated they felt more comfortable being around other people, seeing familiar faces and interacting, though superficially, with employees. Some of them preferred visiting casinos because they offered an escape with stimulating surroundings.

“Sometimes the floor people will come up and touch me, or ask how you (are) doing, put their hand on my shoulders, rub my shoulders for good luck … it makes me feel good,” said Lorraine, a casino gambler.

Online gambler Cleo acknowledged to researchers having an addiction problem. According to her own sayings, she chased her losses shortly after claiming to feel more in control of her gambling: “I took five times what I’d (initially) lost and lost it … It depressed me.”

Coalition Chairman Dr. Guy Clark stated that banning Internet gambling makes more sense than regulation because bricks-and-mortar casinos aren’t able of keeping kids from hanging around casinos and can not restrict gambling addicts’ access.

“What (prohibitionists) are basically saying is that ‘We want the status quo’ when the status quo is that millions of people are gambling online, without any regulations to protect consumers,” added Michael Waxman, a spokesman for the Safe and Secure Internet Gambling Initiative.

Kathryn LaTour, co-author and UNLV associate professor,  has conducted several studies on consumers’ motivations and supports regulation. But she seems to be more interested in exploring the range of experiences reported by gamblers in Las Vegas, a town where gambling is a fact of life.

“It’s interesting that we have all these options for gambling in Las Vegas, but these people really prefer being in their pajamas and sitting at their home computers,” she said.

According to Dr. Jeffrey L. Derevensky, a leading professor at McGill University, Rep. Spencer Bachus (R-Ala.) incorrectly cited the university’s research on gambling addiction when he argued for the continued prohibition on Internet gambling.

In fact Dr. Jeffrey L. Derevensky believes that the regulation of online gambling is an opportunity to put in place safeguards to combat problem and underage gambling.

On June 25, 2008, Rep. Bachus, erroneously cited research at McGill, claiming that one-third of college students who gambled online attempted suicide.

“This assertion, which is reportedly based upon our empirical research, is not predicated upon any factual evidence,” responded Derevensky in an interview with the Safe and Secure Internet Gambling Initiative. “None of the studies conducted with adolescents or college students, to the best of my knowledge, have looked at a connection between Internet wagering and suicide attempts.”

These same concerns were raised by Derevensky in a letter sent last week to Reps. Bachus and Barney Frank (D-Mass.). Derevensky believes that the Congress has the opportunity to better protect consumers in a regulated environment. “If Congress is serious about minimizing the threat posed by Internet gambling, it should look to create an environment where Internet gambling operators are required to put in place safeguards that protect against compulsive and underage gambling.”

Last week, a study conducted jointly by the University of Western Ontario and University of Nevada, Las Vegas called for the legalization and regulation of online gambling.

“Just as legalized commercial gambling in casinos allows for governments to regulate it, so, too, could the legalization of online gambling allow for better regulation and attempts to reduce the growth of problem gamblers,” said June Cotte, associate professor at the University of Western Ontario, as reported by Poker News.

Safeguards currently available in the industry proved to be effective in protecting consumers against compulsive gambling. Existing technology and security controls include the ability to control the amount of money wagered, set limits on amounts bet and amounts lost, restrict the duration that someone can play, identify and stop players whose gambling patterns seem out of the ordinary, and allow for consumers to be excluded from online gambling.

“It is disappointing that Rep. Bachus is using scare tactics and false claims in an attempt to justify why Congress should limit my ability to gamble online,” said Jeffrey Sandman, spokesman for the Safe and Secure Internet Gambling Initiative. “We are encouraged by the academic community’s support of Internet gambling regulation. They emphasize the important point that consumers will be better protected if there are safeguards put in place to combat underage and problem gambling.”

Additionally, Rep. McDermott introduced, last week, the Investing in our Human Resources Act (H.R.6051), which states that new revenue generated by regulated Internet gambling activities would be directed to be spent on job training for those in the declining sectors of the economy and educational assistance for foster care youth.

“Though I support the dedication of resources to raise awareness about problem gambling, I encourage Congress to also provide appropriate funding for research, treatment and the prevention of problem gambling,” added Derevensky.

Vigorish, or simply “the vig”, is also known as “juice” or “the take”, and represents the amount charged by a bookmaker for his services. In the United States it also means the interest on a shark’s loan. The term is Yiddish slang originating from the Russian word for “winnings”, vyigrysh. Bookmakers use this concept to make money on their wagers regardless of the outcome. Because of the vigorish concept, bookmakers should not have an interest in either side winning in a given sporting event. They are interested, instead, in getting equal action on each side of the event. In this way, the bookmaker minimizes his risk and always collects a small commission from the vigorish. The bookmaker will normally adjust the odds (or “line”) to attract equal action on each side of an event.

The concept is also sometimes referred to as the overround, although this is technically different, being the percentage the event book is above 100% whereas the vigorish is the bookmaker’s percentage profit on the total stakes made on the event. For example, 20% overround is vigorish of 16 2/3%. The connecting formulae are V = OR/(1 OR) and OR = V/(1 - V).

It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a moneyline odds bet listed at -100 vs -100 without vigorish (fair odds) could become -110 vs -110 with vigorish factored in. Under disproportional vigorish, it could become -120 vs 100.

Common misconceptions about vigorish are that it is paid by only the “loser”, only the “winner”, or both in all circumstances. A claim on when and to what extent a gambler pays vigorish fees, however, cannot be abstracted from an individual gambler’s behavior. A gambler’s behavior with respect to different odds on an event must first be defined and only then can a determination be made on how the vigorish affects him when he wins and loses.

Example

A fair odds bet: Two people want to bet on opposing sides of an event with even odds. They are going to make the bet between each other without using the services of a bookmaker. Each person is willing to risk $100 to win $100. After each person pays their $100, there is a total of $200 in the pot. The person who loses receives nothing and the winner receives the full $200.

By contrast, when using a sportsbook with the odds set at -110 vs -110 with vigorish factored in, each person would have to risk or “lay” $110 to win $100. The $10 is, in effect, a bookmaker’s commission for taking the action. This $10 is not “in play” and cannot be doubled by the winning bettor. It can only be lost. A losing bettor simply loses his $110. A winning bettor wins back his original $110, plus his $100 winnings, for a total of $210.

Professional Gambler Pleads Guilty in NBA Betting Scandal

A professional gambler pleaded guilty on Thursday to making bets based on inside tips from former NBA referee Tim Donaghy.
James Battista told a judge in federal court in Brooklyn he hatched a scheme in late 2006 with another old friend of Donaghy, Thomas Martino, to pay the referee thousands of dollars for the information while Battista was “engaged in the business of sports betting.”
Battista’s lawyer had notified the court last week that his client wanted to go to trial rather than plead guilty to charges of defrauding the NBA, as Martino did earlier this month. But he changed his mind after prosecutors offered a last-minute deal allowing him to instead plead guilty to a lesser charge of conspiring to make illegal bets, said the lawyer, Jack McMahon.
“He’s a gambler, and he bet,” McMahon said. “We never really contested that.”
The deal spares Donaghy from having to testify as the government’s star witness at a high-profile federal trial. It also means Battista, 42, will face only 10 to 16 months in prison at sentencing on July 11. By contrast, Martino faces 12 to 18 months.
Donaghy, of Bradenton, Fla., pleaded guilty last year to charges he conspired to engage in wire fraud and transmitted betting information through interstate commerce.
The referee said he made NBA bets for four years, even wagering on games he worked. He also admitted recommending bets to high-stakes gamblers and collecting $5,000 if his picks hit.
Donaghy, 41, is scheduled to be sentenced May 22. By law, he faces up to 25 years in prison, though the term could be much lower under sentencing guidelines.
The three men attended high school together in Springfield, Pa.

Source: EOG.com by AP

ATLANTIC CITY, N.J., April 21 /PRNewswire/ — The Water Club, A Signature Hotel By Borgata, a joint venture between Boyd Gaming and MGM MIRAGE , began accepting hotel reservations today. The $400 million boutique-lifestyle hotel, which will open this June, will feature 800 guestrooms and suites. Guests can reserve a variety of rooms or packages at The Water Club by calling (800) 800.8817, or visiting for stays, starting July 1st.”We’re excited to announce this key milestone for The Water Club, bringing this unique hotel experience one step closer for guests,” says Larry Mullin, President and Chief Operating Officer of Borgata Hotel Casino & Spa. “The debut of The Water Club will allow more guests than ever before to experience Borgata through a distinctly cosmopolitan hotel experience.”The debut of The Water Club will complete Borgata’s $600 million master plan development and bring the total investment into the resort destination to $1.7 billion.About The Water ClubOn schedule for a June 2008 opening, The Water Club, a Signature Hotel by Borgata, will introduce a unique brand of hospitality to Atlantic City, combining elements of Borgata, while delivering a personality of its own. The $400 million hotel will feature 800 guestrooms and suites; Immersion, a two-story spa located on the 32nd Floor; 18,000 square feet of meeting space; three Residences modeled after chic, urban lofts; five heated indoor and outdoor pools; and six retail shops. Located adjacent to Borgata Hotel Casino & Spa, The Water Club will be just steps away from Borgata’s world-class entertainment, shopping, dining, nightlife, and gaming options.About BorgataBorgata is a joint venture of Boyd Gaming Corporation and MGM MIRAGE . Located at Renaissance Pointe in Atlantic City, it features 2,000 guest rooms and suites, 161,000 square feet of gaming, 200 gaming tables, 4,100 slot machines, 10 destination restaurants, 12 retail boutiques, a 54,000 square foot spa, 70,000 square feet of event space, and parking for 7,100 cars. For more information on Borgata or to obtain a copy of this press release, please visit or use AOL keyword: borgata. Additional news and information on Boyd Gaming can be found at ; additional information on MGM MIRAGE can be found at . MEDIA CONTACTS: Noel Stevenson Borgata Hotel Casino & Spa 609.317.7380 Michelle Horn/ Kyle Schmitz Nancy J. Friedman Public Relations 212.228.1500 / The Water Club, A Signature Hotel By Borgata