Hot Action: 25 Arrested In $50 Million Gambling Ring
Betting on individual games is illegal in all states but Nevada, and it appears that the government is once again trying to ruin your fun with a 25-person gambling bust spanning across five states. The illegal operation reportedly involved $50 million in payouts.
Earlier this month, indictments were issued in a 259-page grand jury report, charging the 25 suspects with 225 counts of conspiracy, promoting gambling, and money laundering.
Eight of the suspects are from Vegas, so the city's involvement in the illegal ring is prominent; Mike Colbert, a prominent sports book director for Cantor Gaming and sports book manager at The M, was also involved. But Vegas' involvement in illegal gambling on the whole isn't as extrusive: ESPN notes that Vegas' piece of the betting pie is relatively slim. Only $2-$3 billion in bets are placed each year in Sin City, compared to $500 billion in illegal bets placed by Americans worldwide.
The bust will have far-reaching financial repercussions, though, allusions to pie be damned:
"'I know that people in the islands are crapping their pants right now,' a source with ties to the offshore sports betting industry told ESPN. 'The money involved in this is what moved point spreads.'"
So yes, there are people on islands crapping their pants right now. Thanks for the visual, shady offshore betting guy.
All of this will unravel quickly as more details become public, especially since the arrests have sparked further Vegas investigations. Hot action all around.
Here's a video report, via PIX11, with further details:
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