Las Vegas Bookmaker Gets Arrested for Money Laundering

Forum: Las Vegas
Author: [Las Vegas] Topic: Las Vegas Bookmaker Gets Arrested for Money Laundering
wirelessjava PM wirelessjava
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Posted: 10/24/2012 7:19:01 PM
http://www.lvrj.com/business/sports-book-director-for-cantor-gaming-arrested-175670521.html


This guy did regular shows on the radio...FUNNY garbage
wirelessjava PM wirelessjava
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Posted: 10/24/2012 7:22:21 PM
Something to do with Pinnicle the online book???? 
HardballHarry PM HardballHarry
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Posted: 10/25/2012 2:38:09 PM
I read the indictment. Serious garbage for Cantor! Hope they don't get shut down.
Just_Bleed PM Just_Bleed
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Posted: 10/25/2012 3:44:12 PM
Cantor is not implicated in this.
HardballHarry PM HardballHarry
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Posted: 10/25/2012 6:10:53 PM

Hate to tell you but...if your top gaming guy gets arrested for illegal bookmaking and money laundering, you will be investigated. That investigation was already announced by the NGC today. When someone that high up gets arrested on these type of charges, THEY HAVE to investigate to see who else in the company may be involved. You're right, they haven't been implicated, yet. It's been 7 hours since the indictment was unsealed. The investigation of Cantor was just announced today.

 

This is what Cantor has to worry about: Did Colbert funnel any money through Cantor? Did he use Cantor or Cantor employees in any way to further illegal activities? Did he direct action one way or another for his own personal benefit? And most importantly, did Cantor know (or should they have known) that he was possibly using the company in this fashion (if indeed he was)?

 

mafioso PM mafioso
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Posted: 10/25/2012 8:50:20 PM
Good, nothing would make me happier than to see cantor gaming out of vegas.
They want to change the what we have all been so fond of for so many years.
I love sitting watching every game having drinks and betting 2nd halfs, cantors unfriendly policy is bet and go
there are some pros however
they have totals on every college game, unlike there competition
You can cash your ticket at the cage window if they are closed at the book.
Other than that, they are utterly useless for my style of play.
lemonsky PM lemonsky
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Posted: 10/26/2012 2:15:43 AM
mafioso, I know the girls who work the bar at the M (that is, the one next to the sportsbook) would love nothing more than to see Cantor go. They got rid of the parlay cards, which alot of the low rollers who also play video poker at the bar, liked to bet with, so they've lost some business. Not only that, but there seems to be some general antagonism between Cantor and the M, though I don't know how much of it has to do with Penn taking over the resort and trying to influence how Cantor conducts its business there. The lease between Cantor and the M expires within a year, so it wouldn't have been a surprise to see the two part ways, but in light of this investigation, it might be a fait accompli, especially if more Cantor people are involved than the rogue guy at the M.

One of the aforementioned girls seems to think that Penn wants to get into sportsbook business itself, anyway.
HardballHarry PM HardballHarry
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Posted: 10/26/2012 8:10:04 AM
Cocktail waitresses always seem know how to best run a business. They should just stick to showing cleavage and flirting with the guests. Or crying about their tips or lack thereof.

Say all you want about cantor but nobody else will take a bet like they will. If you ever bet big enough you will appreciate that feature. If you are there to play parlay cards and video slots, then maybe look elsewhere where that business is more appreciated.
nc1capper PM nc1capper
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Posted: 10/26/2012 10:32:57 AM
mafioso PM mafioso
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Posted: 10/26/2012 6:44:17 PM
QUOTE Originally Posted by HardballHarry:

Cocktail waitresses always seem know how to best run a business. They should just stick to showing cleavage and flirting with the guests. Or crying about their tips or lack thereof.

Say all you want about cantor but nobody else will take a bet like they will. If you ever bet big enough you will appreciate that feature. If you are there to play parlay cards and video slots, then maybe look elsewhere where that business is more appreciated.

I gave them props and respect for that above, I like the fact they have lines on every college total and the fact that they are not afraid of action, I also said I loved the fact that you can go to the regular casino cashier and cash out after the book is closed.

I just dont want them taking over the entire landscape of vegas sportsbooks.

the negatives they have in regards to traditional sportsbooks outweights the positives for a guy who ventures to vegas 4 or 5 times a year.

I want my free drinks, ie the bellagio, MGM grand (yes I get plenty of free drink tickets) the rio and a few other spots, I love watching all day and betting second halfs and what have you.

If cantor and William Hill have it there way, all that will cease to to be.
HardballHarry PM HardballHarry
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Posted: 10/27/2012 9:21:31 AM

I can understand that position. I think there is a place for both types of operations. There will always be lots of people who enjoy the actual excitement of watching the game socially. For alot of people, it's as much about this social interaction as it is gambling. And for the casino, having people around is always a good thing.  

I also don't believe that all casinos would want to hand over their bookmaking operations to an outside company. It's not like it loses money. In fact as more books go to the "market" model of setting numbers, I would think that margins could actually increase in this area as it would necessarily need less overhead to operate. The books would just copy the market number when it moves. They will also have selectively higher limits (for some people) which would increase hold.

This leads me to what I believe is the bigger effect of Cantor and William Hill. They won't run EVERY sportsbook, but THEY WILL have the effect of greatly reducing the variation in numbers available. I don't think there is any way of getting away from that.

Once the number is not in question anymore, then books will compete on various things like limits, service, comps, etc. and bettors will pick and choose based on the experience they want.

 

mafioso PM mafioso
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Posted: 10/27/2012 11:02:02 AM
I hope your right brother, Maybe Im just a more of a doom and gloom guy in my thinking.
VegasGourmet PM VegasGourmet
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Posted: 10/28/2012 1:38:20 PM

Cantor Gaming's focus is "account wagering"....remember these guys were big-time bond traders (in the billions); William Hill is for the little guy/masses (as they are in England....a bookie shop on every corner)...they are both needed in this town, and can "complement" the books in the main hotel/casinos that provide a "convenience" to their guests.

Most of the people in this forum will prefer William Hill's approach to bookmaking once they figure out their place in the Nevada gaming market.....

As to the original reason for this posting..........If Mike Colbert was not part of this, no one would ever have heard about the arrests. This happens much more often than anyone is aware of......finding an offshore operation that sets lines, funnels money, and receives a piece of the action is pretty easy (if you want to set up your own bookmaking operation)...and the feds just backtrack, find where the bets are coming from and how the money is being funneled; and BINGO....another gambling bust.

This is the kind of event that can further the cause of legalizing sports/internet betting....if publicized correctly. We'll see......

HardballHarry PM HardballHarry
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Posted: 10/30/2012 3:12:39 PM
VG, that is an interesting contrary point of view. Most have the opposite opinion about the effect of this arrest. I agree with you that this is more evidence of support for legalized wagering.
2SpreadKiller PM 2SpreadKiller
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Posted: 11/23/2012 7:22:53 PM
Sry for intruding, but for an European is really hard to grasp the real reasons for banned all internet gambling in the states and still in 90% of the territory and then huge city meccas of gambling and tax-free Indian gambling spots. 

It's seems that they want to empower illegal bookmaking, underground economies etc..
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