Quote:
Originally Posted by
mickeycrimm
Redietz, in this GWAE episode Richard Munchkin is calling on the AP community to get the press involved as much as possible on the issue of the books banning winning bettors and confiscating money. He's also calling on buying billboard space close to brick and mortars to make the public aware of the issue.
Do you want me to contact Munchkin and tell him you are the final authority on this issue and you say there is no problem at all? That the books are not really doing it and bettors are not being harmed?
Good try, mickey. Mr. Munchkin mentioned this at lunch some months ago and we briefly discussed it. I was, of course, horrified but not terribly surprised. My first question was, brick-and-mortar legal books? The people being slotted into these book management positions think, like some here, that sporting events are coin flips, and booking is a way to print money.
What you, as usual, fail to mention are the key elements. First is the fact that what is being addressed here are not the offshores which I have been discussing under "Sports and Sports Betting." Second is the fact that this is a RECENT phenomenon by what are considered LEGAL sports books (although Native American books are, by MY definition, straddling the line between "legal" and "not sanctioned'). In other words, this is the last 24 months or so, and it's by "LEGAL" books.
So other than having no idea what I have said on this RECENT alleged shenanigan by ostensibly LEGAL sports books, you covered the topic with your usual thoroughness and depth.
Here's a kicker for you. I have no legal accounts at the moment. I bet in legal sports books without formal accounts. I have been saving any bonuses for a rainy day and also because I know that most them don't know what they are doing. They are out of control, and some are doing some very questionable stuff under the radar. I know this because I was recently offered an under-the-radar futures wager, which I declined. Why? Because had I won it, I felt it was quite possible the wager would be challenged and negated.
The bottom line is that what made offshores both tolerant of winning bettors and long-lived has NOT been grasped or adopted by many of the bean counters running ostensibly legal books. To put it in historical terms -- the mob knows how to run sports books. To put it in Billy Walters terms, which he laid out pretty clearly way back in Munchkin's bio profile of Walters in the Gambling Wizards book, many of the legal alleged bookmakers have no clue. So they rely on semi-legal shenanigans to protect themselves instead having in-house linesmakers with some savvy to organize their business. If there's one thing Walters emphasized in that book, which was not emphasized as clearly in his recent bio, it was that many people managing legal books are inferior to those managing the "illegal" ones.
Now none of this showed up until legalization a couple of years ago, and now you have some execs trying to make their way in the world who really have no idea what they are doing. The casinos basically can't pay people enough to fill their positions with savvy bookmakers, and they think bookmaking is a way to print money, which it has never been...unless you know what you are doing. The people who have been thrust into management positions for some of these new-blood books don't.
Like many people here, they make the fundamental error of assuming betting sports is like coin flipping.
And mickey, thanks for the question and the opportunity to display a little expertise. Much appreciated.