Once.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> soccerbob
Certifiably Crazy
posted January 14, 2003 09:38 PM
Back in 1985 Gary Austin ran an independent race and sports book on the Las Vegas Strip. He lost about $250,000 of his own money on the Cards-Royals World Series. He set up a robbery of his joint and split town. All pending tickets were stiffed and phone account money was gone. At the time, he had tons of phone accounts with some hefty balances. He did pay a few connected guys that had a price on his head but everyone else got stiffed.
Has this bandit ever surfaced at an offshore book, either running one or pimping for one? He's bad news.
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wil.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> soccerbob
Certifiably Crazy
posted January 14, 2003 09:38 PM
Back in 1985 Gary Austin ran an independent race and sports book on the Las Vegas Strip. He lost about $250,000 of his own money on the Cards-Royals World Series. He set up a robbery of his joint and split town. All pending tickets were stiffed and phone account money was gone. At the time, he had tons of phone accounts with some hefty balances. He did pay a few connected guys that had a price on his head but everyone else got stiffed.
Has this bandit ever surfaced at an offshore book, either running one or pimping for one? He's bad news.
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wil.
"any book in England or Austraila is strictly regulated"
So its no problem getting paid from a book in England or Australia. Little or no risk.
I guess my question is, Why would anybody trust a book with over 10 dimes that is not guaranteed to get paid?? And then when they get stiffed want to bitch about it. I mean use a little common sense.
So its no problem getting paid from a book in England or Australia. Little or no risk.
I guess my question is, Why would anybody trust a book with over 10 dimes that is not guaranteed to get paid?? And then when they get stiffed want to bitch about it. I mean use a little common sense.
It is highly unlikely because of slots these days. Gaming requires them to hold a ridiculously high amount in the cage, something close to having all their slots hit their highest jackpot on a day. It isn't quite as much as you think as the biggest jackpots are paid by the slot companies, but it is still an impossible figure to hit. If the casino went under that amount in the cage is subject to immediate seizure by gaming, although that theory got tested with the Horseshoe getting raided by court order.
In short it is very unlikely a casino backed sports book could go that broke. Tickets are supposed to be paid even before worker salaries. Back when Leroy's was smaller many thought it was a possibility, but now they have so many locations and write so many small tickets it is hard to imagine them getting hit that badly. David Sklansky has pointed out that the perfect storm for Las Vegas would be an NFL Sunday with the favorites going 15-0 and the over doing the same, but even the parlay cards are written to prevent that as they have maximum total payout limits.
In short it is very unlikely a casino backed sports book could go that broke. Tickets are supposed to be paid even before worker salaries. Back when Leroy's was smaller many thought it was a possibility, but now they have so many locations and write so many small tickets it is hard to imagine them getting hit that badly. David Sklansky has pointed out that the perfect storm for Las Vegas would be an NFL Sunday with the favorites going 15-0 and the over doing the same, but even the parlay cards are written to prevent that as they have maximum total payout limits.
Anthony- As mvb mentioned above, the bond that a stand alone book would have to post pretty much assures that Las Vegas will never have another independent race and sports book. The start up costs are very high with having to meet the bonding requirements and then you have to advertise and meet your day to day costs so unless the book had a prime Strip location and was backed by a rich owner, there's a thousand other businesses you could open that would be more profitable. Then you mix in the moronic regulations that the clueless Nevada Gaming Commission keeps passing and a person would have to be a complete lunatic to even think about opening an independent race and sports book. Sports betting in Las Vegas is way down so the venture would be nothing but throwing away money.
After the debacle at Gary Austin's and then at the Santa Anita just up the street, the bonding requirements were put into place and no one has been stiffed since. There have been a few sports book close being part of a small casino that shut down but in those cases, there were arrangements made with a nearby large casino to cash in sports tickets, chips and tokens for usually a 90 day period.
After the debacle at Gary Austin's and then at the Santa Anita just up the street, the bonding requirements were put into place and no one has been stiffed since. There have been a few sports book close being part of a small casino that shut down but in those cases, there were arrangements made with a nearby large casino to cash in sports tickets, chips and tokens for usually a 90 day period.
There aren't any places guaranteed. The Australia rules are fairly solid, but there aren't many to choose from as even Canbet moved out due to too much regulation. Bottom line is you pay for that regulation and safety. No one can get around that fact. Some books in Curacao tried to act like there were strong regulations that made it hard for any of them to go out of business, but some have failed. Don't believe anyone that says they are guaranteed because there aren't any. This is truly a business done by reputation, the best you can do is keep your balances reasonable and do business with those that get suggested by a diverse crowd of people. Even that though will not insure you never lose any money, you just have to accept book closures as a risk of doing business.
Wil & Soccerbob, on you two mentioning the '85 Series, I pleaded with my father(whom did well playing just gm-to-gm that series) to tell my uncle to not bet the Cards-to-win in that WS, well, as we all know what happened at first-base in Gm-6/then bit by Sabertooth & Big Mo(mentum) in Gm-7, I must confess(I feel like an @sshole now looking back, but was a punk HS Sr then, and had KC, thus cheered on my $50 To-Win-WS bet) that I truely felt bad for him(he had the right side, like those w/the '87 RedSox, yet ate it)..it cost him 60K for the Series play(plus another 20-plus on Gm-6 alone).
He had listened to me earlier in the Spring that year, when I told him to hit Nova SU(were +9?) after watching them play G-town tough in the 3 prior games that spring in defeat on ESPN..great era of sports then..Lakeshow-Celts..Bears..Cub(illies) on WGN..Big East Hoops..Canes-Irish..I guess that I just miss my youth a bit?
He had listened to me earlier in the Spring that year, when I told him to hit Nova SU(were +9?) after watching them play G-town tough in the 3 prior games that spring in defeat on ESPN..great era of sports then..Lakeshow-Celts..Bears..Cub(illies) on WGN..Big East Hoops..Canes-Irish..I guess that I just miss my youth a bit?
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by mvbski:
any book in England or Austraila is strictly regulated<HR></BLOCKQUOTE>
Anyone that thinks that a British book is safe, simply by virtue of the fact that they're regulated in Britain, is sadly mistaken.
There are thousands of U.K. punters who have gotten stiffed by numerous U.K. books over the last couple of years.
Of course you have a half-dozen or so stalwarts (such as Coral, Ladbrokes, Tote, Bet365, etc.), but they're safe because of WHO THEY ARE, not because they're British.
any book in England or Austraila is strictly regulated<HR></BLOCKQUOTE>
Anyone that thinks that a British book is safe, simply by virtue of the fact that they're regulated in Britain, is sadly mistaken.
There are thousands of U.K. punters who have gotten stiffed by numerous U.K. books over the last couple of years.
Of course you have a half-dozen or so stalwarts (such as Coral, Ladbrokes, Tote, Bet365, etc.), but they're safe because of WHO THEY ARE, not because they're British.
