Sports Betting Stories

Chicago Trader wins football handicapping contest

David Frohardt-Lane, a Chicago trader, beat 1,000 competitors to win the handcapping contest for $557,850. He got into sports betting while studying math in college. He used statistics to run an analysis on NFL games and saw that he would have won 60 percent of the time. He uses his skills to consult for a major professional team using predictive models to do scouting, and lectures on sports modeling. The contest was held by the LVH casino-hotel in Las Vegas and had an entry fee of $1,500.

Casino Owner Derek Stevens Loses $1 Million Payout

Derek Stevens, who owns "The D" and "Golden Gate" hotels in downtown Las Vegas, bet $20,000 at the Golden Nugget sportsbook that Michigan State would win the National Championship. The manager at the Golden Nugget had to get approval for the bet. Michigan State was only 5-3 at the time the bet was made, so the wager was offering 50-to-1 odds. Michigan State ended up making it all the way to the Final Four, where Stevens was only 2 wins away from his million dollars, but they lost.

Coked-up Knicks players suspected of shaving points in 1982.

In "Larceny Games: Sports Gambling, Game Fixing and the FBI", author Brian Tuohy alleges that "coked-up" members of the 1982 New York Knicks team helped shave points to help their drug dealer win bets. One of the suspected players is Michael Rae Richardson, who was permanently banned by the NBA for failing 3 drug tests. The team's cocaine supplier was one of the biggest on the east coast - and was also a gambler. The dealer would often bet that the Knicks would not cover the spread, and he started raising his bets from $300 per game, up to $10,000.

$5 million bet in 2007

In 2007, a gambler wagered a massive $5 million on the All Blacks to win the Rugby World Cup. The bet was placed on Betfair, a UK-based betting exchange. He lost the bet.

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HPG ADMIN on June 15, 2006