Bookies take bath as Pats bettors clean up
by Dave Wedge
Friday, February 8, 2002
The Patriots' miracle run to Super Bowl victory was a boon for many local small-time gamblers, but decimated Hub-area bookies who are now scrambling to pay off massive winnings that could put many out of business, sources say.
``We got annihilated,'' said one South Shore bookmaker whose operation was creamed for $150,000 in losses on Super Bowl Sunday. ``I had housewives and grandmothers betting on this game. People who never bet were betting hundreds and regular $50 bettors were betting thousands. There will most definitely be a problem with some bookies not paying.''
Several local bookies and gamblers expect small-time operations that took huge hits Sunday to go under. Illegal bookmakers have had a horrific season with the underdog Pats beating nearly everyone they faced and many are now seeking the assistance of loansharks to pay off the massive bets they lost on the Super Bowl, sources said.
``A lot of them are scrambling for money,'' the bookie, who owes one regular customer $82,000, said. ``A lot of them have sharks they can go to for the money but even the sharks are tapped. There's only so much cash you can have lying around your house.''
The Patriots' incredible win over the heavily-favored St. Louis Rams was one of the greatest moments in New England sports history, but whacked local wise guys with perhaps their biggest gambling hit ever, underworld sources say.
The biggest culprit that killed the local bookies: the dreaded money line. Pats-happy locals plunked down thousands on the money line, which paid as much as $500 for a $100 bet. Add to that the fact that the Patriots were 14-point underdogs and virtually every gambler in New England was poised to cash in on the home team.
In addition to the money line, bettors cashed in on the over/under point spread - betting that the total score of the game would be less than 53 points - and ``proposition bets.'' The proposition bets are quirky wagers such as the number of first downs or the number of catches a receiver will have. Virtually all of those bets went in the Patriots' favor and a bulk of the local gamblers put their money on it.
``They were covering everything,'' the bookie said. ``When that happens, it's a catastrophe. The fact that the Pats covered and won the game killed us. It utterly destroyed us.''
``They took a bath,'' added gambling expert I.M. Bettor, who writes for the Boston Herald. ``I know some guys who went out of business. The money line is what beat them. No one bet the Rams. It was like a feeding frenzy. They just couldn't stop it.''
I.M. Bettor knows of one North Shore bookie who lost $380,000 and another small-timer who was $60,000 in the hole Monday morning. He also said a number of off-shore casinos - which are notorious for backing illegal bookmakers in the United States - have gone under because of the Super Bowl.
I.M. Bettor said the Pats' improbable win was the biggest hit he's ever seen local bookies take, eclipsing even the total domination of the Boston Celtics in 1986.
``Even in the days of the '86 Celtics, it wasn't this bad, because the Celtics were always favored and they didn't always cover,'' he said.
In Las Vegas, there was $71 million bet on the game, which is the third highest total in Super Bowl history. Vegas casinos won $2.3 million, which was a ``disappointment but not a disaster,'' according to Jay Kornegay, director of the race and sports book at the Imperial Palace.
Yesterday was payday locally and gamblers were eager to scoop up their winnings. One South Shore gambler who won $920 by betting $200 on the money line spent the day waiting for his bookie to go pick up a bundle of $34,000 in cash to pay off his debts.
The gambler, who didn't want his name used, said he bet the Pats because the team showed ``heart and character'' in their miraculous championship run.
``I really thought in my heart the way the season was going that they'd find a way to win. They were incredible this year. It was their year,'' he said.
While many small-time gamblers may think they have no recourse if they get stiffed, police say it's common for disgruntled bettors to dime out bookies to ``get revenge.''
``They may say, `Hey, I won $500 on the Pats and he didn't pay. Here's his phone number.' And we'll look into it,'' one police source said.
The source, who said many local gaming rings are tied to organized crime, has heard few complaints since Sunday but acknowledged that ``it could take a couple weeks for problems to arise.''
Norfolk County District Attorney William Keating said his office is always on alert for illegal gambling and said Sunday's massive losses could provide a glimpse into the spinoff crimes often caused by compulsive betting.
``It just reinforces our belief that gambling activity is not without criminal consequence,'' Keating said. ``Oftentimes, gambling proceeds are used to enhance other kinds of criminal activity, such as prostitution, drugs and loan-sharking.''
by Dave Wedge
Friday, February 8, 2002
The Patriots' miracle run to Super Bowl victory was a boon for many local small-time gamblers, but decimated Hub-area bookies who are now scrambling to pay off massive winnings that could put many out of business, sources say.
``We got annihilated,'' said one South Shore bookmaker whose operation was creamed for $150,000 in losses on Super Bowl Sunday. ``I had housewives and grandmothers betting on this game. People who never bet were betting hundreds and regular $50 bettors were betting thousands. There will most definitely be a problem with some bookies not paying.''
Several local bookies and gamblers expect small-time operations that took huge hits Sunday to go under. Illegal bookmakers have had a horrific season with the underdog Pats beating nearly everyone they faced and many are now seeking the assistance of loansharks to pay off the massive bets they lost on the Super Bowl, sources said.
``A lot of them are scrambling for money,'' the bookie, who owes one regular customer $82,000, said. ``A lot of them have sharks they can go to for the money but even the sharks are tapped. There's only so much cash you can have lying around your house.''
The Patriots' incredible win over the heavily-favored St. Louis Rams was one of the greatest moments in New England sports history, but whacked local wise guys with perhaps their biggest gambling hit ever, underworld sources say.
The biggest culprit that killed the local bookies: the dreaded money line. Pats-happy locals plunked down thousands on the money line, which paid as much as $500 for a $100 bet. Add to that the fact that the Patriots were 14-point underdogs and virtually every gambler in New England was poised to cash in on the home team.
In addition to the money line, bettors cashed in on the over/under point spread - betting that the total score of the game would be less than 53 points - and ``proposition bets.'' The proposition bets are quirky wagers such as the number of first downs or the number of catches a receiver will have. Virtually all of those bets went in the Patriots' favor and a bulk of the local gamblers put their money on it.
``They were covering everything,'' the bookie said. ``When that happens, it's a catastrophe. The fact that the Pats covered and won the game killed us. It utterly destroyed us.''
``They took a bath,'' added gambling expert I.M. Bettor, who writes for the Boston Herald. ``I know some guys who went out of business. The money line is what beat them. No one bet the Rams. It was like a feeding frenzy. They just couldn't stop it.''
I.M. Bettor knows of one North Shore bookie who lost $380,000 and another small-timer who was $60,000 in the hole Monday morning. He also said a number of off-shore casinos - which are notorious for backing illegal bookmakers in the United States - have gone under because of the Super Bowl.
I.M. Bettor said the Pats' improbable win was the biggest hit he's ever seen local bookies take, eclipsing even the total domination of the Boston Celtics in 1986.
``Even in the days of the '86 Celtics, it wasn't this bad, because the Celtics were always favored and they didn't always cover,'' he said.
In Las Vegas, there was $71 million bet on the game, which is the third highest total in Super Bowl history. Vegas casinos won $2.3 million, which was a ``disappointment but not a disaster,'' according to Jay Kornegay, director of the race and sports book at the Imperial Palace.
Yesterday was payday locally and gamblers were eager to scoop up their winnings. One South Shore gambler who won $920 by betting $200 on the money line spent the day waiting for his bookie to go pick up a bundle of $34,000 in cash to pay off his debts.
The gambler, who didn't want his name used, said he bet the Pats because the team showed ``heart and character'' in their miraculous championship run.
``I really thought in my heart the way the season was going that they'd find a way to win. They were incredible this year. It was their year,'' he said.
While many small-time gamblers may think they have no recourse if they get stiffed, police say it's common for disgruntled bettors to dime out bookies to ``get revenge.''
``They may say, `Hey, I won $500 on the Pats and he didn't pay. Here's his phone number.' And we'll look into it,'' one police source said.
The source, who said many local gaming rings are tied to organized crime, has heard few complaints since Sunday but acknowledged that ``it could take a couple weeks for problems to arise.''
Norfolk County District Attorney William Keating said his office is always on alert for illegal gambling and said Sunday's massive losses could provide a glimpse into the spinoff crimes often caused by compulsive betting.
``It just reinforces our belief that gambling activity is not without criminal consequence,'' Keating said. ``Oftentimes, gambling proceeds are used to enhance other kinds of criminal activity, such as prostitution, drugs and loan-sharking.''
