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Hockey Jock Stiffs Offshore Book for $500K … Big Question Is, Did He Bet on NHL Games?
by Buzz Daly
April 15, 2002
Conventional wisdom, as expressed in some Internet posting forums devoted to sports betting, would have us believe that many sportsbooks are out to rip off customers.
But as is often the case, conventional wisdom is full of blueberry muffins.
"Bettors are quick to accuse books of improper activity, when the reality is that the books have to be on guard for the crazy schemes of some of our customers," asserted a spokesman for Carib Sports (www.caribsports.com), a prominent offshore gaming company.
The offshore industry has compiled an enviable record of paying customers, or it wouldn't be such a popular venue for sports bettors, he noted. The offshore executive cited his own book as an example of the industry's reliability. "We've paid out millions of dollars to tens of thousands of customers since our first year in 1993."
But the cost of doing business is spiraling sharply higher due in part to a few customers trying to cheat books out of substantial sums of money.
One such instance, said the executive, is a professional athlete who owes Carib almost a half million dollars, after being granted nearly a 33 percent reduction off the total amount.
Jaromir Jagr, who plays for the Washington Capitals of the National Hockey League, opened a betting account and requested a credit arrangement with the book, which was granted, said the spokesman.
Initially, Jagr won a substantial amount of money and was promptly paid. But when he began losing, he reportedly made various requests for extensions and payout programs.
He was fully accommodated by the book, said the spokesman. Paperwork shows that Jagr's lawyers negotiated financial arrangements, "to settle this matter in full".
Jagr himself proposed the settlement plan, which would have paid off his debt within 10 months. Under the plan, he would have received a discount of $244,000.
That plan was dated June 12, 2000, and sent to the sportsbook, which accepted the proposed terms.
However, according to the book, Jagr has not made any effort to live up to the agreement, which he himself suggested. There is no question about the amount owed or the legitimacy of the debt. That is all acknowledged in the proposal.
The player simply refuses to pay.
His lawyer says he hasn't had much contact with Jagr in the last six months. He said he didn't know of any plans by his client to welch on the payment proposal. Of course, Jagr's lawyer cannot make him pay off his losses.
Before printing this story, we asked the attorney if he wished to add a comment. We were referred to another office, where the individual told us, "I haven't got a clue as to what you're talking about." A curious response, given the fact that he was the person who signed the letter in which the payout proposal to Carib was made.
Underlying all the negative financial implications relating to Jagr on this incident is the crucial question: did his action include making bets on the NHL?
If it did, Jagr has a lot more to be concerned with than simply making good what he owes. There are severe penalties for professional athletes who bet on the sport in which they earn a living.
When we put the question to the sportsbook executive - "Did Jagr bet on NHL games?" - he paused, then replied, "No comment".
CASINO GIVES IN TO PLAYERS' SQUAWKS. It is common knowledge among many Las Vegas gamblers that casino execs are hardly rocket scientists.
A perfect example of their underachieving expertise is the decision-making at Station Casinos' newest property, Green Valley Ranch. This beautifully designed facility, with fine restaurants and an excellent buffet, appears to have been plagued with inept managerial decisions which have worked against GVR fulfilling its promise.
In an utterly wrong-headed move, the geniuses who run GVR decided that the craps tables there should offer odds of 3x, 4x and 5x, comparable to what is offered by most Strip casinos.
What is so outrageous about this apparently innocuous casino judgment? Simply that every other Station property offers 10x odds. This is a locals-oriented company, and it must appease savvy regulars, as opposed to the generally less knowledgeable tourists who frequent resort casinos.
By dumbing down its craps tables, GVR was making a loud and clear statement of just how it viewed customers who came to the property. Does the word sucker sound too harsh?
We played at GVR despite the less than enticing craps odds because it is so convenient. But we have spoken with others who refused to play craps there.
Well, about a week ago, the signs on the tables which display the betting limits and odds had been revised to include 10x odds.
We asked some of the supervisory personnel what prompted this change, and was told that there were too many complaints and players kept asking when the odds would be consistent with other Station properties. Management finally relented and installed the same craps odds that are offered at its other casinos.
Why couldn't they get it right from the get-go and show players a little good faith, instead of raw greed?
This is the same casino that is hyping "looser slots". It has only been open since December. Did it start with such "tight" machines that the locals crowd took one crack at the games and then stayed away in droves, and now must be wooed back with conciliatory advertising?
This town is replete with examples of stupidity at the managerial level. The suits are so damn clueless, they keep shooting themselves in the foot.
When the MGM Grand was first built, it cost $1 billion. But before long, a major rehab project was deemed necessary. Even the big lion atop the entrance was considered "tacky" and was replaced.
The cost for the entire project? Just a couple hundred million dollars to fix the hotel and its theme park. Apparently $1 billion to develop the resort-casino initially wasn't enough funding to get it right.
New York New York opened its doors with a large, impressive race and sportsbook. However, before long, the books were shut down as redundant, since its sister property across the street, the MGM, had a facility which it was felt could handle the action from both hotels.
The books in NYNY were dismantled and other use was made of the space. But recently, it was decided that indeed the property should offer a race and sportsbook. And so it was added at a location near the ESPN Zone restaurant.
There are lots of screwups in this desert city. We cited just a few of them.
Please send questions, comments, etc., to buzzdaly@aol.com.
by Buzz Daly
April 15, 2002
Conventional wisdom, as expressed in some Internet posting forums devoted to sports betting, would have us believe that many sportsbooks are out to rip off customers.
But as is often the case, conventional wisdom is full of blueberry muffins.
"Bettors are quick to accuse books of improper activity, when the reality is that the books have to be on guard for the crazy schemes of some of our customers," asserted a spokesman for Carib Sports (www.caribsports.com), a prominent offshore gaming company.
The offshore industry has compiled an enviable record of paying customers, or it wouldn't be such a popular venue for sports bettors, he noted. The offshore executive cited his own book as an example of the industry's reliability. "We've paid out millions of dollars to tens of thousands of customers since our first year in 1993."
But the cost of doing business is spiraling sharply higher due in part to a few customers trying to cheat books out of substantial sums of money.
One such instance, said the executive, is a professional athlete who owes Carib almost a half million dollars, after being granted nearly a 33 percent reduction off the total amount.
Jaromir Jagr, who plays for the Washington Capitals of the National Hockey League, opened a betting account and requested a credit arrangement with the book, which was granted, said the spokesman.
Initially, Jagr won a substantial amount of money and was promptly paid. But when he began losing, he reportedly made various requests for extensions and payout programs.
He was fully accommodated by the book, said the spokesman. Paperwork shows that Jagr's lawyers negotiated financial arrangements, "to settle this matter in full".
Jagr himself proposed the settlement plan, which would have paid off his debt within 10 months. Under the plan, he would have received a discount of $244,000.
That plan was dated June 12, 2000, and sent to the sportsbook, which accepted the proposed terms.
However, according to the book, Jagr has not made any effort to live up to the agreement, which he himself suggested. There is no question about the amount owed or the legitimacy of the debt. That is all acknowledged in the proposal.
The player simply refuses to pay.
His lawyer says he hasn't had much contact with Jagr in the last six months. He said he didn't know of any plans by his client to welch on the payment proposal. Of course, Jagr's lawyer cannot make him pay off his losses.
Before printing this story, we asked the attorney if he wished to add a comment. We were referred to another office, where the individual told us, "I haven't got a clue as to what you're talking about." A curious response, given the fact that he was the person who signed the letter in which the payout proposal to Carib was made.
Underlying all the negative financial implications relating to Jagr on this incident is the crucial question: did his action include making bets on the NHL?
If it did, Jagr has a lot more to be concerned with than simply making good what he owes. There are severe penalties for professional athletes who bet on the sport in which they earn a living.
When we put the question to the sportsbook executive - "Did Jagr bet on NHL games?" - he paused, then replied, "No comment".
CASINO GIVES IN TO PLAYERS' SQUAWKS. It is common knowledge among many Las Vegas gamblers that casino execs are hardly rocket scientists.
A perfect example of their underachieving expertise is the decision-making at Station Casinos' newest property, Green Valley Ranch. This beautifully designed facility, with fine restaurants and an excellent buffet, appears to have been plagued with inept managerial decisions which have worked against GVR fulfilling its promise.
In an utterly wrong-headed move, the geniuses who run GVR decided that the craps tables there should offer odds of 3x, 4x and 5x, comparable to what is offered by most Strip casinos.
What is so outrageous about this apparently innocuous casino judgment? Simply that every other Station property offers 10x odds. This is a locals-oriented company, and it must appease savvy regulars, as opposed to the generally less knowledgeable tourists who frequent resort casinos.
By dumbing down its craps tables, GVR was making a loud and clear statement of just how it viewed customers who came to the property. Does the word sucker sound too harsh?
We played at GVR despite the less than enticing craps odds because it is so convenient. But we have spoken with others who refused to play craps there.
Well, about a week ago, the signs on the tables which display the betting limits and odds had been revised to include 10x odds.
We asked some of the supervisory personnel what prompted this change, and was told that there were too many complaints and players kept asking when the odds would be consistent with other Station properties. Management finally relented and installed the same craps odds that are offered at its other casinos.
Why couldn't they get it right from the get-go and show players a little good faith, instead of raw greed?
This is the same casino that is hyping "looser slots". It has only been open since December. Did it start with such "tight" machines that the locals crowd took one crack at the games and then stayed away in droves, and now must be wooed back with conciliatory advertising?
This town is replete with examples of stupidity at the managerial level. The suits are so damn clueless, they keep shooting themselves in the foot.
When the MGM Grand was first built, it cost $1 billion. But before long, a major rehab project was deemed necessary. Even the big lion atop the entrance was considered "tacky" and was replaced.
The cost for the entire project? Just a couple hundred million dollars to fix the hotel and its theme park. Apparently $1 billion to develop the resort-casino initially wasn't enough funding to get it right.
New York New York opened its doors with a large, impressive race and sportsbook. However, before long, the books were shut down as redundant, since its sister property across the street, the MGM, had a facility which it was felt could handle the action from both hotels.
The books in NYNY were dismantled and other use was made of the space. But recently, it was decided that indeed the property should offer a race and sportsbook. And so it was added at a location near the ESPN Zone restaurant.
There are lots of screwups in this desert city. We cited just a few of them.
Please send questions, comments, etc., to buzzdaly@aol.com.
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