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Articles Tagged with gambling

Renowned butcher and bookie, Dominic Poeta, will face federal charges over his illegal gambling operation. He is also facing tax evasion charges

Federal agents believe that Poeta was operating a sportsbook out of his butcher shop. Poeta found himself jammed up in 2007 when federal agents attempted to collect on a judgment from Adam Resnick. Resnick, a degenerate gambler, went to prison over a $10 million check-kiting scheme that also saw the demise of Universal Federal Bank. Resnick likely found himself in the hole and owing Poeta money. 

However, federal agents never brought charges against Poeta until last month. Poeta pleaded guilty to a gambling charge and form filing a fraudulent tax return. 

heather-maguire-571439-unsplash-copy-300x208Effective betting control acts and legislation involve a lot of moving parts within the sporting business, IRS, and in the judicial system. These acts call upon players, judiciary, and most importantly the general public. They require the active participation of all these key players in order to make betting safe and profitable to all involved parties. As a result, it is important for legislation to clearly highlight what qualifies as a legal bet and what does not.

Traditional Gambling or Online Gambling

Over the past few years, online gambling has grown out of the shadows to dominate over traditional gambling. This skyrocketing trend of online betting is largely attributed to technological advancements that allow young gamblers to place their bets from virtually anywhere in the world. An example is the futuristic stock market-like platforms that are fueled by massive networks of internet devices ranging from microchips to smart devices that crunch real-time data and present it to the potential gambler.

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