Professional poker player Corey Zedman has pleaded guilty to federal charges in connection with a years-long sports betting scheme, authorities said Wednesday.
Zeidman, 63, was arrested in 2021 in connection with the $25 million scheme. He pleaded guilty in a federal court in Long Island, New York, to the United States Attorney's Office, Eastern District of New York. said in a news release,
The poker player helped run an organization that placed national radio advertisements to entice bettors in New York and Florida to use his services for sports betting advice, According to court documentsZeidman and his associates used fake names and high-pressure sales tactics, and falsely led customers to believe that the organization had access to non-public information about things such as player injuries and “fixed” matches. According to court documents, the information was, in fact, fake or based on public information.
According to court documents, bettors were charged “exorbitant fees” for the information and were told it allowed them to gamble on college and professional sports without any risk. Over 16 years, Zeidman and his partners collected $25 million in fees, CBS Sports reports in 2021,
Zeidman pleaded guilty to conspiracy to commit mail and wire fraud. According to the United States Attorney's Office, he faces a maximum sentence of 20 years in prison, as well as approximately $3.6 million in forfeiture and restitution.
Zedman, who lives in Florida, has earned $690,146 in his career as a professional poker player, CBS Sports reports.
Sports betting has increased in recent years 2018 Supreme Court decision Opened the door for states to legalize the activity. Since then, 39 states have done so. Americans have spent more than a quarter trillion dollars on sports betting, 60 minute report In June.