Insights in Economics and Sports investigates and catalogs interesting events with regards to philosophy and economics.
Thursday, May 7, 2009
Sports Betting Scandal Update!
I just read the following article on ESPN, and I will summarize the main points for my lazy readers.
The article is alleging that former Toledo University football and basketball players were recruited into a point-shaving scheme by some local businessmen-turned-crooks. The amounts bet were interesting and I've listed them below.
The games involving Toledo
The indictment alleges Ghazi [Gary] Manni and Mitchell Karam used interstate telephone facilities to place bets knowing the games were fixed, including these Toledo basketball games: • 11/20/05: $42,000 vs. South Carolina • 11/27/05: $10,000 vs. SMU • 12/3/05: $10,000 vs. Northern Illinois • 12/17/05: $44,000 vs. St. Bonaventure • 12/21/05: $21,000 vs. East Carolina • 1/4/06: $10,000 vs. Kent State • 1/7/06: $15,000 vs. Akron • 1/15/06: $17,000 vs. Bowling Green • 1/18/06: $21,000 vs. Miami [Ohio] • 1/24/06: $40,000 vs. Northern Illinois • 2/1/06: $40,000 vs. Western Michigan • 2/4/06: $20,500 vs. Central Michigan • 2/7/06: $20,000 vs. Kent State • 2/18/06: $30,000 vs. Detroit Mercy • 11/20/06: $25,000 vs. Va. Commonwealth • 12/2/06: $21,000 vs. Vanderbilt • 12/19/06: $21,000 vs. Detroit Mercy
This is a good amount of money. I'd be very curious to know their winning percentage for that run of games . The article is interesting as much for what it mentioned as for what it didn't mention. It didn't mention how many of those bets they won. But they did bet on roughly 17 games, averaging around $30,000 per game. If they won 80% of their games, they would have made a profit of roughly $300,000. Thats a nice profit!
Its too bad the article doesn't go into details of games won or lost. But I think that if the players are trying to lose a game on purpose then that is definitely possible to win 80% of one's bets.