Professional poker player Cory Zeidman pleaded guilty to federal charges related to a year-long sports betting scheme, authorities announced Wednesday.
Zeidman, 63, was arrested in connection with the $25 million scheme in 2021. He pleaded guilty in federal court in Long Island, New York, said the U.S. Attorney’s Office, Eastern District of New York, in a press release.
The poker player helped run an organization that ran national radio ads to entice bettors in New York and Florida to use their services for sports betting tips, according to court documents. Zeidman and his partners used false names and high-pressure sales tactics, and falsely led customers to believe that the organization had access to non-public information about things like player injuries and “fixed” matches. “. In reality, the information was false or based on public information, according to court documents.
Bettors were charged “exorbitant fees” for this information, according to court documents, and told it allowed them to bet on college and professional sports with little or no risk. For more than 16 years, Zeidman and his partners collected $25 million in fees, CBS Sports reported in 2021.
Zeidman pleaded guilty to conspiracy to commit mail and wire fraud. He faces a maximum sentence of 20 years in prison, as well as forfeiture and restitution of approximately $3.6 million, according to the U.S. Attorney’s Office.
Zeidman, who lives in Florida, has accumulated $690,146 in earnings as a professional poker player, CBS Sports reported.
Sports betting has exploded in recent years, since 2018 Supreme Court decision opened the door for states to legalize this activity. Since then, 39 states have done so. Americans have spent more than a quarter of a trillion dollars on sports betting, 60 minutes reported in June.
