$800K NCAA basketball pool has NJ man in trouble, report says
SAYREVILLE, N.J. - A New Jersey man is in trouble over his $800,000 NCAA March Madness basketball pool, reports CBS New York.
According to the station, John Bovery's pool, which he started 20 years ago, has drawn more than 8,000 entries from around the world. Bovery says high-profile people such as Tiger Woods' agent, PGA tour golfers, and TV sportscasters whom he would not name were part of it.
Bovery said the pool was all fun and games -- until detectives showed up at his home in Sayreville.
"(They said), 'Show us where the cash is; show us the bank slips,'" Bovery told the station.
He said the detectives flipped his mattress and searched every crevice, looking for cash.
Bovery said he recorded every exchange made as part of the pool and kept the bids in the bank. He also added that he did not charge an entry fee, but winners would often give him what he called "gifts," which amounted to thousands of dollars, reports the station.
New Jersey state law says taking any share of the entry fee is seen as engaging in illegal bookmaking activities, according to CBS New York.
"People started giving me gifts, and yes, they became substantial at times," Bovery said. "I really didn't think I was breaking the law."
Bovery is now reportedly facing charges of money laundering and promoting gambling.
He said he is trying to return the money to those who participated in the pool.
The Monmouth County Prosecutor's office refused to comment, because the case is ongoing. Bovery is due back in court in June.
According to the station, the FBI estimates that at least $2.5 billion is illegally wagered each year on March Madness. The NCAA says that's more than is bet on the Super Bowl.