Professional poker player pleads guilty to massive bettor fraud scheme
Professional poker player Cory Zeidman has pleaded guilty to federal charges in connection with a yearslong sports betting scheme, authorities said Wednesday.
Zeidman, 63, was arrested in connection with the $25 million scheme in 2021. He pled guilty in a federal court in Long Island, New York, the United State's 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 lure bettors in New York and Florida to use their services for sports betting advice, according to court documents. Zeidman and his partners used fake names and high-pressure sales tactics, and falsely led clients to believe the organization had access to non-public information about things like player injuries and "fixed" matches. In reality, the information was fake or based on public information, according to court documents.
The bettors were charged "exorbitant fees" for the information, according to court documents, and told that it allowed them to gamble on college and professional sports with little to no risk. Over more than 16 years, Zeidman and his partners collected $25 million in fees, CBS Sports reported in 2021.
Zeidman pleaded guilty to conspiring 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 United States Attorney's Office.
Zeidman, who lives in Florida, has amassed $690,146 in career earnings as a professional poker player, CBS Sports reported.
Sports betting has surged in recent years, since a 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 of a trillion dollars on sports betting, 60 Minutes reported in June.
