No man can be successful, unless he first loves his work.
David Sarnoff
19th October 2017  
 
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The Story

Cyrus Irani, the alleged ringleader behind an illegal online sports betting operation, has reached a plea deal with New York prosecutors.

 

Refresh my memory on what happened here.

Irani was among the 17 individuals who were arrested in 2015 in connection with a credit betting operation that handled wagers through the website 365action.com. The operation, according to authorities, had 2,000 customers in the U.S. and wagered a total of $32 million per year.

 

What charge is Irani facing?

Irani reportedly pleaded guilty to a criminal charge of enterprise corruption, a violation of New York’s Organized Crime Control Act.

 

He seemed to have prepared for trial.

He was. But he appeared in a New York court to enter his guilty plea. He is scheduled to be sentenced on October 26.

 

He’s going to be locked up for a long time, for sure.

The 39-year-old Irani could face up to 25 years in prison on the enterprise corruption charge, which can be applied to anyone who is employed by, participates in the criminal activity of, or intentionally acquires any interest or control of an enterprise conducting criminal activity. The complaint against Irani also stated that their operation engaged in money laundering.

 

Takeaway

Irani, being the ringleader of the operation, pays the higher price. His other co-accused saw their charges dropped or reduced to first-degree attempt to promote gambling. The buck, indeed, has stopped with Irani.

 
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Lotteries generated $18.2 billion in revenue for states in fiscal 2015, or 66% of total gambling revenue for states. Commercial casinos and “racinos” (casinos at race tracks) generated $8.7 billion for states, or 31% of gambling revenue.

 
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Churn Rate – measures how many customers you retain and at what value. To calculate churn rate, take the number of customers you lost during a certain time frame, and divide that by the total number of customers you had at the very beginning of that time frame.

 
 
 
 
 
 
 

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