Roxborough embraced the role of tearing down the negative cigar-chomping, fedora-wearing image associated with bookmaking as a suit and tie guy married to a Sunday school teacher. He published Sports Book Management: A Guide for the Legal Bookmaker which offered a glimpse into the complexity of running this kind of business. In fact, Roxborough has even pointed out the applicable comparisons between his industry and Wall Street. “(The most successful Wall Street traders are) guys who can arbitrage, who can buy and sell at a profit, immediately. That’s basically the way the game is here,” Roxborough told author Dan Moldea. There are a number of similarities between sports wagering and the financial markets. In fact, there are a few sports …show more content…
He has a long history as a financial derivatives trader and Cantor Gaming is one of the leading oddsmakers in Las Vegas. Cantor Gaming’s success in the casino industry is derived from their parent company, Cantor Fitzgerald, a high profile bond trading firm. In 2010 Cantor Gaming became the first Wall Street based company to bring their technology to the Nevada sportsbook industry. Andrew Garrood helped build their statistical algorithm based model, which is very similar to Wall Street trading technology. “Sports are predictable events. Dramatic as sports may be, you’ve seen everything before,” says Garrood. “Let’s say the Los Angeles Lakers are ahead by five points with three minutes left to go. You use historical analysis to figure out what each side of the outcome is worth.” In fact, economists from Goldman Sachs have used that same kind of data to produce detailed reports to make hypothetical betting odds on the last five World …show more content…
Whereas, federal authorities continue to pursue high level gambling cases, particularly offshore companies, because they’re easy busts with potentially large forfeitures. In contrast, law enforcement at the state and city level recognizes gambling as a low priority. This is part of a long term trend of declining gambling arrests that started in the late 1970s. The general consensus was that gambling was “less serious than prostitution and about on a par with after-hours liquor violations,” according to a study conducted among law enforcement officers from the 16 largest cities in America in 1978. There were 55,800 arrests illegal gambling in that same year, but by 1999 that figure had decreased to 10,400. The number of illegal sports gambling arrests are not specified, but the overall number of illegal gambling arrests annually has hovered steadily around 10,000 for over a