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Wall street sports betting

The money flow globally on sports betting is enormous. It's well into the billions and billions; plural. For a game like the Super Bowl, globally you're probably talking about billion dollar handles. When you think about that through the course of the entire year, it's a lot more than that.

So it's not a bettor versus the bookie or the book, it's a bettor versus the marketplace and that's a very similar concept to what we see on Wall Street. It's not you against the house when you're trying to pick a rising stock. It's you and your valuation against the market valuation.

So you could compare picking winning teams to picking winning stocks? I'm a day trader. I'm a day trader and my market is sports betting. The vast majority of wagers that I'm going to make are decided in a relatively short time frame. Of course, one big difference on Wall Street is you can take a small loss. They were both there to watch a leg of the Royal Ascot, one of the most important horse-racing events in the UK.

But they spent much of their time discussing the resemblance between brokers and bookies. The two must have made for quite a contrast. Garrood is a genteel Englishman with an upper-crust accent. The street-smart Cantor exec, then head of the company's European brokerage operation, was deemed coarse and uncouth by London standards. He was the target of a harassment suit by a former employee, and the British tabloids dubbed him the Brooklyn Bruiser.

But they were both excited by the idea of a Cantor-backed sports-betting enterprise. The ubiquity of gambling in the UK was an eye-opener for Amaitis. There are legal betting shops on nearly every corner, and having a punt on a footy match—a wager on a soccer game—is as common as having a pint at the pub. Garrood knew enough about gambling to tell Amaitis that it had a great deal of overlap with the sort of work he did trading derivatives for Japan's Sanwa Bank.

The two chewed over the idea with their meal. By March , he was on the Cantor payroll. Garrood was tasked with gathering the data and creating software that could calculate the in-running odds for an online sports-wagering operation. He developed the algorithms, and an IT team turned them into code. In , the UK site Cantor Spreadfair was launched.

It was a peer-to-peer sports gambling site, allowing users to set their own bets, which would be taken by other players or by Cantor. The site allowed for spread betting, a volatile form of gambling in which the payoffs are based on how closely you predict the final point difference between two teams. They also set up a site called Cantor Index for "financial fixed odds"—allowing people to bet on the moment-to-moment changes in the stock market—as well as financial spread betting.

Such activities are illegal in the US but not in the UK. Although Cantor's UK gaming scheme was a moderate success, Amaitis viewed it as a proof of concept. He used it to pitch Vegas casinos on the prospect of allowing him to lease their sports books and introduce in-running to American gamblers. Discussions went on for a year and a half, but I knew I wanted to bring Cantor to M. Amaitis also presented his UK setup to the Nevada Gaming Control Board as evidence that the wireless component of his master plan was sound and secure.

We always blocked them. As the ink dried on the deal, Garrood had about 10 months to create the algorithms for a computer system that could establish airtight betting lines and calculate odds on the fly. Inefficiencies, he knew, would be rooted out by bettors and cost Cantor dearly. Working out of a skyscraper in the Canary Wharf business district of London, Garrood found that he was able to port some elements of Cantor's British betting site into the nascent Midas, but he would need all-new information on which to base his algorithms.

After all, Americans wouldn't want to bet on rugby or cricket. This was the first time many in Vegas noticed the fledgling Cantor operation; LVSC had been the city's oddsmaker of choice since , and now Cantor owned its vast library of research and stats. Garrood worked with a staff of two to build its algorithms, find patterns, and categorize the data.

If the Patriots are playing the Colts, and the Patriots want to go for it on fourth and two from their own yard line with two minutes left in the fourth quarter, people think it's ridiculous. It doesn't happen that often, but it does happen"—and it did happen when the teams faced off last November. And you can put a price on it. In a town where most sports books still rely on back-of-the-envelope calculations and teams of guys in low tech war rooms, Garrood's mathematics give Cantor a level of comfort in its odds and point spreads that other Vegas bookmaking operations simply can't match.

He also learned some things in the course of Midas' creation that go against the conventional wisdom among Vegas bookies and bettors. For example, when a star player is injured, a casino will sometimes move the line on a game by a point or two. But decades of stats tell Garrood that a star—who, let's face it, will be replaced by another high- caliber professional athlete—is usually worth a negligible amount in the spread.

So is the belief that a team like the Miami Dolphins can't win when they play in cold climates. These are the sorts of misconceptions that can help Cantor make money. If you're being given 2-to-1 odds that the Dolphins will make a first down in Green Bay, and you have 30 seconds in which to decide whether that is a worthwhile bet, you will be basing your decision on what happened over the past couple of plays—a woefully unreliable sample—or on a widely held belief that a team from the sunny South will fare poorly in the frigid North.

You'll be betting with your gut; Cantor bets with Midas. Spend enough time at the M Resort sports book and you will hear gamblers talking about Midas in hushed, reverent tones. Invariably, they gesture toward a locked wooden door at the front of the room, where they imagine the supercomputer resides.

Listen to them for a few minutes and you get the sense that Midas is a sort of bookie HAL , chomping on cigars, dicing numbers, and dictating point spreads from a jewel-encrusted silicon throne. In reality, Midas is , lines of code, a piece of predictive software that largely resides in a nondescript office building about 14 miles north of the M. It was here that the final step of Midas' development was overseen by Cantor's CTO, Sunny Tara, who has since left to form his own software company.

Prior to joining Cantor Gaming, the diminutive engineer had been the senior director of enterprise architecture and services at Harrah's Entertainment, the largest gaming company in the world. At Cantor, he and his team of about 15 took the statistical matrices Garrood created and made them into a fully functional piece of enterprise software.

Dressed in jeans and a light blue button-down shirt, dark hair combed neatly, Tara speaks with the patient earnestness of a comp-sci professor addressing undergrads. He makes it sound so simple. But it was a logistical nightmare. The code had to accommodate apples and oranges. But we were able to leverage what Andrew already had in England and what Cantor already had for its financial markets. The heart of the operation exists inside a 2,square-foot back room that I was not allowed to enter, where there are racks of servers and a handful of Panasonic flatscreens on the wall being monitored by a control-room staff.

It's connected to the M Resort and other Cantor facilities by a dedicated megabit Ethernet circuit. Though the score is tied at this moment, Midas believes that the Braves are a favorite to win. Then the pitch comes in—an mph changeup— and Hinske blasts it out of the park for a home run. Midas finds out about this a split second after the spectators at Turner Field.

Cantor commissions several data processing services to send live game info directly to its control room; whichever feed arrives first is the one that Midas takes. It absorbs the new developments and correlates them with similar events that have happened in the past.

The money line dips to minus It all happens in seconds, and Midas may well be crunching the numbers for other games, in other sports, at the same time. After the day's games are over, Cantor programmers scour the stats for mistakes or new correlations that could make Midas stronger for the next day's matchups. Amaitis acknowledges that Midas still misses some factors. Not yet, anyway. Mike Colbert , Cantor Gaming's year-old sports book director, has been around gambling all of his adult life.

He's taken bets at Caesars Palace on the Strip and at a dilapidated joint called the Plaza. That was before I had the computer. I know how Midas was created, and I trust the numbers it generates. Still, just because Cantor Gaming is reasonably confident in the forecasts it gets from Midas doesn't mean it's not exposed to potential losses. If betting is too lopsided—say, if everyone in the M bets that a field goal attempt will be successful and no one bets against it—then Cantor doesn't take in enough losing bets to pay the winners.

Like all bookies, Colbert adjusts odds and point spreads in an effort to balance the wagers he takes, making sure there's plenty of money riding on both potential outcomes of a game. But sometimes, when the circumstances are right and an edge seems to be there, Cantor Gaming isn't above taking a speculative position the same way that firms on Wall Street do.

Such was the case with the Super Bowl. Before the playoffs were even over, Midas determined that the Indianapolis Colts were at minus 2 to win it all, meaning they were a two-point favorite over the opposition. But Colbert guessed that the other sports books in town would make the Colts a four-point favorite or better. If he posted the line that Midas told him to post, it was certain to bring in a lot of bets on the favored Colts.

But Cantor would have no advantage. So when Colbert opened his line, he had Indianapolis at minus 3, knowing that this point spread would still draw wagers from savvy bettors while giving him one point of leeway over the outcome that Midas actually predicted. A single point might not seem like much, but from a statistician's point of view, it's a fairly healthy cushion. Serious professional sports bettors went nuts for the M Resort's line on the Super Bowl.

When the point spreads from rival casinos appeared, they were even more extreme than Colbert anticipated—they had the Colts at minus 5. Colbert moved the Cantor line to 4 and eventually to 4. Again, not because he thought it was the right number but because he could still attract all the Colts action he wanted while giving himself a statistical cushion. Later Krackomberger cursed himself for not betting more at minus 3. Meyer grabbed one of the M Resort's wireless tablets and, over the course of the game, placed other bets in the comfort of the casino's cocktail lounge.

Midas had actually predicted that the Colts wouldn't do that well, and they ended up doing far worse—they lost by Which means that Cantor cleaned up. However, that big win has done nothing to discourage sharp bettors from trying to beat Cantor. And Krackomberger says a friend of his wrote a computer program that was designed to outthink Midas on in-running wagers at baseball.

He just couldn't win. Cantor Gaming's short-term strategy is clear: Move into more Vegas casinos and attract more gamblers to its sports books. But ultimately, the company is thinking beyond casinos, beyond Vegas, and beyond sports betting. Someday soon, Amaitis hopes, Cantor will take bets on just about anything that a price can be attached to, and it will take them from just about anywhere in Nevada.

For starters, Amaitis wants to take advantage of Nevada mobile-gaming laws to allow anyone in the state with a smartphone or Internet connection to make in-running bets with Cantor. The next step after that is "event wagering," giving odds on anything with an uncertain outcome. We can build algorithms to make lines on everything.

Cantor Fitzgerald actually tried to dip a toe into these waters a few years ago with a separate division called Cantor Exchange. Its first market was going to be Hollywood futures, allowing people to trade on movie box-office results. The exchange's launch was torpedoed earlier this year by objections from the Motion Picture Association of America, but Amaitis says it might return in some other form.

Cantor Gaming is also laying the groundwork to allow gamblers at its sports books to wager on movements within the stock market, just like the Cantor Index in the UK.

MIDDLE PARK STAKES BETTING ON SPORTS

The Resolution Oof. After an epic drive, Vikings kicker Ryan Longwell completes a yard field goal. The Play Minnesota has the ball on its own 18 and is again making risky pass attempts. The Resolution Big risk, big reward! The Play The Vikings have only 79 seconds to go 64 yards if they want to take the lead. The Resolution A yard touchdown pass from Favre with 40 seconds to go. Translation: Ka-ching! Cantor's latest innovation is the Midas algorithm, which is constantly being refined and fed reams of new statistical data.

Even with Midas, however, sporting events are too volatile for Cantor to always end up on the right side of all the wagers it takes. But that's OK: The point isn't to nail the outcome of every contest; that's a sucker's game. There's only one sure thing in sports gambling: the standard commission, known as the vigorish, that casinos charge when they take bets.

When your wins are effectively balancing out your losses, the vigorish starts to add up. In this light, Cantor's business model begins to look more like E-Trade than a conventional sports book. Cantor will make that money by taking far more bets than are made at present, enough that the vigorish will dwarf the income other casinos now make with their smaller and safer sports books.

Which would you rather have? Vegas has never seen this level of technological firepower, but Amaitis insists that it's just the beginning. He likens the Midas program's abilities to Wall Street's first foray into computerization nearly 40 years ago, before people realized how the increased speed of trading opened up many exciting—or frightening, depending on your point of view—new investment opportunities.

This year, Cantor was accepting bets on the outcome of NFL games months before the season started. But Amaitis wishes he could take more granular bets before kickoff. After all, more opportunities to bet means more commissions for Cantor. He dreams of being able to offer programmed sports betting that will allow gamblers to put in bid orders, just as you would with an electronic stock purchase.

Before the game begins, you'll be able to set your account so that a bet will automatically be placed if, for example, a team is ever a six-point underdog. You'd also be able to set it up to place a bet on the other side, say, if that number drops from six to four. Once your bids are in, you won't even have to watch the game. The ideas that led to Midas were born almost 15 years ago, over a lavish dinner at Cliveden House, an elegant manor outside London. Amaitis was supping with Andrew Garrood, a mathematician turned derivatives trader he'd just met in a private suite at the Ascot Racecourse.

They were both there to watch a leg of the Royal Ascot, one of the most important horse-racing events in the UK. But they spent much of their time discussing the resemblance between brokers and bookies. The two must have made for quite a contrast.

Garrood is a genteel Englishman with an upper-crust accent. The street-smart Cantor exec, then head of the company's European brokerage operation, was deemed coarse and uncouth by London standards. He was the target of a harassment suit by a former employee, and the British tabloids dubbed him the Brooklyn Bruiser. But they were both excited by the idea of a Cantor-backed sports-betting enterprise.

The ubiquity of gambling in the UK was an eye-opener for Amaitis. There are legal betting shops on nearly every corner, and having a punt on a footy match—a wager on a soccer game—is as common as having a pint at the pub. Garrood knew enough about gambling to tell Amaitis that it had a great deal of overlap with the sort of work he did trading derivatives for Japan's Sanwa Bank. The two chewed over the idea with their meal. By March , he was on the Cantor payroll. Garrood was tasked with gathering the data and creating software that could calculate the in-running odds for an online sports-wagering operation.

He developed the algorithms, and an IT team turned them into code. In , the UK site Cantor Spreadfair was launched. It was a peer-to-peer sports gambling site, allowing users to set their own bets, which would be taken by other players or by Cantor. The site allowed for spread betting, a volatile form of gambling in which the payoffs are based on how closely you predict the final point difference between two teams.

They also set up a site called Cantor Index for "financial fixed odds"—allowing people to bet on the moment-to-moment changes in the stock market—as well as financial spread betting. Such activities are illegal in the US but not in the UK. Although Cantor's UK gaming scheme was a moderate success, Amaitis viewed it as a proof of concept. He used it to pitch Vegas casinos on the prospect of allowing him to lease their sports books and introduce in-running to American gamblers.

Discussions went on for a year and a half, but I knew I wanted to bring Cantor to M. Amaitis also presented his UK setup to the Nevada Gaming Control Board as evidence that the wireless component of his master plan was sound and secure. We always blocked them. As the ink dried on the deal, Garrood had about 10 months to create the algorithms for a computer system that could establish airtight betting lines and calculate odds on the fly.

Inefficiencies, he knew, would be rooted out by bettors and cost Cantor dearly. Working out of a skyscraper in the Canary Wharf business district of London, Garrood found that he was able to port some elements of Cantor's British betting site into the nascent Midas, but he would need all-new information on which to base his algorithms.

After all, Americans wouldn't want to bet on rugby or cricket. This was the first time many in Vegas noticed the fledgling Cantor operation; LVSC had been the city's oddsmaker of choice since , and now Cantor owned its vast library of research and stats. Garrood worked with a staff of two to build its algorithms, find patterns, and categorize the data. If the Patriots are playing the Colts, and the Patriots want to go for it on fourth and two from their own yard line with two minutes left in the fourth quarter, people think it's ridiculous.

It doesn't happen that often, but it does happen"—and it did happen when the teams faced off last November. And you can put a price on it. In a town where most sports books still rely on back-of-the-envelope calculations and teams of guys in low tech war rooms, Garrood's mathematics give Cantor a level of comfort in its odds and point spreads that other Vegas bookmaking operations simply can't match. He also learned some things in the course of Midas' creation that go against the conventional wisdom among Vegas bookies and bettors.

For example, when a star player is injured, a casino will sometimes move the line on a game by a point or two. But decades of stats tell Garrood that a star—who, let's face it, will be replaced by another high- caliber professional athlete—is usually worth a negligible amount in the spread. So is the belief that a team like the Miami Dolphins can't win when they play in cold climates.

These are the sorts of misconceptions that can help Cantor make money. If you're being given 2-to-1 odds that the Dolphins will make a first down in Green Bay, and you have 30 seconds in which to decide whether that is a worthwhile bet, you will be basing your decision on what happened over the past couple of plays—a woefully unreliable sample—or on a widely held belief that a team from the sunny South will fare poorly in the frigid North.

You'll be betting with your gut; Cantor bets with Midas. Spend enough time at the M Resort sports book and you will hear gamblers talking about Midas in hushed, reverent tones. Invariably, they gesture toward a locked wooden door at the front of the room, where they imagine the supercomputer resides.

Listen to them for a few minutes and you get the sense that Midas is a sort of bookie HAL , chomping on cigars, dicing numbers, and dictating point spreads from a jewel-encrusted silicon throne. In reality, Midas is , lines of code, a piece of predictive software that largely resides in a nondescript office building about 14 miles north of the M. It was here that the final step of Midas' development was overseen by Cantor's CTO, Sunny Tara, who has since left to form his own software company.

Prior to joining Cantor Gaming, the diminutive engineer had been the senior director of enterprise architecture and services at Harrah's Entertainment, the largest gaming company in the world. At Cantor, he and his team of about 15 took the statistical matrices Garrood created and made them into a fully functional piece of enterprise software. Dressed in jeans and a light blue button-down shirt, dark hair combed neatly, Tara speaks with the patient earnestness of a comp-sci professor addressing undergrads.

He makes it sound so simple. But it was a logistical nightmare. The code had to accommodate apples and oranges. But we were able to leverage what Andrew already had in England and what Cantor already had for its financial markets.

The heart of the operation exists inside a 2,square-foot back room that I was not allowed to enter, where there are racks of servers and a handful of Panasonic flatscreens on the wall being monitored by a control-room staff. It's connected to the M Resort and other Cantor facilities by a dedicated megabit Ethernet circuit.

Though the score is tied at this moment, Midas believes that the Braves are a favorite to win. Then the pitch comes in—an mph changeup— and Hinske blasts it out of the park for a home run. Midas finds out about this a split second after the spectators at Turner Field. Cantor commissions several data processing services to send live game info directly to its control room; whichever feed arrives first is the one that Midas takes.

It absorbs the new developments and correlates them with similar events that have happened in the past. The money line dips to minus It all happens in seconds, and Midas may well be crunching the numbers for other games, in other sports, at the same time.

After the day's games are over, Cantor programmers scour the stats for mistakes or new correlations that could make Midas stronger for the next day's matchups. Amaitis acknowledges that Midas still misses some factors. Not yet, anyway. Mike Colbert , Cantor Gaming's year-old sports book director, has been around gambling all of his adult life.

He's taken bets at Caesars Palace on the Strip and at a dilapidated joint called the Plaza. That was before I had the computer. I know how Midas was created, and I trust the numbers it generates. Still, just because Cantor Gaming is reasonably confident in the forecasts it gets from Midas doesn't mean it's not exposed to potential losses. If betting is too lopsided—say, if everyone in the M bets that a field goal attempt will be successful and no one bets against it—then Cantor doesn't take in enough losing bets to pay the winners.

Like all bookies, Colbert adjusts odds and point spreads in an effort to balance the wagers he takes, making sure there's plenty of money riding on both potential outcomes of a game. But sometimes, when the circumstances are right and an edge seems to be there, Cantor Gaming isn't above taking a speculative position the same way that firms on Wall Street do.

Such was the case with the Super Bowl. Before the playoffs were even over, Midas determined that the Indianapolis Colts were at minus 2 to win it all, meaning they were a two-point favorite over the opposition. While Mr.

Portnoy has been a considerable influence on Mr. Moore, Seth Serrano was tipped off by someone close to him: his brother. Stocks have replaced sports as their main topic of conversation. They keep one eye on market movements, and fire text messages back and forth. Serrano, 39, who lives in Edison, N. Serrano said as he scrolled through his portfolio, reviewing holdings that included Ford Motor, some pharmaceutical shares and a somewhat obscure E.

He also has a stake in a business he knows well: DraftKings, the gambling service he formerly used. The company went public in April, and Mr. Serrano figured its shares would spike once games restarted. The last time Americans showed any serious appetite for stock-market speculation was the tech-stock frenzy of the late s. Since then, investors have embraced safer options, like set-it-and-forget-it index funds based on the premise that trying to beat the market is a waste of time.

That started to change in earnest last year when a brokerage price war kicked into high gear. Robinhood, fueled by hundreds of millions of dollars in venture capital, had long been offering commission-free online trades. Its established competitors were forced to lower their prices until finally, in October, the giant brokerages — Charles Schwab, TD Ameritrade, E-Trade, Fidelity and Vanguard — started eliminating fees, too. When share prices plummeted in the pandemic, would-be investors rushed in.

Schwab set a record, too, with , — including , in March alone. E-Trade had , new accounts, more than double the same period last year and another record. And in early May, Robinhood said it had added more than three million accounts this year. There has been a surge in small investors using option trades to make pure win-or-lose bets on where stock prices will be at a specific time, said Matt Maley, chief market strategist at Miller Tabak, an asset management firm. Jonny Tran, a lawyer in Fort Collins, Colo.

Tran, 31, who had tried to scratch his gambling itch with games overseas, putting money on South Korean baseball and Russian table tennis. Tran made out just fine, thanks to put options on Snapchat and the overall index. But the sharp pullback got his attention, and he thinks he might cool it with the bets for a while. As of Friday he was out of the market. Tran said. The bettors stress that they play the market as entertainment.

Ошибаетесь. Предлагаю betting shop fraudsters jailed athletes как

Amaitis views casino sports books as underdeveloped resources. Vegas casinos have traditionally regarded sports betting as an amenity for guests rather than as a serious opportunity for profit. Casino executives neglect sports books because taking bets on athletic events seems like a risky proposition. They like guests to play craps, slots, and baccarat, games in which a favorable outcome for the house is all but guaranteed. From the point of view of casino owners, the result of a sporting event is incredibly uncertain, and they have no control over it.

Experienced sports bettors, known as smart-money gamblers, can win far more steadily than someone playing roulette or pai gow poker. And a major upset can require a huge payout. For all these reasons, many casinos have decided that it's best to minimize their risks by posting odds that stay in line with those of the other casinos in town, keeping betting limits low, and discouraging wagers by expert gamblers.

We do trades all day with Goldman, Deutsche, Citibank. You think those guys are stupid? Amaitis' scrappiness and his willingness to use technology to open untapped markets fit right in with the ethos of Cantor Fitzgerald. It is, after all, the firm that in became the first to do fully electronic US bond market trades with customers. The swagger even survived September 11, , when its New York headquarters on floors through of One World Trade Center was destroyed.

More than two-thirds of its New York staff perished, and the company's primary data center was decimated. But a skeleton crew of Cantor staffers was able to get back online and resume trading just 48 hours after the attack. You win. The Action A pass seems likely. Not a bad time to bet big on a turnover.

The Resolution The Vikings don't turn over the ball, but they do end the drive with a punt. The Resolution Oof. After an epic drive, Vikings kicker Ryan Longwell completes a yard field goal. The Play Minnesota has the ball on its own 18 and is again making risky pass attempts. The Resolution Big risk, big reward!

The Play The Vikings have only 79 seconds to go 64 yards if they want to take the lead. The Resolution A yard touchdown pass from Favre with 40 seconds to go. Translation: Ka-ching! Cantor's latest innovation is the Midas algorithm, which is constantly being refined and fed reams of new statistical data. Even with Midas, however, sporting events are too volatile for Cantor to always end up on the right side of all the wagers it takes.

But that's OK: The point isn't to nail the outcome of every contest; that's a sucker's game. There's only one sure thing in sports gambling: the standard commission, known as the vigorish, that casinos charge when they take bets. When your wins are effectively balancing out your losses, the vigorish starts to add up. In this light, Cantor's business model begins to look more like E-Trade than a conventional sports book. Cantor will make that money by taking far more bets than are made at present, enough that the vigorish will dwarf the income other casinos now make with their smaller and safer sports books.

Which would you rather have? Vegas has never seen this level of technological firepower, but Amaitis insists that it's just the beginning. He likens the Midas program's abilities to Wall Street's first foray into computerization nearly 40 years ago, before people realized how the increased speed of trading opened up many exciting—or frightening, depending on your point of view—new investment opportunities. This year, Cantor was accepting bets on the outcome of NFL games months before the season started.

But Amaitis wishes he could take more granular bets before kickoff. After all, more opportunities to bet means more commissions for Cantor. He dreams of being able to offer programmed sports betting that will allow gamblers to put in bid orders, just as you would with an electronic stock purchase.

Before the game begins, you'll be able to set your account so that a bet will automatically be placed if, for example, a team is ever a six-point underdog. You'd also be able to set it up to place a bet on the other side, say, if that number drops from six to four. Once your bids are in, you won't even have to watch the game.

The ideas that led to Midas were born almost 15 years ago, over a lavish dinner at Cliveden House, an elegant manor outside London. Amaitis was supping with Andrew Garrood, a mathematician turned derivatives trader he'd just met in a private suite at the Ascot Racecourse. They were both there to watch a leg of the Royal Ascot, one of the most important horse-racing events in the UK.

But they spent much of their time discussing the resemblance between brokers and bookies. The two must have made for quite a contrast. Garrood is a genteel Englishman with an upper-crust accent. The street-smart Cantor exec, then head of the company's European brokerage operation, was deemed coarse and uncouth by London standards.

He was the target of a harassment suit by a former employee, and the British tabloids dubbed him the Brooklyn Bruiser. But they were both excited by the idea of a Cantor-backed sports-betting enterprise. The ubiquity of gambling in the UK was an eye-opener for Amaitis. There are legal betting shops on nearly every corner, and having a punt on a footy match—a wager on a soccer game—is as common as having a pint at the pub.

Garrood knew enough about gambling to tell Amaitis that it had a great deal of overlap with the sort of work he did trading derivatives for Japan's Sanwa Bank. The two chewed over the idea with their meal. By March , he was on the Cantor payroll.

Garrood was tasked with gathering the data and creating software that could calculate the in-running odds for an online sports-wagering operation. He developed the algorithms, and an IT team turned them into code. In , the UK site Cantor Spreadfair was launched. It was a peer-to-peer sports gambling site, allowing users to set their own bets, which would be taken by other players or by Cantor. The site allowed for spread betting, a volatile form of gambling in which the payoffs are based on how closely you predict the final point difference between two teams.

They also set up a site called Cantor Index for "financial fixed odds"—allowing people to bet on the moment-to-moment changes in the stock market—as well as financial spread betting. Such activities are illegal in the US but not in the UK. Although Cantor's UK gaming scheme was a moderate success, Amaitis viewed it as a proof of concept. He used it to pitch Vegas casinos on the prospect of allowing him to lease their sports books and introduce in-running to American gamblers.

Discussions went on for a year and a half, but I knew I wanted to bring Cantor to M. Amaitis also presented his UK setup to the Nevada Gaming Control Board as evidence that the wireless component of his master plan was sound and secure. We always blocked them.

As the ink dried on the deal, Garrood had about 10 months to create the algorithms for a computer system that could establish airtight betting lines and calculate odds on the fly. Inefficiencies, he knew, would be rooted out by bettors and cost Cantor dearly. Working out of a skyscraper in the Canary Wharf business district of London, Garrood found that he was able to port some elements of Cantor's British betting site into the nascent Midas, but he would need all-new information on which to base his algorithms.

After all, Americans wouldn't want to bet on rugby or cricket. This was the first time many in Vegas noticed the fledgling Cantor operation; LVSC had been the city's oddsmaker of choice since , and now Cantor owned its vast library of research and stats. Garrood worked with a staff of two to build its algorithms, find patterns, and categorize the data.

If the Patriots are playing the Colts, and the Patriots want to go for it on fourth and two from their own yard line with two minutes left in the fourth quarter, people think it's ridiculous. It doesn't happen that often, but it does happen"—and it did happen when the teams faced off last November. And you can put a price on it. In a town where most sports books still rely on back-of-the-envelope calculations and teams of guys in low tech war rooms, Garrood's mathematics give Cantor a level of comfort in its odds and point spreads that other Vegas bookmaking operations simply can't match.

He also learned some things in the course of Midas' creation that go against the conventional wisdom among Vegas bookies and bettors. For example, when a star player is injured, a casino will sometimes move the line on a game by a point or two. But decades of stats tell Garrood that a star—who, let's face it, will be replaced by another high- caliber professional athlete—is usually worth a negligible amount in the spread. So is the belief that a team like the Miami Dolphins can't win when they play in cold climates.

These are the sorts of misconceptions that can help Cantor make money. If you're being given 2-to-1 odds that the Dolphins will make a first down in Green Bay, and you have 30 seconds in which to decide whether that is a worthwhile bet, you will be basing your decision on what happened over the past couple of plays—a woefully unreliable sample—or on a widely held belief that a team from the sunny South will fare poorly in the frigid North. You'll be betting with your gut; Cantor bets with Midas.

Spend enough time at the M Resort sports book and you will hear gamblers talking about Midas in hushed, reverent tones. Invariably, they gesture toward a locked wooden door at the front of the room, where they imagine the supercomputer resides. Listen to them for a few minutes and you get the sense that Midas is a sort of bookie HAL , chomping on cigars, dicing numbers, and dictating point spreads from a jewel-encrusted silicon throne.

In reality, Midas is , lines of code, a piece of predictive software that largely resides in a nondescript office building about 14 miles north of the M. It was here that the final step of Midas' development was overseen by Cantor's CTO, Sunny Tara, who has since left to form his own software company. Prior to joining Cantor Gaming, the diminutive engineer had been the senior director of enterprise architecture and services at Harrah's Entertainment, the largest gaming company in the world.

At Cantor, he and his team of about 15 took the statistical matrices Garrood created and made them into a fully functional piece of enterprise software. Dressed in jeans and a light blue button-down shirt, dark hair combed neatly, Tara speaks with the patient earnestness of a comp-sci professor addressing undergrads. He makes it sound so simple. But it was a logistical nightmare. The code had to accommodate apples and oranges. But we were able to leverage what Andrew already had in England and what Cantor already had for its financial markets.

The heart of the operation exists inside a 2,square-foot back room that I was not allowed to enter, where there are racks of servers and a handful of Panasonic flatscreens on the wall being monitored by a control-room staff. It's connected to the M Resort and other Cantor facilities by a dedicated megabit Ethernet circuit.

Though the score is tied at this moment, Midas believes that the Braves are a favorite to win. The justices on strike down the law that federal had banned gambling in most regarding the country, suggesting it unconstitutionally forced states to keep up their prohibitions. Nevada is the only state with legal bet which is single-game. Sports gaming might start in a matter of weeks in gambling enterprises and racetracks in New Jersey, which instigated the fight that is legal repealing its gambling ban.

Mississippi and Pennsylvania and also New York, Delaware and West Virginia might follow soon, while the some of states might reach double digits by the end for the year. Stocks of casino providers and their suppliers leaped amazingly on the news. Scientific Games Corp. Casino gambling and investment both risk that is involve option. Although meanings of both gambling and investing can be viewed to be very similar they almost certainly are not.

Gamblers may have a specific interest in any casino games from slot machine games, black-jack, casino poker, and roulette to numerous others. With every game, gamblers should weigh the amount carefully of money they wish to devote.

The odds are an exact real way of assessing risk-capital vs. If chances are positive, the player is almost certainly going to win. When it comes to gambling and investment a key principle is to attenuate the risk while attempting to maximize profit that is potential. Market Summary. Get A Stock Quote Now!

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