Cory Zeidman Pleads Guilty to Sports Betting Fraud Scheme
Former WSOP bracelet winner Cory Zeidman has admitted guilt in connection to a $25 million sports betting fraud scheme. The 64-year-old poker pro, who was once celebrated in the poker community, has now become a cautionary tale of deception and greed. His involvement in this large-scale operation exploited vulnerable individuals seeking insider tips on sporting events.
Details of the Fraud
Zeidman’s scheme, operational between 2004 and 2020, revolved around fraudulent claims of having “privileged” information on sports outcomes. These false promises, primarily advertised via radio commercials, lured victims by guaranteeing substantial returns on their investments. However, most of these so-called insider tips were fabricated or drawn from publicly available information.
Clients paid hefty fees under the impression that they were engaging in secure betting opportunities. Instead, they were systematically defrauded, with the operation generating millions of dollars for Zeidman and his associates.
The Investigation and Guilty Plea
In May 2022, Zeidman’s fraudulent activities came to light when he was arrested. Initially maintaining his innocence, he even quoted Friedrich Nietzsche, portraying himself as a victim of overzealous authorities. Despite his declarations of moral integrity, mounting evidence led him to plead guilty in October 2024 to charges of conspiracy and wire fraud.
The plea was entered in the United States District Court for the Eastern District of New York, marking a significant shift in his defense strategy. His legal team acknowledged the overwhelming evidence against him, leaving no viable alternative.
Sentencing and Fallout
While sentencing has yet to be finalized, Zeidman faces a potential 20-year prison term and restitution payments amounting to $3.6 million. His arrest and subsequent plea have not only tarnished his reputation in the poker world but also ended his career as a respected player. He has since refrained from participating in live tournaments, though reports suggest he continues to play in smaller cash games in Florida.
Zeidman’s case underscores the dangers of greed and deceit, even in a community as tight-knit as the poker world. His fall from grace serves as a reminder of the importance of ethical conduct both at and away from the tables.
For more updates on this case and other poker-related news, stay tuned to PokerNews.
FAQ
What is the best strategy to win in poker?
Folding pre flop is the best strategy against all types of players. You could make an exception when literally everyone is bad if you are good at setting traps with a wider range. But a tight aggressive play style with pre flop folds is always a solid strategy and is closer to a sure bet.15 Aug 2024
How to win against fish in poker?
By attempting to bluff them off of their hand you will simply lose much more money than you should have and also manage to tilt yourself even more! The correct and most profitable strategy versus the fish who doesn’t fold anything is to value bet the living crap out of them. And then value bet them some more!
How to consistently win at poker?
If the bad player is overly aggressive, you can adapt by playing tighter and waiting for them to make mistakes. Conversely, if they are passive, you can bluff more often. Use your position at the table to your advantage. Being last to act allows you to see how they play before making your decision.12 Nov 2020
What is the 7/2 rule in poker?
When looking online it appears the rules are: The 7-2 Game is a side game in cash games where everyone agrees to pay a player if they successfully bluff with, then show, 7-2 offsuit. If you actually make a hand with 7-2 offsuit and win at showdown or have a bluff called you don’t win.27 พ.ค. 2567
