Updated news on the Gambino, Genovese, Bonanno, Lucchese, and Colombo Organized Crime Families of New York City.

Monday, May 14, 2018

Supreme Court ruling deals blow to core business of New York mafia


http://static6.uk.businessinsider.com/image/5500eb7bdd0895f37d8b4644/the-mafia-is-thriving-on-italys-legalized-gambling-addiction.jpg
The mob’s gambling racket is about to sleep with the fishes.
The US Supreme Court’s sports-betting ruling dealt a losing hand to organized crime in the New York area, legal experts said Monday.
Gambling and loan-sharking have traditionally been the mob’s “bread and butter,” and the decision will “significantly reduce” its clientele, former federal prosecutor Thomas Seigel said.
“They will definitely lose a regular source of predictable income,” said Seigel, who ran the Organized Crime and Gangs Section of the Brooklyn US Attorney’ s Office.
Defense lawyer John Meringolo, who’s represented John “Junior” Gotti and reputed Philadelphia mob boss Joseph “Skinny Joey” Merlino, said legal sports betting “will have a detrimental effect on the mob and anyone who tries to make a living through this type of vice.”
“For what’s left of what they do, this would significantly hurt their bottom line, if not completely destroy it,” said Meringolo, also a Pace Law School professor.
“If there’s no gambling, there’s no core business.”
Seigel — who prosecuted crooked NBA referee Tim Donaghy on gambling charges — said he expected mobsters would come up with new scams, potentially involving crypto-currencies in an “analog to the penny stocks of the ’90s.”
“I wouldn’t fully count them out, because they are resilient, but it is definitely going to be a blow,” he said.

https://nypost.com/2018/05/14/mobsters-will-lose-core-business-thanks-to-legal-sports-betting-experts/


1 comment:

  1. A few quick thoughts; A, winnings taxed at who knows what percentage (vs 0% in the street) gamblers are greedy B, you must have the money upfront to wager (unlike a street bookmaker)why bet the $50 you have rather than the $500 a bookie credits you for the week, C Imagining if credit cards are allowed,(lord knows what the default rate would be), D street bookmakers can alter the odds slightly (or heavily) to keep customers. I'm sure it will hurt traditional OC, but not kill it.





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