Long Island, NY – Cory Zeidman, a professional poker player, pleaded guilty to federal charges related to a nationwide sports betting fraud scheme. The 63-year-old, who was arrested in 2021, admitted to his involvement in the $25 million operation, which spanned over 16 years. Zeidman entered his guilty plea in a federal court in Long Island, New York, the United States Attorney’s Office for the Eastern District of New York confirmed on Wednesday.
According to court documents, Zeidman helped orchestrate an organization that used national radio ads to attract bettors from New York and Florida. The ads promised insider information on player injuries and supposedly “fixed” matches, luring clients into paying exorbitant fees for betting advice. However, the so-called insider information was either fabricated or based on publicly available data. Despite this, the organization claimed it could guarantee winning bets on both college and professional sports.
The operation accumulated $25 million in fees from clients over the years. Zeidman and his associates used fake names and deceptive sales tactics to convince bettors of the legitimacy of their services. As a result, Zeidman now faces charges of conspiring to commit mail and wire fraud. The plea carries a potential maximum sentence of 20 years in prison, in addition to restitution of about $3.6 million.
Zeidman, who resides in Florida, has made $690,146 in career earnings as a professional poker player, according to CBS Sports. The rise of sports betting in the U.S., especially following the 2018 Supreme Court ruling that allowed states to legalize the practice, has led to an increase in related fraud schemes. Sports betting has now become a multi-billion-dollar industry.
