Updated July 09, 2020 11:32:09
- Charles Barkley on his gambling getting out of control and why his friends called him an idiotWant to see more? SUBSCRIBE to watch the latest interviews: htt.
- Days of Our Lives spoilers reveal that Philip Kiriakis (Jay Kenneth Johnson) squandered his entire fortune. He put everything on the line and gambled, then lost it all. His gambling debts left him desperate, so he made a deal with Ava Vitali's (Tamara Braun) family. The mobsters are now demanding repayment, which is why Philip is involved in money laundering.
For almost four years, Gavin Fineff kept his secret from his closest friends, family and even his wife.
When I got back to my city I went right back to the casino and started Gambling more all week, I had lost another 4-5000$ and when I went into work my manager saw I was distraught, she asked what's wrong and I opened up to her. She and I went to the casino that day and banned myself for 5 years. Self ban until year 2020. First of all stop thinking what has happened and more importantly stop gambling. Because their is no short cuts for success and it can lead to debt traps. If you want to repay that money then their are some ways to solve this problem.
Key points:
- A former financial planner lost $8 million of his own and other people's money betting on racing and sports
- Gavin Fineff says it took three and half years before TAB asked him for proof of his income
- After his betting account was frozen he says he was poached by two other online betting companies
On the surface, life seemed good for the 41-year-old senior financial planner and father of two from Sydney's north shore. He was making headlines in the financial press — helping cancer victims to secure trauma insurance payouts — and his professional skills were rated highly by his clients.
Three months ago, that life dramatically unravelled.
Mr Fineff confessed to family and friends that he'd lost a lot of money, much of it other people's.
The money wasn't lost on a deal gone wrong, a bad investment, or a plunge in the stock market — but to three of the big online betting agencies.
The total was more than $8 million.
He's now facing potential jail time.
'My life is destroyed. I had to tell my wife that there's a part of me that she had no idea about,' he says.
Mr Fineff takes responsibility for his actions, but the former financial planner feels he's not the only one to blame.
Amid a deep personal sense of shame, he's now determined to speak out against what he sees as the predatory practices of sports betting companies who he says took advantage of his addiction.
'I can't take away the pain that I have caused people around me at this time,' he says.
'But I'm going to do everything I can to make sure that other people don't go through this.'
It started in the pub. Then came the VIP treatment
Mr Fineff's gambling started in moderation.
'For the most part, it was just like anyone else — a couple of drinks with friends at the pub,' he says.
If you or anyone you know needs help:
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'I'd bet mostly on horse racing. When the option became online and on your mobile, I guess that's when it started to become serious.'
After opening an account with TAB, his gambling escalated. Before long, he was given 'VIP status' and assigned a personal customer service manager, who'd call him often and dish out special treatment.
'I was offered all sorts of things, events and experiences and bonus money to bet with. They had reward systems for more deposits.'
VIP customers are a key driver of betting industry profits and have been a source of concern in overseas jurisdictions. The UK's gambling regulator found one of the major betting agencies there took 83 per cent of all its deposits from VIPs, who make up just 2 per cent of its customers.
As Mr Fineff's betting behaviour changed from moderate to risky, he'd become an ideal target.
Do you know more?
Please fill out the ABC Investigations gambling story tips form, or text message the team via the WhatsApp or Signal mobile apps on 0418 347 462.The more he gambled, the more he lost and the harder he tried to win it back.
Rather than offering him support, his VIP manager would instead be on the phone offering bonus bets and tickets to sports events to keep him punting.
'It was seductive. Very soon after that, I was addicted, completely addicted,' he says.
'I know that through having now looked at my betting statements. The behaviour is nothing short of insane.'
ABC Investigations has viewed Mr Fineff's transaction history with TAB. In just one six-month period in 2017, he lost $1.5 million.
He says he was in the thrall of a serious addiction and lacked the insight to realise how dire his situation had become. He believes that mental state was compounded — even exploited — by the behaviour of the betting agency.
'At the time, I was never asked anything about my activity, or if it might be harmful or how I was funding that,' he says.
'In fact, I got more service, I got more contact [and] offered all sorts of things — events, dinners, lunches, rewards.'
Follow the money
Mr Fineff wasn't just gambling his own money.
The ABC understands the source of much of these funds and how they were obtained are now the subject of a NSW Police investigation.
If Mr Fineff is charged and convicted, he could face time in jail.
Tax statements seen by ABC Investigations show his annual income at the time was about $130,000. He says Tabcorp didn't ask him for any proof of funds until it was too late.
By the time Tabcorp finally wrote to Mr Fineff asking what his gross annual salary was in May 2018, he had lost $3.9 million with TAB.
AUSTRAC, the federal government agency set up to prevent and detect criminal abuse of the financial system, plays a regulatory role when it comes to proceeds of crime in the gambling industry.
Peter Soros, deputy CEO of regulatory strategy at AUSTRAC, says strict anti-money laundering and counter-terrorism financing laws apply to betting agencies. The remit of the laws are broad and include other types of crime such as fraud, tax evasion and embezzlement.
'Betting agencies, like our other businesses that we regulate, are required to consider financial crime risks with their businesses,' he says.
'They need to identify and monitor their customers. They need to report transaction information to us and, importantly, they need to report suspicious matters to us.'
To meet their obligations to AUSTRAC, betting agencies must comply with 'know your customer' provisions. That means they must properly check identification documents and have a program in place to deal with high-risk customers.
As part of that program, they need to be able to check the source of income of someone suddenly gambling heavily or making suspicious transactions.
Soros says if betting agencies don't do additional due diligence checks on high-risk customers, 'they do run the risk of not complying with our laws'.
In February 2017, as Mr Fineff's gambling with TAB was getting out of control, the company was hit with a record fine for failing to meet AUSTRAC requirements.
Tabcorp agreed to pay $45 million to settle a case involving suspicious betting transactions and a failure to comply with the legislation.
At the time, Tabcorp said it had 'made a significant investment in enhancing our compliance over the last three years'.
Background Briefing
The problem with winning
Listen to this investigation and more by subscribing to the Background Briefing podcast.
Justice Nye Perram found that Tabcorp failed to provide AUSTRAC reports about suspicious matters on time, or at all, on 105 occasions.
Mr Fineff wants to know whether TAB contacted AUSTRAC about his betting behaviour. He's staggered that given the size and frequency of his transactions, it took years for Tabcorp to ask for proof of income.
'From September 2016 to June 2018 there were 194 times where I deposited $10,000 or more from my NAB account into my TAB account,' he says. 'In the same period, there were 23 times where I made a withdrawal of more than $10,000 from my TAB account. Ten of these times were for amounts of $50,000.'
Tabcorp did not respond to questions from ABC Investigations about why it did not ask for proof of income earlier. The betting agency would not confirm whether it had contacted AUSTRAC about Mr Fineff, saying it was 'bound by privacy and confidentiality considerations'.
In a statement, Tabcorp said it was 'subject to a range of reporting and other obligations overseen by various regulators including AUSTRAC and complies with these obligations, as well as maintaining comprehensive compliance and AML/CTF programs'.
AUSTRAC said it could not respond to questions about any individual cases.
In the 18 months after Tabcorp was issued with the record-breaking fine, Mr Fineff gambled away more than $3 million with the company.
'If they had just done that one thing back in March 2017 that they were saying to the regulator and the public, my life would be very different,' he says.
In a panic that he was being investigated by Tabcorp, he avoided providing information about his salary.
A few weeks later, he was relieved to find his account had been frozen.
He thought his nightmare of spiralling losses was over.
An unknown caller
Mr Fineff was standing on a train platform a few weeks later when he got an unexpected call.
'It was a gentleman from Ladbrokes. He told me what they could do for me in terms of being a superior experience, that he can do things that TAB couldn't. And he offered thousands of dollars [in bonus bets] to try them out.'
Mr Fineff asked him how he got his number.
'I didn't know this person. I was a bit surprised to get the contact,' he says.
'He said that he [previously] worked at TAB where I was a customer before.'
Mr Fineff felt nervous. He says he disclosed that his TAB account had been frozen, and he was worried that he was being investigated. The Ladbrokes employee came up with a plan to ease his anxiety.
'He said that wouldn't be a problem at all and went on to say that he could set up the account for me. He set up the account in a different name and without me providing identification.'
Mr Fineff was a long-time Canterbury Bulldogs fan, and he and his new account manager settled on the name Gavin Lamb — after Terry Lamb — one of the club's favourite sons.
Soros from AUSTRAC would not comment on Mr Fineff's case, but he said identification checks were critical to upholding the law.
'Betting agencies are required to know their customer and undertake the appropriate identity-checking processes to ensure that the customers who they're dealing with are who they say they are,' he says.
'Any reporting entity who doesn't follow the obligations of the act runs the risk of being taken to court by AUSTRAC, or having other sanctions put in place by AUSTRAC.'
Mr Fineff says he never read or signed up to Ladbrokes' terms and conditions. He lost close to $700,000 with Ladbrokes in the 20 months after the account was opened. He says he was never asked for identification or proof of income.
ABC Investigations sent Ladbrokes a list of questions outlining Mr Fineff's allegations and seeking clarification as to whether it was complying with its AUSTRAC obligations.
Ladbrokes' response was: 'No comment.'
Third betting company lures in Mr Fineff
A few months after he was contacted by Ladbrokes, Mr Fineff received yet another surprise call from a different betting agency.
'I was coming back from taking the kids to the park. I was walking through the garage, past my letterbox and I received a call and I stopped,' he says.
'I remember that I did not move from in front of that letterbox and within the space of 45 minutes I had an account opened and $50,000 [in free bonus bets] in my account and had lost it all.'
Mr Fineff alleges he was once again not asked for identification and did not sign up to any terms and conditions.
Over the next 16 months, he says he lost about $3.6 million with BetEasy. He says much of his frenetic betting activity was driven by the free bonus bets on offer.
'In the first three months they gave me $1 million of bonus money to bet with. I lost the same amount. They were basically matching all my deposits and just giving me whatever I wanted,' he says.
'In total, it was about $3 million of bonus bets from BetEasy.'
Gambling: Tell us your story
ABC Investigations wants your help to find out more about what happens behind the scenes of Australia's gambling industry; to hear from people who have worked inside the industry and those who have lost money. Fill out our tips form here.
He says BetEasy never asked him for proof of income, and it only checked for identification in the last two months of his gambling with it.
In a statement, BetEasy said: 'BetEasy takes seriously its regulatory and responsible gambling obligations and employs significant resources to ensure they are met.'
Mr Fineff alleges two former employees from Tabcorp took his contact details with them when they went to work for BetEasy and Ladbrokes, in order to entice him to open new betting accounts.
ABC Investigations asked Tabcorp whether this occurred and if this was general practice within the industry.
In a statement, Tabcorp said: 'Tabcorp employees are subject to strict obligations with regard to customer information and confidentiality. These obligations extend beyond an employee's employment with us.
'Employees are reminded of this on departure and any potential breach is taken very seriously.'
Problem gamblers 'traded like property'
A former industry insider has told ABC Investigations this practice of sharing and poaching phone numbers is common practice.
Lauren Levin from Financial Counselling Australia says she's also aware of this tactic.
'It seems to be something that happens in the gambling industry where there's a trade in these really profitable losing gamblers,' she says.
'They are traded like property. It's just unbelievable.'
Neither BetEasy nor Ladbrokes would comment as to whether they knew Mr Fineff's account had been closed at TAB because of his inability to show proof of income.
He believes he was deliberately targeted.
'What I can be certain of is that they knew that I was a problem gambler, that I was a person that had irrational activity, that I was a losing customer and therefore a winning one for them,' says Mr Fineff.
'How else would they have decided to contact me?'
Paying the price
Australia does not have a highly regulated sports betting industry compared to countries like the UK, France or Sweden.
There is no national gambling regulator, but the Northern Territory Racing Commission has become the main regulator for sports betting almost by default after 20 betting agencies set up shop in Darwin for tax purposes.
Website: blackjackmarket.com. Address: 12643 Sherman Way, North Hollywood, CA 91605. Cross Streets: Near the intersection of Sherman Way and Bellaire Ave. Blackjack Market. Grocery Store in North Hollywood. 12643 Sherman Way # G, North Hollywood, CA. Call (818) 759-7818 Get directions WhatsApp (818) 759-7818 Message (818) 759-7818 Contact Us Find Table Make Appointment Place Order View Menu. Blackjack Market. Add to Favorites. 12643 Sherman Way Ste G North Hollywood, CA 91605. Map & Directions. Grocery Stores, Supermarkets &. 35 reviews of Blackjack Market 'It was challenging circumstances- on our way to a 4th of July pool party, we had to pick up something to grill. With no time, I was looking for pre-marinated meat that would be easy and taste good with whatever random side dishes we were to encounter. After failed attempts at other larger supermarkets due to lack of our target or insanely long lines, we gave.
Levin says this has not been good for problem gamblers.
'The online betting market operates without a moral compass, and without fear of any of the regulators. It's like the wild west,' she says.
In her 10 years working at Financial Counselling Australia, Lauren Levin thought she had seen it all when it came to what corporate bookmakers would do to target losing punters.
But even she is shocked by Mr Fineff's case.
In bet365, the winners are called 'problem customers'
Inside information from one of the world's biggest sports betting companies reveals the secret techniques to stop punters winning.
'This behaviour is absolutely, absolutely reprehensible. It's unethical', she says.
'It's against the spirit and the letter of the NT code of responsible gambling that someone can be excluded from one company because they've got a problem and someone who knows that then goes to another company and sets them up and gives them a pile of free credits to get them gambling.'
The NT Racing Commission said it had not received any complaints from Mr Fineff about Ladbrokes or BetEasy.
Levin says it is time the Federal Government sets up a national gambling regulator.
'We need a national regulator with the power to make the companies comply with the anti-money laundering legislation and also to make the companies do their bit to prevent gambling harm. It's not in anyone's interest to have so much gambling, with so much harm,' she says.
She says in other countries, national regulators make sure betting agencies can't profit from the proceeds of crime.
'In the UK they can force betting companies to pay back the proceeds of crime. That's why their system is so much better than what we've got, because here the regulator is not doing it and the courts are certainly not doing it.'
Mr Fineff would like to see this sort of change, even though it may be too late for him.
'I look at my kids and know that their upbringing from now is not going to be the same. I know that my wife's life is not going to be the same. And for others and it's got to stop. It has to stop.'
'I'm speaking out because I've come to the realisation that whilst I'm responsible for what happened, I don't think I'm the only person to blame.'
Mr Fineff has undergone intensive counselling and hopes he can find a way to repay all the people caught up in his gambling addiction.
'I feel it when I wake up in the night. I feel it when I wake up in the morning. And all I want to do is make amends for it. I hope that I get the opportunity to do that. There's no part of me that can see me ever getting peace unless I can alleviate their pain.
'I'm taking accountability for this. I'm doing my best to do that. And they [sports betting agencies] are not and they have to. They have to answer to their negligence in the same way that I'm answering to my actions.'
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Topics:hospitality, gambling, sports-organisations, sydney-2000, nsw, australia
First posted July 09, 2020 05:25:04
Many gamblers strive just to win meager profits. But a small percentage of players have actually managed to become rich through gambling.
The biggest winners often have the perfect mix of talent, fearlessness, and bankroll management. Unfortunately, some big winners are lacking in the latter category.
These same players have won and lost fortunes due to their inability to handle money and/or walk away. The following 7 gamblers serve as cautionary tales for knowing when to quit.
1 – Stu Ungar
Stu Ungar is best known for winning three WSOP Main Event titles. He took down this prestigious tournament in 1980, 1981, and 1997. The latter title earned him the nickname 'The Comeback Kid.'
However, Ungar was proficient in more than just poker. He first became a professional gambler through gin rummy.
After standing out in the New York gin rummy scene, Ungar travelled to Las Vegas in search of action. He dominated the competition so badly that nobody would play him anymore.
Ungar was also extremely good at blackjack. He was so good, in fact, that he could count a six-deck shoe and know what the final card was.
While Ungar was excellent at various forms of gambling, he did poorly with sports betting. He also developed a bad cocaine habit that would fester throughout the years.
The combination of sports betting and coke led to Ungar losing everything he made on the gambling tables. But he still experienced a shining moment after winning the 1997 WSOP Main Event.
Ungar split the $1 million prize with his backer, Billy Baxter. Sadly, he blew his $500,000 share on drugs and sports gambling.
Just a few months later, he died in a seedy motel of a heart attack. The heart attack was the result of years' of cocaine usage.
2 – Erick Lindgren
Erick Lindgren was one of the biggest beneficiaries of the poker boom (2003-2006). He won multiple WSOP gold bracelets and World Poker Tour titles at the height of poker mania.
'E-Dog' also landed a sponsorship deal with Full Tilt Poker that paid him $300,000 per month. Lindgren used his wealth to bet on sports and fantasy sports.
The latter caused his sports gambling problem to surface in 2012. Fellow gamblers began complaining that Lindgren failed to cover a $100,000 buy-in into a private fantasy league.
Soon, others came forward with stories about the two-time WSOP champ owing them money. He eventually declared bankruptcy after realizing that he had no chance to cover some $12 million worth of debt.
He owed $3.8 million in back taxes to the IRS. Lindgren also owed fellow gamblers, including poker pro Andy Bloch, an estimated $6.1 million.
He's since gone into gambling rehab multiple times and continues to play poker. But Lindgren will never be able to pay all the people whom he owes money. Of course, bankruptcy court probably took care of most of this debt for him.
3 – Terrance Watanabe
Unlike many other gamblers on this list, Terrance Watanabe has never been a professional. Instead, he's a whale who formerly ran Oriental Trading Co.
Watanabe took over the family business in 1977 and helped it become a prominent brand. The Japanese-American businessman sold his stake in Oriental Trading in 2000 and retired a wealthy man.
He set out to be a great philanthropist in his retirement. However, he spent far more time in Vegas casinos.
Watanabe was the biggest fish in the casino and would play everything from keno to slot machines. He lost big playing these games and others.
Of course, Vegas was more than willing to offer him generous comps. Caesars, for example, created a special 'Chairman' VIP level just for Watanabe.
The CEO would proceed to lose over $200 million through gambling alone. He eventually sued Caesars Entertainment in an effort to avoid paying up on a $14 million debt. The two sides settled out of court.
4 – Ryazan
'Ryazan' became one of the most-famous daily fantasy sports (DFS) pros in the mid-2000s. He won a fortune through football and other games in 2015.
Feeling good about his skills, Ryazan began challenging other noted pros like Martin 'Papagates' Crowley and Saahil Sud to matches.
In fact, he used credit cards to fund his initial bankroll. Ryazan spent much of his 2015 fortune and used credit cards to reload his account.
The result was mounting credit card interest and a diminishing bankroll. His career took a downswing in 2016 that left him unable to cover the massive taxes on his 2015 earnings.
5 – Charles Wells
Charles Wells is similar to Terrance Watanabe in that he didn't become famous for being a professional gambler. In fact, he was a conman long before his gambling ventures came to light in the 1890s.
The Englishman funded his initial gambling bankroll via a phony musical jump rope. He duped investors into giving him a collective £4,000.
He Lost It All Gambling Losses
As part of that program, they need to be able to check the source of income of someone suddenly gambling heavily or making suspicious transactions.
Soros says if betting agencies don't do additional due diligence checks on high-risk customers, 'they do run the risk of not complying with our laws'.
In February 2017, as Mr Fineff's gambling with TAB was getting out of control, the company was hit with a record fine for failing to meet AUSTRAC requirements.
Tabcorp agreed to pay $45 million to settle a case involving suspicious betting transactions and a failure to comply with the legislation.
At the time, Tabcorp said it had 'made a significant investment in enhancing our compliance over the last three years'.
Background Briefing
The problem with winning
Listen to this investigation and more by subscribing to the Background Briefing podcast.
Justice Nye Perram found that Tabcorp failed to provide AUSTRAC reports about suspicious matters on time, or at all, on 105 occasions.
Mr Fineff wants to know whether TAB contacted AUSTRAC about his betting behaviour. He's staggered that given the size and frequency of his transactions, it took years for Tabcorp to ask for proof of income.
'From September 2016 to June 2018 there were 194 times where I deposited $10,000 or more from my NAB account into my TAB account,' he says. 'In the same period, there were 23 times where I made a withdrawal of more than $10,000 from my TAB account. Ten of these times were for amounts of $50,000.'
Tabcorp did not respond to questions from ABC Investigations about why it did not ask for proof of income earlier. The betting agency would not confirm whether it had contacted AUSTRAC about Mr Fineff, saying it was 'bound by privacy and confidentiality considerations'.
In a statement, Tabcorp said it was 'subject to a range of reporting and other obligations overseen by various regulators including AUSTRAC and complies with these obligations, as well as maintaining comprehensive compliance and AML/CTF programs'.
AUSTRAC said it could not respond to questions about any individual cases.
In the 18 months after Tabcorp was issued with the record-breaking fine, Mr Fineff gambled away more than $3 million with the company.
'If they had just done that one thing back in March 2017 that they were saying to the regulator and the public, my life would be very different,' he says.
In a panic that he was being investigated by Tabcorp, he avoided providing information about his salary.
A few weeks later, he was relieved to find his account had been frozen.
He thought his nightmare of spiralling losses was over.
An unknown caller
Mr Fineff was standing on a train platform a few weeks later when he got an unexpected call.
'It was a gentleman from Ladbrokes. He told me what they could do for me in terms of being a superior experience, that he can do things that TAB couldn't. And he offered thousands of dollars [in bonus bets] to try them out.'
Mr Fineff asked him how he got his number.
'I didn't know this person. I was a bit surprised to get the contact,' he says.
'He said that he [previously] worked at TAB where I was a customer before.'
Mr Fineff felt nervous. He says he disclosed that his TAB account had been frozen, and he was worried that he was being investigated. The Ladbrokes employee came up with a plan to ease his anxiety.
'He said that wouldn't be a problem at all and went on to say that he could set up the account for me. He set up the account in a different name and without me providing identification.'
Mr Fineff was a long-time Canterbury Bulldogs fan, and he and his new account manager settled on the name Gavin Lamb — after Terry Lamb — one of the club's favourite sons.
Soros from AUSTRAC would not comment on Mr Fineff's case, but he said identification checks were critical to upholding the law.
'Betting agencies are required to know their customer and undertake the appropriate identity-checking processes to ensure that the customers who they're dealing with are who they say they are,' he says.
'Any reporting entity who doesn't follow the obligations of the act runs the risk of being taken to court by AUSTRAC, or having other sanctions put in place by AUSTRAC.'
Mr Fineff says he never read or signed up to Ladbrokes' terms and conditions. He lost close to $700,000 with Ladbrokes in the 20 months after the account was opened. He says he was never asked for identification or proof of income.
ABC Investigations sent Ladbrokes a list of questions outlining Mr Fineff's allegations and seeking clarification as to whether it was complying with its AUSTRAC obligations.
Ladbrokes' response was: 'No comment.'
Third betting company lures in Mr Fineff
A few months after he was contacted by Ladbrokes, Mr Fineff received yet another surprise call from a different betting agency.
'I was coming back from taking the kids to the park. I was walking through the garage, past my letterbox and I received a call and I stopped,' he says.
'I remember that I did not move from in front of that letterbox and within the space of 45 minutes I had an account opened and $50,000 [in free bonus bets] in my account and had lost it all.'
Mr Fineff alleges he was once again not asked for identification and did not sign up to any terms and conditions.
Over the next 16 months, he says he lost about $3.6 million with BetEasy. He says much of his frenetic betting activity was driven by the free bonus bets on offer.
'In the first three months they gave me $1 million of bonus money to bet with. I lost the same amount. They were basically matching all my deposits and just giving me whatever I wanted,' he says.
'In total, it was about $3 million of bonus bets from BetEasy.'
Gambling: Tell us your story
ABC Investigations wants your help to find out more about what happens behind the scenes of Australia's gambling industry; to hear from people who have worked inside the industry and those who have lost money. Fill out our tips form here.
He says BetEasy never asked him for proof of income, and it only checked for identification in the last two months of his gambling with it.
In a statement, BetEasy said: 'BetEasy takes seriously its regulatory and responsible gambling obligations and employs significant resources to ensure they are met.'
Mr Fineff alleges two former employees from Tabcorp took his contact details with them when they went to work for BetEasy and Ladbrokes, in order to entice him to open new betting accounts.
ABC Investigations asked Tabcorp whether this occurred and if this was general practice within the industry.
In a statement, Tabcorp said: 'Tabcorp employees are subject to strict obligations with regard to customer information and confidentiality. These obligations extend beyond an employee's employment with us.
'Employees are reminded of this on departure and any potential breach is taken very seriously.'
Problem gamblers 'traded like property'
A former industry insider has told ABC Investigations this practice of sharing and poaching phone numbers is common practice.
Lauren Levin from Financial Counselling Australia says she's also aware of this tactic.
'It seems to be something that happens in the gambling industry where there's a trade in these really profitable losing gamblers,' she says.
'They are traded like property. It's just unbelievable.'
Neither BetEasy nor Ladbrokes would comment as to whether they knew Mr Fineff's account had been closed at TAB because of his inability to show proof of income.
He believes he was deliberately targeted.
'What I can be certain of is that they knew that I was a problem gambler, that I was a person that had irrational activity, that I was a losing customer and therefore a winning one for them,' says Mr Fineff.
'How else would they have decided to contact me?'
Paying the price
Australia does not have a highly regulated sports betting industry compared to countries like the UK, France or Sweden.
There is no national gambling regulator, but the Northern Territory Racing Commission has become the main regulator for sports betting almost by default after 20 betting agencies set up shop in Darwin for tax purposes.
Website: blackjackmarket.com. Address: 12643 Sherman Way, North Hollywood, CA 91605. Cross Streets: Near the intersection of Sherman Way and Bellaire Ave. Blackjack Market. Grocery Store in North Hollywood. 12643 Sherman Way # G, North Hollywood, CA. Call (818) 759-7818 Get directions WhatsApp (818) 759-7818 Message (818) 759-7818 Contact Us Find Table Make Appointment Place Order View Menu. Blackjack Market. Add to Favorites. 12643 Sherman Way Ste G North Hollywood, CA 91605. Map & Directions. Grocery Stores, Supermarkets &. 35 reviews of Blackjack Market 'It was challenging circumstances- on our way to a 4th of July pool party, we had to pick up something to grill. With no time, I was looking for pre-marinated meat that would be easy and taste good with whatever random side dishes we were to encounter. After failed attempts at other larger supermarkets due to lack of our target or insanely long lines, we gave.
Levin says this has not been good for problem gamblers.
'The online betting market operates without a moral compass, and without fear of any of the regulators. It's like the wild west,' she says.
In her 10 years working at Financial Counselling Australia, Lauren Levin thought she had seen it all when it came to what corporate bookmakers would do to target losing punters.
But even she is shocked by Mr Fineff's case.
In bet365, the winners are called 'problem customers'
Inside information from one of the world's biggest sports betting companies reveals the secret techniques to stop punters winning.
'This behaviour is absolutely, absolutely reprehensible. It's unethical', she says.
'It's against the spirit and the letter of the NT code of responsible gambling that someone can be excluded from one company because they've got a problem and someone who knows that then goes to another company and sets them up and gives them a pile of free credits to get them gambling.'
The NT Racing Commission said it had not received any complaints from Mr Fineff about Ladbrokes or BetEasy.
Levin says it is time the Federal Government sets up a national gambling regulator.
'We need a national regulator with the power to make the companies comply with the anti-money laundering legislation and also to make the companies do their bit to prevent gambling harm. It's not in anyone's interest to have so much gambling, with so much harm,' she says.
She says in other countries, national regulators make sure betting agencies can't profit from the proceeds of crime.
'In the UK they can force betting companies to pay back the proceeds of crime. That's why their system is so much better than what we've got, because here the regulator is not doing it and the courts are certainly not doing it.'
Mr Fineff would like to see this sort of change, even though it may be too late for him.
'I look at my kids and know that their upbringing from now is not going to be the same. I know that my wife's life is not going to be the same. And for others and it's got to stop. It has to stop.'
'I'm speaking out because I've come to the realisation that whilst I'm responsible for what happened, I don't think I'm the only person to blame.'
Mr Fineff has undergone intensive counselling and hopes he can find a way to repay all the people caught up in his gambling addiction.
'I feel it when I wake up in the night. I feel it when I wake up in the morning. And all I want to do is make amends for it. I hope that I get the opportunity to do that. There's no part of me that can see me ever getting peace unless I can alleviate their pain.
'I'm taking accountability for this. I'm doing my best to do that. And they [sports betting agencies] are not and they have to. They have to answer to their negligence in the same way that I'm answering to my actions.'
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Topics:hospitality, gambling, sports-organisations, sydney-2000, nsw, australia
First posted July 09, 2020 05:25:04
Many gamblers strive just to win meager profits. But a small percentage of players have actually managed to become rich through gambling.
The biggest winners often have the perfect mix of talent, fearlessness, and bankroll management. Unfortunately, some big winners are lacking in the latter category.
These same players have won and lost fortunes due to their inability to handle money and/or walk away. The following 7 gamblers serve as cautionary tales for knowing when to quit.
1 – Stu Ungar
Stu Ungar is best known for winning three WSOP Main Event titles. He took down this prestigious tournament in 1980, 1981, and 1997. The latter title earned him the nickname 'The Comeback Kid.'
However, Ungar was proficient in more than just poker. He first became a professional gambler through gin rummy.
After standing out in the New York gin rummy scene, Ungar travelled to Las Vegas in search of action. He dominated the competition so badly that nobody would play him anymore.
Ungar was also extremely good at blackjack. He was so good, in fact, that he could count a six-deck shoe and know what the final card was.
While Ungar was excellent at various forms of gambling, he did poorly with sports betting. He also developed a bad cocaine habit that would fester throughout the years.
The combination of sports betting and coke led to Ungar losing everything he made on the gambling tables. But he still experienced a shining moment after winning the 1997 WSOP Main Event.
Ungar split the $1 million prize with his backer, Billy Baxter. Sadly, he blew his $500,000 share on drugs and sports gambling.
Just a few months later, he died in a seedy motel of a heart attack. The heart attack was the result of years' of cocaine usage.
2 – Erick Lindgren
Erick Lindgren was one of the biggest beneficiaries of the poker boom (2003-2006). He won multiple WSOP gold bracelets and World Poker Tour titles at the height of poker mania.
'E-Dog' also landed a sponsorship deal with Full Tilt Poker that paid him $300,000 per month. Lindgren used his wealth to bet on sports and fantasy sports.
The latter caused his sports gambling problem to surface in 2012. Fellow gamblers began complaining that Lindgren failed to cover a $100,000 buy-in into a private fantasy league.
Soon, others came forward with stories about the two-time WSOP champ owing them money. He eventually declared bankruptcy after realizing that he had no chance to cover some $12 million worth of debt.
He owed $3.8 million in back taxes to the IRS. Lindgren also owed fellow gamblers, including poker pro Andy Bloch, an estimated $6.1 million.
He's since gone into gambling rehab multiple times and continues to play poker. But Lindgren will never be able to pay all the people whom he owes money. Of course, bankruptcy court probably took care of most of this debt for him.
3 – Terrance Watanabe
Unlike many other gamblers on this list, Terrance Watanabe has never been a professional. Instead, he's a whale who formerly ran Oriental Trading Co.
Watanabe took over the family business in 1977 and helped it become a prominent brand. The Japanese-American businessman sold his stake in Oriental Trading in 2000 and retired a wealthy man.
He set out to be a great philanthropist in his retirement. However, he spent far more time in Vegas casinos.
Watanabe was the biggest fish in the casino and would play everything from keno to slot machines. He lost big playing these games and others.
Of course, Vegas was more than willing to offer him generous comps. Caesars, for example, created a special 'Chairman' VIP level just for Watanabe.
The CEO would proceed to lose over $200 million through gambling alone. He eventually sued Caesars Entertainment in an effort to avoid paying up on a $14 million debt. The two sides settled out of court.
4 – Ryazan
'Ryazan' became one of the most-famous daily fantasy sports (DFS) pros in the mid-2000s. He won a fortune through football and other games in 2015.
Feeling good about his skills, Ryazan began challenging other noted pros like Martin 'Papagates' Crowley and Saahil Sud to matches.
In fact, he used credit cards to fund his initial bankroll. Ryazan spent much of his 2015 fortune and used credit cards to reload his account.
The result was mounting credit card interest and a diminishing bankroll. His career took a downswing in 2016 that left him unable to cover the massive taxes on his 2015 earnings.
5 – Charles Wells
Charles Wells is similar to Terrance Watanabe in that he didn't become famous for being a professional gambler. In fact, he was a conman long before his gambling ventures came to light in the 1890s.
The Englishman funded his initial gambling bankroll via a phony musical jump rope. He duped investors into giving him a collective £4,000.
He Lost It All Gambling Losses
Wells took the money and headed to Monte Carlo. Here, he played roulette using the Martingale system and got lucky enough to break the bank (win every chip at a table) multiple times. By the time the trip was over, Wells had earned 1 million francs.
He went back to Monte Carlo shortly after the first big win. He did even better this time, breaking the bank 17 times.
Wells became a celebrity upon returning to Britain. He even toyed with the press that he had a secret roulette strategy.
This notion was just another con. Wells simply got lucky while using an aggressive betting strategy.
The luck would finally run out when he returned to Monte Carlo for a third time. He lost everything and returned to Britain penniless. Charity poker lansing michigan.
As if this wasn't bad enough, Wells was also arrested for fraud. He spent the rest of his life in and out of prison.
6 – Harry Findlay
A professional sports bettor, Harry Findlay has won millions of pounds through different sports and horse racing. He's also become a celebrity in the UK due to his outspoken ways.
Findlay started drinking his own Kool-Aid in 2007. He placed a £2.5 million bet on New Zealand beating France in the Rugby World Cup.
Findlay was so sure of a win that he held a big party at the stadium. His huge bet looked like it would pay off when New Zealand led 13-3 at halftime.
Despite the big lead, Findlay hedged with a relatively small bet on France making a comeback. This wager promised to pay £600,000 if the French pulled off the miracle.
They indeed did so and dealt Findlay a massive lost. He at least salvaged £600k thanks to his halftime hedge.
This was just the beginning as Findlay continued to lose more bets over the years. He also poured money into saving Coventry Stadium's greyhound racing program only to get burned.
Findlay is now worth far less than he used to be. He's still a successful horse bettor but not to the same extend as previously.
7 – Archie Karas
No story beats Archie Karas' fall from gambling grace. He managed to pull off the greatest gambling run in history only to lose everything.
Karas' tale began in Los Angeles where he was down to his last $50. Rather than saving up money to reload, he headed to Las Vegas in 1992.
Once here, he borrowed $10,000 from a friend and won enough to build a decent bankroll. Karas proceeded to win millions of dollars through a combination of pool and poker.
By the time he was worth $17 million, nobody would play Karas in pool or poker. He resorted to playing high-stakes craps at Binion's Gambling hall.
He Lost It All Gambling Winnings
In 1995, Karas switched to baccarat and lost $11 million. He returned to the craps tables only to lose an additional $18 million.
Following a brief visit back to his native country of Greece, Karas began playing baccarat, craps, and poker in Vegas. All three propelled his losses until he was left with nothing.
Karas has since gone on other large runs only to lose the money. He was arrested in 2013 for marking cards at a San Diego casino.
Conclusion
All the gamblers on this list have had to think ‘what if' when reflecting back on their careers. Each of these players was up big at some point and lost everything.
Ungar is arguably the best all-around gambler ever. But sports betting and cocaine proved to be powerful addictions that he couldn't overcome.
Erick Lindgren once appeared set for life thanks to his poker winnings and Full Tilt sponsorship. But like Ungar, he couldn't resist betting big on sports — much to his detriment.
Terrance Watanabe built Oriental Trading into a well-known international company. He cashed out in 2000 only to lose over $200 million of his fortune to Vegas casinos.
Ryazan was one of the earliest success stories in DFS. However, his good fortune took a downturn when mounting credit card debt and bad bankroll management caused him to go broke.
Charles Wells was a nineteenth century conman who got extremely lucky playing roulette. He pushed his luck too many times and lost everything.
Harry Findlay won millions of pounds through sports gambling. But big bets and a failed bid to help UK greyhound racing cost him his fortune.
Finally, Archie Karas won $40 million after starting with just $50. He couldn't quit at the top, though, and ended up losing the entire amount.
You may never win as big as any of these gamblers. But if you do, heed their stories so that you can quit with some of your profits.
