NCJ Number
52878
Date Published
1978
Length
74 pages
Annotation
A SUMMARY OF THE GENERAL HISTORY OF BOOKMAKING IS PRESENTED, FOLLOWED BY AN EXAMINATION OF BOOKMAKING OPERATIONS IN NEW YORK CITY SINCE 1970 AND THE CURRENT BOOKMAKING MARKET IN THAT CITY.
Abstract
UNTIL THE 1960'S, MOST OF THE BETTING HANDLED BY ILLEGAL BOOKMAKERS INVOLVED HORSE RACES; SINCE ABOUT 1970, MOST BETTING WITH BOOKMAKERS HAS BEEN ON SPORTS EVENTS. THE IMPACT THIS SHIFT HAS HAD ON THE BOOKMAKING BUSINESS IN GENERAL AND PARTICULARLY IN NEW YORK CITY IS DISCUSSED. THE FOLLOWING TOPICS ARE CONSIDERED: TERMINOLOGY, SIZE OF BETS, INFORMATION AND POINT SPREADS, LAY-OFF, PRICES, CREDIT, IDENTIFYING PARTICIPANTS, MOBILITY, ETHNICITY, AND PROFITS. THE SIZE OF THE BOOKMAKING MARKET, THE SIZE AND STABILITY OF OPERATIONS, ENTRY INTO THE MARKET, DISPUTE SETTLEMENT, AND CENTRALIZATION AND CONTROL OF THE MARKET ARE EXAMINED. THE MOST IMPORTANT ESTIMATE OF THE VOLUME OF ILLEGAL BETTING IN NEW YORK COMES FROM A SURVEY OF 2,500 ADULT NEW YORKERS CONDUCTED IN 1972. WHILE THIS SURVEY INDICATED THAT ALMOST 25 PERCENT OF THE CITY'S POPULATION HAD PLACED AT LEAST 2 HORSE BETS IN THE PREVIOUS YEAR, ONLY 4.5 PERCENT OF THE POPULATION WAS CLASSIFIED AS HEAVY BETTORS--THOSE BETTING MORE THAN $500 PER YEAR ON THE THREE MAJOR SPORTS (FOOTBALL, BASEBALL, AND BASKETBALL). THE SURVEY ESTIMATED THAT A TOTAL OF $428 MILLION WAS BET ON SPORTS WITH BOOKMAKERS IN 1972. IT IS CONCLUDED THAT BOOKMAKING IN NEW YORK IS NOT SUBJECT TO ANY CENTRAL DIRECTION OR CONTROL. THE SMALL MARKET SHARE OF EVEN THE LARGEST OPERATIONS ALONG WITH EASE OF ENTRY AND FINANCIAL INSTABILITY ARE BELIEVED TO BE INCONSISTENT WITH THE NOTION OF MONOPOLY OR CARTEL CONTROL. THE APPENDIXES CONTAIN DISCUSSIONS OF OFFTRACK BETTING AND LOANSHARKING IN NEW YORK. WHILE FOOTNOTES ARE INCLUDED, THERE IS NO BIBLIOGRAPHY. (RCB)