Gaming regulators reject oddsmaker with ties to New York bookmaking
Thursday, May 8, 1997 | 11:59 a.m.
The three-member Nevada Gaming Control Board unanimously rejected the application for licensing as a key employee of Zacharie "Pittsburgh Jack" Franzi, who sets sports lines at the Gold Coast, Barbary Coast and The Orleans casinos.
The decision, if upheld by the Nevada Gaming Commission later this month,
will force the 69-year-old Franzi to retire as a casino oddsmaker.
"I personally don't believe Mr. Franzi should be part of this industry," said control board Chairman Bill Bible.
Franzi was a friend of convicted New York bookmaker Danny Kramer, whose so-called Kosher Boys betting ring stretched from upstate New York to the Caribbean with a satellite office in Las Vegas.
Kramer has pleaded guilty to bookmaking and fixing a harness race at Yonkers Raceway in New York. He was fined $2 million but is not facing any jail time for the operation that received its nickname for its policy of not placing bets during Jewish holidays.
Control board investigators believe that Franzi was the "money man" for Kramer's Las Vegas operation, placing wagers at local sports books and safeguarding money that some days totaled as much as $300,000.
New York prosecutors were unable to link Franzi to any criminal wrongdoing, and he was never charged in the case. He was required to apply for a state gaming license after investigators discovered he did not have one.
Control board investigators believe Franzi illegally placed wagers for Kramer's betting operation, offsetting potential losses at its East Coast betting rooms.
The practice - known as middling or balancing the books -is employed by licensed sports books and requires that an even amount of money be wagered on both teams in the same game.
The result: The bookmaker doesn't lose money on the game and makes its profit from the commission, or vigorish, charged on each bet.
Investigators believe Kramer was monitoring his operation's betting activity around the country, then offsetting potential losses by middling his bets in Las Vegas with Franzi's help.
Franzi, an 18-year Barbary Coast employee, said Wednesday that he never placed any bets for his friend of 10 years and was unaware of any wrongdoing by Kramer.
archive
- Most Read
- Discussed
- Most E-mailed
- Home prices cut in half in 12 valley ZIP codes over year
- CityCenter unveils Crystals high-end retail district
- M Resort notes improved business in recent months
- No. 24 UNLV gutsy in 74-72 victory at Arizona
- Vdara exec predicts strong sales
- Assistant coaches won’t have contracts renewed
- Freeze warning issued for LV
- Guilty plea a victory for ATF agents
- Congress races to restore benefits subsidy for laid-off workers
- Cheney’s time to be heard is over
Blogs
The Kats Report
From Eva Longoria Parker to a cluster of execs, crowd takes a shine to Crystals (1 Comment)
Elsewhere
Harry Reid's recipe for getting health-care deal done (6 Comments)
UNLV in at No. 11 in SI's college hoops power rankings (3 Comments)
Top Chef: Las Vegas
Top Chef Episode 13: A few good chefs
Gray Matter
Fight weekend in Las Vegas and Thanksgiving (2 Comments)
Politics: Ralston's Flash
Consultant who knocked off Tom Daschle would love for Lowden to knock off Reid (16 Comments)
Gibbons: Timeline shows lawmakers (especially Marcus Conklin) at fault in unemployment insurance fiasco (2 Comments)
Calendar »
- 4 Fri
- 5 Sat
- 6 Sun
- 7 Mon
- 8 Tue
-
Ray Price at Boulder Station
Boulder Station Hotel and Casino | 8 p.m. to 10 p.m.
-
Clay Walker at The Golden Nugget
Golden Nugget Hotel & Casino
-
Gloriana at LAX
LAX Nightclub | 10 p.m. to 11:59 p.m.
-
Brooks & Dunn at the Hilton
Las Vegas Hilton
-
Bill Engvall at the Treasure Island Theatre
Treasure Island Theatre
-
Ron White performs at the Mirage
Terry Fator Theatre
The Sun
Locally owned and independent for more than 50 years.
Technorati










