FBI raid on books targets layoff bets

Ed Koch and Greg Tuttle

Friday, April 28, 2000 | 11:09 a.m.

A raid of Las Vegas casino sports books by federal agents this week may have targeted a gambler who apparently has laid off bets locally for illegal bookmakers for as long as a quarter of a century, industry sources say.

A layoff bet occurs when bookmakers receive heavy wagers on one side then go to another bookmaker to lay off action on the other side so as not to suffer heavy losses if the team with the heavy action covers or beats the point spread.

One industry source, who asked for anonymity, said the sphere of the case could grow to include whether payoffs were made to sports book employees to look the other way while large amounts were wagered.

The FBI in Las Vegas today would not comment on the case.

"It's a pending investigation and we can't comment on specifics at this time," Special Agent Joseph Dickey said. The names of the sports books that were raided were not released.

An industry source, who asked that their name not be printed, said that the gambler apparently used "runners" to help place the bets and that those people also were caught up in the raid where records and contents of casino safety deposit boxes issued to gamblers apparently were seized.

The Nevada Legislature passed a law that went into effect in July outlawing the use of runners to place wagers at legal sports books for gamblers.

Las Vegas attorney Rick Wright said today that speculation that the gambler in question is his client, noted local golf course developer and high-stakes professional sports bettor Billy Walters, is false.

"Based on the calls I have received from people seeking my services, this is a case involving alleged layoff bets for illegal bookmakers," Wright said.