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-   -   Big bet KO'd: Lottery nixes man's bid to buy 7 million tickets (http://www.majorwager.com/forums/mess-hall/131550-big-bet-kod-lottery-nixes-mans-bid-buy-7-million-tickets.html)

Louis Cypher 11-16-2003 04:39 AM

Big bet KO'd: Lottery nixes man's bid to buy 7 million tickets
 
BostonHerald.com

by Elisabeth J. Beardsley
Friday, November 14, 2003


A deep-pocketed mystery man from Chicago tried to bet an odds-skewing $7 million on the Mass Millions numbers game this week after Lottery officials opened the door by helping him buy 60,000 of the dollar tickets just last week.


Lottery officials furiously backpedaled yesterday, refusing to release the man's identity even as they admitted they have no idea where his cash came from - raising fears among lawmakers that a mobster or drug kinpin may be trying to launder money through the Lottery.

``I'm worried about where that kind of money comes from,'' said state Rep. George N. Peterson (R-Grafton). ``There aren't a lot of people who walk around with a cashier's check for $7 (million) to $10 million in their pockets.''

The Lottery eventually turned down the huge request and Lottery Director Joseph C. Sullivan, while admitting the $60,000 bet struck officials as ``unique,'' said Lottery policies do not require special actions for such a large bet.

``We financially, legally followed all procedures,'' Sullivan said. ``We're looking at whether or not we have to institute a policy.''

The trouble began last Thursday, when the mystery man walked into the Lottery's Braintree headquarters and asked to buy $60,000 worth of ``quick picks'' for that night's Mass Millions drawing, Lottery officials confirmed.

The man offered a $60,000 cashier's check, which Lottery officials verified was legitimate and promptly turned into 60,000 tickets - producing $6,000 worth of winners, sources say.

Lottery officials acknowledged that, over the ensuing six days, the man raised the specter of buying between 7 million and 10 million tickets for last night's drawing.

After laying the groundwork to accept the man's massive second wager in the wake of the first outlay, Sullivan said agency officials got cold feet and called off the bet.

Had the man been allowed to purchase 7 million tickets, he would have cornered half of the game's possible number combinations - boosting his chances of hitting the $38.9 million jackpot to 50-50, compared to the 1 in 14 million odds for a single-ticket player.

``The Lottery exists for all its players,'' Sullivan said. ``One player seeking to potentially buy a jackpot goes against the spirit of our mission.''

Sullivan refused to release the man's name or whether he has any financial backers, saying only, ``He wishes not to be identified.''

With staff discussions underway over what to do, the Lottery on Wednesday canceled an agent training session to free up a roomful of game terminals at Lottery headquarters, as a ``precautionary'' measure in case they needed to key in millions of tickets for the man, Sullivan said.

While trying to downplay the massive potential bet as a ``hypothetical,'' Sullivan defended his decision to make preparations for accepting the wager - which was called off Wednesday night.

``A request, no matter how unusual it may be, needs to be considered,'' Sullivan said.

In the end, Lottery officials said they gave the man a list of the state's 7,300 agents and told him to buy the tickets individually.

State lawmakers were flabbergasted that the agency would take $60,000 in one fell swoop at all - let alone mull a bet as high as $10 million.

Wall Street gets suspicious and conducts a thorough vetting when somebody tries to buy a huge number of stocks, said Peterson, a regular Lottery player.

Officials put the man through a ``thorough background check,'' which Sullivan defined as verifying the validity of his driver's license and cashier's check.

Treasurer Timothy P. Cahill said through a spokeswoman he agrees with the Lottery's decision to accept the $60,000.

A cashier's check is the most secure form of payment the Lottery accepts, and banks that issue such checks for more than $10,000 report it to the IRS, spokeswoman Karen Sharma said.

``The treasurer is comfortable that this is not money laundering,'' Sharma said, acknowledging, however, that Treasury officials have not conferred with the IRS.

kris 11-16-2003 04:41 AM

HE WOULD PROLLY LOSE ANYWAYS, ITS ALL FIXED SERIOUSLY COME ON!!! WHERE IS LANDAU WHEN YOU NEED HIM!!

ten_teamer 11-16-2003 08:14 PM

How can someone with 7 million dollars really be that stupid ?

If he won the 38.9 Million Dollars alone, the value of the prize is maybe 10 Million Dollars ( when you deduct taxes and adjust for the time value of money )

Therfore he would be risking 7 million to win 3 million on a 50/50 bet. If there was another winner with which he would have to split, he would not even get back 7 million dollars in value.

hanover 11-16-2003 08:25 PM

If the 7million was stolen or obtained illegally, most would be happy to trade 7 mill dirty for 3 mill clean.

THUMPER 11-16-2003 08:28 PM

they should have let him buy them. the easiest 7 mill they ever made. the winning numbers are predetermined, they could easily stiff his dumb ass.

Minnow 11-16-2003 08:30 PM

I wonder if this guy is the first "gambler" ever to have his limits cut by the government?

WTF is this deep-pocketed bozo thinking? With that kind of money he could invest in many more lucrative ventures than lotto tickets, no?

ten_teamer 11-16-2003 08:40 PM

WTF is this deep-pocketed bozo thinking? With that kind of money he could invest in many more lucrative ventures than lotto tickets, no?



This guy is a millionaire dumbass. I wonder if it was George W. Bush ?

ten_teamer 11-16-2003 08:45 PM

Hanover,

If the 7 million was stolen or obtained illegaly, he should just sit on it and keep it well-hidden.

The last thing you want to do after stealing 7 million is draw attention to yourself by attempting to buy 7 million lottery tickets.

Dont think this didnt get his tax returns from the last few years reviewed. This guy better not be claiming $10,000 a year in income.

Bobby C 11-19-2003 03:26 AM



<< If he won the 38.9 Million Dollars alone, the value of the prize is maybe 10 Million Dollars ( when you deduct taxes and adjust for the time value of money ) >>


I don't know much about high finance, but I'd have to think that "the value of the prize" would be closer to $20M.

Would I take 20-for-7 (or 13-to-7) on a coin flip? If the amount of the bet wasn't high enough to put a crimp in my life, then HELL YEAH!


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