Among other things! But if you happen to be a moviegoer with no connection to compulsive sports betting -- wow, no need to go all holier-than-thou -- you may have missed some of the nuances of Howard Ratner's Sandler risky gambles, because "he has to win" is all the comprehension required to follow along with the basics. Since every review describes Sandler's Howard Ratner as a "gambling addict" -- even though he just needs ONE BET to come through and everything will be FINE -- it's important to understand how the details of the bets he makes relate to the film's themes, which are all about the exploitation and insatiable, constant expansion required in a capitalist nation hurtling toward its own destruction without any ability to stop itself.
It's certainly not about gems! But let's start with the fun stuff: How does sports betting work, and what exactly were Howard's bets? How sports betting works in Uncut Gems Like points along a line, problematic tweets, and goodwill for Tom Hanks, sports betting is, for all practical purposes, infinite.
Sure, if you think LeBron James is going to kiss NBA Commissioner Adam Silver on the lips before the fourth quarter of a game against the Detroit Pistons, you might have to travel far and wide to find someone who will take that bet.
But you could do it. You'd probably get great odds. I'm offering 1,, This is why the most common bets are on the most basic outcomes: who will win, how many points will be scored, by whom, etc. It works for pretty much any sport and can be pared down incrementally as much as you like: by quarter, half, inning, time on the clock, frames, or number of stones remaining. The key, though, is the aforementioned odds. Some teams are clearly better than others.
The vast majority of people will bet against the Knicks, a notoriously Bad Team, pretty much every single game, so to even out the amount of money wagered on the Knicks and whoever they're playing, the sportsbooks invented point spreads.
If the Los Angeles Lakers played the New York Knicks, the Lakers might be favored by 15 points, for example; that means if you're betting the point spread, the Lakers need to outscore the Knicks by more than 15 points for you to win.
In games where the teams are more closely matched, one might be favored by only 2 or 3 points, which is where the end of games -- basketball in particular -- can turn a dispassionate observer into a rabid fan willing to destroy expensive electronics if the ref doesn't call a foul. If you happen to know a ref who owes a lot of people money, you might even be able to blackmail him into swinging gambling outcomes for you , and you'll make a ton of cash!
But that's illegal. And wrong. And the FBI usually gets involved. If you just thought the Knicks would beat the Lakers outright, you'd get better odds; a better return on your investment in an unlikely outcome. All of these concepts more or less apply to individual performances and over-unders; do you think LeBron James will score more or less than 25 points in that Pistons game you bet on?
Which brings us to Howard Ratner's first bet. Howard loans him the rock in exchange for Garnett's championship ring, which Ratner immediately pawns for cash to stake him for a big bet on the Celtics. Not just the Celtics, in fact, but KG's personal performance, too. And not just any bet, but a six-way parlay, which Mike Francesa playing Howard's bookie rightly describes as the dumbest bet he's ever heard.
They have four daughters. In September, , shortly after the scandal broke, Kim filed for divorce. During a regular-season game, Donaghy called a technical foul on Rasheed Wallace , then playing with the Portland Trail Blazers , for throwing a ball at another official during a game.
Wallace was suspended for seven games;   this was the longest suspension issued by the league for an incident not involving violence or drugs. Donaghy was one of three referees who worked the Pacers—Pistons brawl at The Palace of Auburn Hills on November 19, , which ended in a fight between Pacers players and Pistons fans. Smith Show suggested that Donaghy had gotten himself into debt and tried to make it up by betting on games. While the league devotes significant resources to monitor officials' performance, it found out about the affair only when the FBI stumbled upon Donaghy in the midst of a broader organized crime investigation.
In a letter to Stern, Rush indicated that he might call a hearing "should the facts warrant public scrutiny. The Daily News also learned that the bookies in the scandal were two high school classmates of Donaghy's who embellished their mob ties. The Daily News reported that at his friends' request, Donaghy passed word about the crews working the games on which they planned to bet.
Battista's lawyer told the AP that his client expected to be indicted. At his home in Bradenton, Donaghy did not initially comment on his situation. He reportedly claimed to be "the butler" to visiting reporters and turned his sprinklers on a freelance photographer for the New York Times when he got too close. On August 15, Donaghy appeared in a Brooklyn federal court and pleaded guilty to conspiracy to engage in wire fraud and transmitting wagering information through interstate commerce.
Donaghy told U. In doing so, Donaghy disclosed classified information that he obtained as an NBA referee. Donaghy also admitted that he had a severe gambling addiction for which he was taking antidepressants. Donaghy specifically admitted to passing information about two games during the —07 season. Prosecutors also said that Donaghy bet on games himself. Donaghy's lawyer said that this was the league trying to retaliate against Donaghy for his misconduct. His lawyer argued that the punishment should apply to only one season, a position supported by the government in court papers.
On June 10, , Donaghy's attorney filed a court document alleging, among other things, that Game 6 of the Western Conference Finals between the Los Angeles Lakers and Sacramento Kings had been fixed by two referees.
The letter states that Donaghy "learned from Referee A that Referees A and F wanted to extend the series to seven games. Tim knew Referees A and F to be 'company men', always acting in the interest of the NBA, and that night, it was in the NBA's interest to add another game to the series. The teams were not named, but the Western Conference Finals were the only seven-game series that year.
Donaghy has lied to us. On July 29, , Donaghy was sentenced in the United States District Court for the Eastern District of New York  to 15 months in prison for his participation in the gambling scandal. Donaghy could have faced up to 33 months, but Judge Carol Amon reduced his sentence to 15 months two month terms served concurrently, followed by 3 years of supervised release in exchange for his co-operation.
Judge Amon noted she held Donaghy "more culpable" than his two co-conspirators and added, "Without Mr. Donaghy, there was no scheme. Donaghy apologized in court: "I brought shame on myself, my family and the profession. As a result of the betting scandal, Stern revised the guidelines on the behavior of NBA referees during the Board of Governors' meeting in Despite the labor agreement for referees, which restricted them from participating in almost all forms of gambling, it was revealed that about half of the NBA's officials had made bets in casinos, albeit not with sportsbooks.
In addition, all referees had admitted to engaging in some form of gambling. Stern stated that the "ban on gambling is absolute, and in my view it is too absolute, too harsh and was not particularly well-enforced over the years. There were several other referee-related rule changes made: the announcement of referees of a game was moved from 90 minutes before tip-off to the morning of the game, to reduce the value of the information to gamblers; referees received more in-season training and counseling on gambling; more thorough background checks were carried out; the league declared its intention to analyze the statistical relationship between NBA games and referees' gambling patterns for those games; and the interactions between referees and NBA teams were made easier and more formal.
The book was to have covered his NBA career, described his dealings with the "underworld" during the betting scandal, and explained how he would determine the winning team in the games he refereed. Donaghy also promised to "discuss the relationship that players, coaches and referees have with each other. However, Donaghy's publisher, Triumph Books , canceled it because of liability concerns.
The book was released in December Donaghy claims that while imprisoned, he was attacked and threatened. He also claims that in November a man claiming to be an associate of the New York Mafia struck Donaghy with a paint roller extension bar, resulting in injuries to his knee and leg which required surgery. Philip Scala and his colleagues scoffed at the notion a mobster harmed Donaghy in prison. Said Scala, "If organized crime wanted to hurt Donaghy, he wouldn't be around today.
Donaghy was released from prison after serving 11 months and was due to finish his sentence in a recovery house near Tampa, Florida , where he was to be treated for his gambling addiction , as mandated by the court. His lawyer and his ex-wife both insisted that Donaghy should not have been taken into custody, as he was allowed to visit the center to rehabilitate his injured knee.
On November 4, , Donaghy was released from prison in Hernando County after serving out the remainder of his sentence. Donaghy sued VTi-Group, the publisher of his memoir, for not paying him. In June , a jury found VTi liable for breach of contract. On April 22, , Donaghy claimed that the league office was going to push referees to fix playoffs games to have the Brooklyn Nets beat the Toronto Raptors , so they could advance to the second round and face the Miami Heat because it would be good for ratings,  which it was.
Donaghy was featured in the released documentary film Dirty Games - The dark side of sports. Before Game 5 of the NBA Finals , Donaghy claimed that referees would be instructed to extend the series for financial reasons. Donaghy was arrested on December 22, for aggravated assault. Donaghy had been looking for his year-old daughter, who he believed was doing drugs at a friend's house. The two got into an argument; Donaghy told the house owner that he was going to hit him with a hammer if he came any closer.
Donaghy's attorney said that he was "just trying to be a good dad. On November 1, , the movie Inside Game was released in theaters. The official film description focuses on Donaghy's take on the NBA betting scandal. From Wikipedia, the free encyclopedia. For American writer, see Tom Donaghy. American basketball referee. This article needs to be updated.
Please update this article to reflect recent events or newly available information. March Havertown, Pennsylvania. Kimberly Donaghy. Main article: NBA betting scandal. Former NBA ref surrenders to charges he bet on games he officiated. The Boston Globe. Retrieved July 23, National Basketball Referees Association. Retrieved July 20,
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What will the latest numbers mean for the Netflix share price? Stock markets are set to close a little higher following the mixed US non-farm payrolls report. As we come to the end of the first trading week of , the overriding theme has been one of rising stock markets, along with sharp increases in long term US yields. Equity markets in Europe and the US rallied yesterday as traders bought stocks on the back of the view that the Biden administration will use stimulus packages to support the economy.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Personal Institutional Group. United Kingdom. Start trading. Benefits of forex trading What is forex? What is ethereum? What are the risks? Cryptocurrency trading examples What are cryptocurrencies? The advance of cryptos. How do I fund my account?
How do I place a trade? Do you offer a demo account? How can I switch accounts? CFD login. Log in. Facebook LinkedIn Email. The swagger even survived September 11, , when its New York headquarters on floors through of One World Trade Center was destroyed. More than two-thirds of its New York staff perished, and the company's primary data center was decimated. But a skeleton crew of Cantor staffers was able to get back online and resume trading just 48 hours after the attack.
You win. The Action A pass seems likely. Not a bad time to bet big on a turnover. The Resolution The Vikings don't turn over the ball, but they do end the drive with a punt. The Resolution Oof. After an epic drive, Vikings kicker Ryan Longwell completes a yard field goal.
The Play Minnesota has the ball on its own 18 and is again making risky pass attempts. The Resolution Big risk, big reward! The Play The Vikings have only 79 seconds to go 64 yards if they want to take the lead. The Resolution A yard touchdown pass from Favre with 40 seconds to go. Translation: Ka-ching! Cantor's latest innovation is the Midas algorithm, which is constantly being refined and fed reams of new statistical data. Even with Midas, however, sporting events are too volatile for Cantor to always end up on the right side of all the wagers it takes.
But that's OK: The point isn't to nail the outcome of every contest; that's a sucker's game. There's only one sure thing in sports gambling: the standard commission, known as the vigorish, that casinos charge when they take bets. When your wins are effectively balancing out your losses, the vigorish starts to add up. In this light, Cantor's business model begins to look more like E-Trade than a conventional sports book.
Cantor will make that money by taking far more bets than are made at present, enough that the vigorish will dwarf the income other casinos now make with their smaller and safer sports books. Which would you rather have? Vegas has never seen this level of technological firepower, but Amaitis insists that it's just the beginning.
He likens the Midas program's abilities to Wall Street's first foray into computerization nearly 40 years ago, before people realized how the increased speed of trading opened up many exciting—or frightening, depending on your point of view—new investment opportunities. This year, Cantor was accepting bets on the outcome of NFL games months before the season started. But Amaitis wishes he could take more granular bets before kickoff.
After all, more opportunities to bet means more commissions for Cantor. He dreams of being able to offer programmed sports betting that will allow gamblers to put in bid orders, just as you would with an electronic stock purchase. Before the game begins, you'll be able to set your account so that a bet will automatically be placed if, for example, a team is ever a six-point underdog.
You'd also be able to set it up to place a bet on the other side, say, if that number drops from six to four. Once your bids are in, you won't even have to watch the game. The ideas that led to Midas were born almost 15 years ago, over a lavish dinner at Cliveden House, an elegant manor outside London. Amaitis was supping with Andrew Garrood, a mathematician turned derivatives trader he'd just met in a private suite at the Ascot Racecourse.
They were both there to watch a leg of the Royal Ascot, one of the most important horse-racing events in the UK. But they spent much of their time discussing the resemblance between brokers and bookies. The two must have made for quite a contrast. Garrood is a genteel Englishman with an upper-crust accent. The street-smart Cantor exec, then head of the company's European brokerage operation, was deemed coarse and uncouth by London standards. He was the target of a harassment suit by a former employee, and the British tabloids dubbed him the Brooklyn Bruiser.
But they were both excited by the idea of a Cantor-backed sports-betting enterprise. The ubiquity of gambling in the UK was an eye-opener for Amaitis. There are legal betting shops on nearly every corner, and having a punt on a footy match—a wager on a soccer game—is as common as having a pint at the pub.
Garrood knew enough about gambling to tell Amaitis that it had a great deal of overlap with the sort of work he did trading derivatives for Japan's Sanwa Bank. The two chewed over the idea with their meal. By March , he was on the Cantor payroll. Garrood was tasked with gathering the data and creating software that could calculate the in-running odds for an online sports-wagering operation.
He developed the algorithms, and an IT team turned them into code. In , the UK site Cantor Spreadfair was launched. It was a peer-to-peer sports gambling site, allowing users to set their own bets, which would be taken by other players or by Cantor. The site allowed for spread betting, a volatile form of gambling in which the payoffs are based on how closely you predict the final point difference between two teams.
They also set up a site called Cantor Index for "financial fixed odds"—allowing people to bet on the moment-to-moment changes in the stock market—as well as financial spread betting. Such activities are illegal in the US but not in the UK. Although Cantor's UK gaming scheme was a moderate success, Amaitis viewed it as a proof of concept.
He used it to pitch Vegas casinos on the prospect of allowing him to lease their sports books and introduce in-running to American gamblers. Discussions went on for a year and a half, but I knew I wanted to bring Cantor to M. Amaitis also presented his UK setup to the Nevada Gaming Control Board as evidence that the wireless component of his master plan was sound and secure.
We always blocked them. As the ink dried on the deal, Garrood had about 10 months to create the algorithms for a computer system that could establish airtight betting lines and calculate odds on the fly. Inefficiencies, he knew, would be rooted out by bettors and cost Cantor dearly. Working out of a skyscraper in the Canary Wharf business district of London, Garrood found that he was able to port some elements of Cantor's British betting site into the nascent Midas, but he would need all-new information on which to base his algorithms.
After all, Americans wouldn't want to bet on rugby or cricket. This was the first time many in Vegas noticed the fledgling Cantor operation; LVSC had been the city's oddsmaker of choice since , and now Cantor owned its vast library of research and stats. Garrood worked with a staff of two to build its algorithms, find patterns, and categorize the data. If the Patriots are playing the Colts, and the Patriots want to go for it on fourth and two from their own yard line with two minutes left in the fourth quarter, people think it's ridiculous.
It doesn't happen that often, but it does happen"—and it did happen when the teams faced off last November. And you can put a price on it. In a town where most sports books still rely on back-of-the-envelope calculations and teams of guys in low tech war rooms, Garrood's mathematics give Cantor a level of comfort in its odds and point spreads that other Vegas bookmaking operations simply can't match. He also learned some things in the course of Midas' creation that go against the conventional wisdom among Vegas bookies and bettors.
For example, when a star player is injured, a casino will sometimes move the line on a game by a point or two. But decades of stats tell Garrood that a star—who, let's face it, will be replaced by another high- caliber professional athlete—is usually worth a negligible amount in the spread. So is the belief that a team like the Miami Dolphins can't win when they play in cold climates.
These are the sorts of misconceptions that can help Cantor make money. If you're being given 2-to-1 odds that the Dolphins will make a first down in Green Bay, and you have 30 seconds in which to decide whether that is a worthwhile bet, you will be basing your decision on what happened over the past couple of plays—a woefully unreliable sample—or on a widely held belief that a team from the sunny South will fare poorly in the frigid North.
You'll be betting with your gut; Cantor bets with Midas. Spend enough time at the M Resort sports book and you will hear gamblers talking about Midas in hushed, reverent tones. Invariably, they gesture toward a locked wooden door at the front of the room, where they imagine the supercomputer resides. Listen to them for a few minutes and you get the sense that Midas is a sort of bookie HAL , chomping on cigars, dicing numbers, and dictating point spreads from a jewel-encrusted silicon throne.
In reality, Midas is , lines of code, a piece of predictive software that largely resides in a nondescript office building about 14 miles north of the M. It was here that the final step of Midas' development was overseen by Cantor's CTO, Sunny Tara, who has since left to form his own software company. Prior to joining Cantor Gaming, the diminutive engineer had been the senior director of enterprise architecture and services at Harrah's Entertainment, the largest gaming company in the world.
At Cantor, he and his team of about 15 took the statistical matrices Garrood created and made them into a fully functional piece of enterprise software. Dressed in jeans and a light blue button-down shirt, dark hair combed neatly, Tara speaks with the patient earnestness of a comp-sci professor addressing undergrads.
He makes it sound so simple. But it was a logistical nightmare. The code had to accommodate apples and oranges. But we were able to leverage what Andrew already had in England and what Cantor already had for its financial markets. The heart of the operation exists inside a 2,square-foot back room that I was not allowed to enter, where there are racks of servers and a handful of Panasonic flatscreens on the wall being monitored by a control-room staff.
It's connected to the M Resort and other Cantor facilities by a dedicated megabit Ethernet circuit. Though the score is tied at this moment, Midas believes that the Braves are a favorite to win. Then the pitch comes in—an mph changeup— and Hinske blasts it out of the park for a home run. Midas finds out about this a split second after the spectators at Turner Field. Cantor commissions several data processing services to send live game info directly to its control room; whichever feed arrives first is the one that Midas takes.
It absorbs the new developments and correlates them with similar events that have happened in the past. The money line dips to minus It all happens in seconds, and Midas may well be crunching the numbers for other games, in other sports, at the same time. After the day's games are over, Cantor programmers scour the stats for mistakes or new correlations that could make Midas stronger for the next day's matchups. Amaitis acknowledges that Midas still misses some factors. Not yet, anyway.
Mike Colbert , Cantor Gaming's year-old sports book director, has been around gambling all of his adult life. He's taken bets at Caesars Palace on the Strip and at a dilapidated joint called the Plaza. That was before I had the computer.
The course covers how to make money in currencies, commodities, shares and indices. His style of trading is very simple, you can do it either first thing in the morning or evening and then once you have placed the trades you can forget about them. In the UK many use financial spread betting as its tax free but you can use the same system on CFDs or trading via a normal online broker. Anyway take a look at fintrader. Create Make social videos in an instant: use custom templates to tell the right story for your business.
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In other words, a decision has been put off using the usual fuzzy language. Remember, the Fed committee is comprised of economists and you will never find a one-handed one "On one hand". But what was interesting to me was the excuse given that "heightened uncertainties abroad" translation: the collapse in Chinese share prices had been a major factor.
If this is not the most blatant admission that the Fed's job is primarily to keep the stockmarket bubbles inflated, I don't know what is. So there we have it. The original rationale for the formation of the Federal Reserve Bank was to keep the value of the dollar intact, not to prevent recessions. I guess two hits out of three ain't bad.
But they have strayed a very long way in 20 to 30 years. So how did stockmarkets react? This week's rally has firmed up my interpretation of the Elliott waves. Below is the Dow hourly chart showing the action from the wave 3 spike low on 24 August Previously, I was unsure where my C wave would terminate, but yesterday's spike high to the 16, level was all the evidence I needed to state that in all likelihood, the Wave C of 4 blue was now in, and wave 5 down could start.
In addition, the spike high yesterday occurred with a large negative-momentum divergence , which added to the evidence. Last week, the market burst above my green line of resistance , which is now support. So to verify I have the odds for the above analysis well on my side, I need to see a move back below this line.
That should occur fairly soon if we are truly at the start of wave 5. Below this is the chart as of yesterday. As I forecast, there was a host of buy stops that were triggered as the market moved up past the highs. That is typical market action whenever the speculators are lined up mostly on one side of the market in this case, the short side. Sentiment has been extremely bearish with hedge funds and small speculators heavily net short.
Using my 'headline indicator', I was confident that the market was indeed ready to rally. Whenever you see a lop-sided market such as this, all it takes to set off the firecracker is a move towards the obvious stop-loss levels. These are readily made apparent by a glance at your chart. And this can produce a very rapid short-term profit for those traders that understand where the path of least resistance lies.
You do not need to take a view on where oil prices 'should' be in fact, having a firm view can easily detract from making great trades. Be an interested observer and make rational judgements based on what the market is telling you and never fight the market: it is always right.