Top Trending Gambling News: Ohio Regulators Working With MLB re Guardians Gambling Probe

COLUMBUS, Ohio (AP) — The agency that oversees sports gambling in Ohio says it is working with Major League Baseball on the investigation of Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz, but had no further comment.

The Ohio Casino Control Commission said it was notified on June 30 by an Ohio licensed sportsbook of suspicious wagering activity on Guardians wagering events before also being contacted by MLB.

The commission conducted an independent investigation in 2023 when there was suspicious wagering activity on the University of Alabama’s baseball team.

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The commission’s next meeting is on Aug. 20. Gov. Mike DeWine has asked the commission to ban player-specific micro bets. Ortiz is being investigated for two pitches thrown by the right-hander that received higher activity than usual during his starts at Seattle on June 15 and against St. Louis on June 27. The gambling activity on the pitches was flagged by a betting-integrity firm and forwarded to MLB.

“The evidence that prop betting is harming athletics in Ohio is reaching critical mass. First, there were threats on Ohio athletes, and now two high-profile Ohio professional athletes have been suspended by Major League Baseball as part of a ‘sports betting investigation,’” DeWine said in a statement on July 31. “The harm to athletes and the integrity of the game is clear, and the benefits are not worth the harm. The prop betting experiment in this country has failed badly.”

Ohio is one of 16 states that does not allow prop bets on college sports athletes.

Clase and Ortiz are on non-disciplinary paid leave through Aug. 31.

It was unclear if the cases are related.

Nevada Kalshi Demands 

The state of Nevada has called for Kalshi to offer up all of its communications about event contracts with the Commodity Futures Trading Commission (CFTC), the federal government and CFTC chair nominee Brian Quintenz, as well as information about its market makers, as it seeks a formal discovery process in its lawsuit with the prediction exchange.

In a motion filed in the U.S. District Court for the District of Nevada, the state argued that discovery of evidence is needed in order to decide whether Kalshi’s sports event contracts should be allowed there. (source: In Game)

Tech Company CEO Charged With Securities And Wire Fraud After Gambling Away Seed Round Funding

Richard Kim Allegedly Misappropriated Approximately $4 Million of Startup Funds to Make Leveraged Cryptocurrency Trades and Gamble in an Online Casino

United States Attorney for the Southern District of New York, Jay Clayton, and Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia, announced the unsealing of an Indictment yesterday charging RICHARD KIM, the former Chief Executive Officer of Zero Edge Corporation (“Zero Edge”), with engaging in a scheme to defraud investors and prospective investors of Zero Edge by making false and misleading statements regarding the use of investor funds and subsequently misappropriating those funds. The case has been assigned to U.S. District Judge Lorna G. Schofield.

“As alleged, Richard Kim misled investors by promising that he would build a blockchain-based casino gaming app, but ironically Kim turned around and gambled away the very funds he said he would use to build a better casino,” said U.S. Attorney Jay Clayton. “Founders who abuse the trust of their investors threaten the integrity of our important and uniquely American venture capital market.”

“Richard Kim allegedly misappropriated millions of investors’ dollars intended to develop his online casino company by redirecting these funds for personal gambling and trading ventures,” said FBI Assistant Director in Charge Christopher G. Raia. “Kim allegedly hedged his bets that false assurances would induce more investments and conceal the true nature of his spending. The FBI remains committed to apprehending any individual who leverages executive positions to defraud others for selfish purposes.”

According to the allegations contained in the Indictment:[1]

KIM founded Zero Edge in March 2024, purporting to build an app-based casino using blockchain and cryptocurrency technologies. KIM represented to prospective investors that Zero Edge would develop on-chain games beginning with craps, and later offering roulette, baccarat, and blackjack. KIM also represented to investors that their funds would be used to build the business and its technology. Instead, KIM misappropriated the proceeds of the company’s seed round to make speculative cryptocurrency trades and gamble at an online casino.

Shortly after closing on the approximately $4.3 million seed financing round, KIM diverted approximately $3.8 million of investors’ funds first into a personal cryptocurrency account held at Coinbase and then sent approximately $1 million on to a variety of other crypto exchanges, including Binance, Kraken, and Backpack. Between in or about June 21, 2024, and June 27, 2024, KIM made transfers of approximately $7 million, and net transfers of approximately $1 million, from Coinbase and Kraken to a personal account held at Shuffle.com, which advertises itself as a “VIP Crypto Casino and Sportsbook.” KIM also directed a net sum of approximately $450,000 to other cryptocurrency wallets with unknown owners and transferred approximately $145,000 more from Kraken to a personal checking account.

In e-mails KIM later sent to investors, KIM admitted to misappropriating the investors’ funds, writing that he was “solely responsible for the loss of $3.67m of the Company’s balance sheet” following “leveraged trading losses from seed round financing proceeds” and that the company had lost nearly all its money. But even as KIM admitted to some investors that he had misappropriated funds, he continued to conceal the true nature of his conduct, telling investors that he had lost the money as a result of a “treasury management strategy” rather than personal gambling.

At the time of his arrest, KIM admitted to the FBI that he knew what he did “was clearly wrong from the beginning” and “completely unjustifiable.”

KIM, 39, of New York, New York, is charged with one count of securities fraud and one count of wire fraud, each of which carries a maximum sentence of 20 years in prison.

The maximum potential sentence is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

Mr. Clayton praised the outstanding investigative work of the Special Agents from the FBI. Mr. Clayton also thanked the U.S. Securities and Exchange Commission, which has filed a parallel civil action.

The case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Ryan T. Nees is in charge of the prosecution.

The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

- Chris Costigan, Gambling911.com Publisher