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A federal grand jury has indicted three former Palms race and sportsbook employees, including Michael Albanese—the book’s former manager—on charges of operating an illegal betting scheme that cost the casino upwards of $800,000.
The scheme took place between 2006 and 2007 and focused exclusively on “quinella wagers,” a type of horse bet that allows players to choose who finishes first or second. The order of finish doesn’t matter. As such, there is a rule in place that any race with fewer than six horses should be canceled or refunded.
The manager and a pair of former ticket writers didn’t follow proper protocol. Instead, they allowed at least one well-known bettor and at least two others to repeatedly place “risk-free” quinella wagers with fewer than six horses.
From the Las Vegas Review-Journal:
If the bettors picked a winning quinella combination from a diminished field, the defendants paid the winnings with casino funds. If the bettors lost such a wager, they would get a refund.
The Review-Journal reports that the four defendants, which includes a well-known bettor, all face felony charges of conspiracy to commit wire fraud. Additionally, they should be charged with five counts of stupidity.
How often do crimes committed at casinos actually work? Casino operations are intensely monitored and highly scrutinized, what with all the surveillance, security and record-keeping, etc.
Everybody knows the best way to steal money from a casino is to play mini-baccarat with an unshuffled deck.
