Latest news with #ThomasMcPeek
New York Post
29-04-2025
- Business
- New York Post
Chicago sports bettor claims Caesars refuses to pay out $800K winnings in lawsuit
A 24-year-old sports bettor from Chicago claims he is owed $800,000 from betting giant Caesars Entertainment. Thomas McPeek has been embroiled in a legal battle with Caesars over a series of winning bets that should have netted him almost $1 million, he revealed to CBS. McPeek, an aspiring professional gambler living with his parents in the suburbs of the Windy City, placed the bets between August and September of 2023 and has been trying to cash the tickets since. Caesars returned him his initial $50,000 stake, but is refusing to pay out his winnings because it says he broke two of its fine-print rules. McPeek placed the winning bets at Horseshoe Casino in Hammond, Ind., and Isle Casino across the border in Bettendorf, Iowa. The bets were accepted, though McPeek says he placed them at a kiosk rather than a window and wore a disguise so he wouldn't raise any suspicion. 'I pull out cash from Chase Bank. I take about $20,000,' McPeek said in an interview with CBS News. 'I sat at the kiosk for four hours just punching in my bets — bet after bet after bet after bet after bet.' Thomas McPeek said he is owed $800K. The jaded bettor had previously won – and was paid out – $127,000 at the FanDuel-operated Blue Chip Casino in Michigan City, Ind., and was subsequently banned, something that commonly happens to so-called advantage players. The rules that Caesars claims McPeek broke are commonplace at sportsbooks and casinos around the country, but they are vague. The first is dubbed 'cross-state coordination' and prevents players from making coordinated bets across state lines. Sportsbooks commonly ban professional bettors, forcing them to find other means of getting money down. Getty Images The second rule that Caesars alleges McPeek broke is called 'structuring,' and it prevents players from breaking down large bets into several smaller ones. Sportsbooks and casinos prohibit this act because it is often used as a tactic in money laundering. The decision has split the betting community. Some are siding with Caesars, saying that they have the right to void the bets because they were against the house rules. Others believe Caesars should honor the wagers since the sportsbook initially accepted them, and they only voided the tickets after the bets won. 'It's not like I can just snap my fingers and just make the bets win,' McPeek explained to CBS. 'They still have to win.' Get the lowdown on the Best USA Sports Betting Sites and Apps The Indiana Gaming Commission has already ruled in favor of the gaming giant, claiming it adhered to its house rules. The Iowa Gaming Commission is still reviewing the matter. McPeek is reportedly planning to lob a civil suit at Caesars for the full $800K if the Iowa regulators rule against him. 'There's no rules against staying under the radar,' McPeek told CBS. 'It's horrible what they're doing to me.' Why Trust New York Post Betting Michael Leboff is a long-suffering Islanders fan, but a long-profiting sports bettor with 10 years of experience in the gambling industry. He loves using game theory to help punters win bracket pools, find long shots, and learn how to beat the market in mainstream and niche sports.
Yahoo
26-04-2025
- Business
- Yahoo
Chicago man won $800K at Midwest casinos — but they refuse to pay. How to ensure you can cash in your bets
Thomas McPeek didn't stumble into a lucky streak — he studied for it. The 24-year-old from Chicago spent last year diving into the world of sports betting, placing dozens of complex, high-risk wagers on football — called parlays — based on odds he believed he could beat. 'It was a calculated attack where I thought I had an edge,' McPeek told CBS News Chicago. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) In August, he visited the sportsbook at the Horseshoe Casino in Hammond, Indiana, owned by Caesars Entertainment. To ensure his bets wouldn't be rejected, he remained anonymous, making multiple small bets at kiosks instead of with a clerk at a counter. He even went so far as to disguise himself with sunglasses or hiding his hair. Over the course of a single week, McPeek says he bet around $30,000 and won $350,000. A month later, he traveled across state lines to employ the same strategies at another Caesars property — the Isle Casino in Bettendorf, Iowa. This time, he says his tickets totaled about $450,000 in winnings. But McPeek says when he tried to cash in, both casinos voided his tickets, citing house rules and anti-money-laundering policies. He says he's willing to sue to get his winnings. McPeek maintains that he played by the rules but Caesars says he tried to circumvent them, particularly by crossing state lines — something that can violate betting regulations. Scott Morrow, a former casino executive who now teaches gaming at the University of Nevada—Las Vegas, says Caesars was justified in voiding his tickets on those grounds. 'I have a tough time finding sympathy for his case,' Morrow said. Read more: This hedge fund legend warns US stock market will crash a stunning 80% — claims 'Armageddon' is coming. Don't believe him? He earned 4,144% during COVID. Here's 3 ways to protect yourself But Eli Feustel, a seasoned betting expert and author, sides with McPeek — not because of how the bets were made, but because of Caesars' timing in voiding his wins. He argues that the casinos only acted after realizing McPeek might actually win. 'The clear answer is Caesars owes this,' he told CBS News. The Indiana Gaming Commission says Caesars followed the rules. Now, regulators in Iowa are reviewing McPeek's complaint. Caesars has banned McPeek from playing at their casinos but is willing to pay back the money McPeek used to place the bets. Blue Chip Casino in Michigan City, Indiana, also banned McPeek from playing at their casino after he won $127,000, but at least Blue Chip paid him out first. With Americans spending more than $60.4 billion on commercial casino gaming and sports betting in 2022 — up 14% from 2021 — some wonder if the house plays fair when the odds shift in the bettor's favor. For gamblers navigating the high-stakes world of sports betting, McPeek's case is a cautionary tale. Here are three ways to ensure you can cash in on your sports bets. Read the fine print before you place any bets. Sportsbooks include detailed rules in their terms and conditions — including the right to void wagers. Knowing those rules ahead of time can keep you from betting into a gray area. Keep your bets to one jurisdiction to avoid raising red flags and accusations of gaming the system. Document everything as you game, from screenshots to transaction receipts. Keeping a trail could make or break your case if things get contested. Even if the odds are in your favor, the rulebook — and how it's enforced — might not be. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
Chicago man fights Caesars for $800K in winnings they refuse to pay. How to ensure you can cash in your bets
Thomas McPeek didn't stumble into a lucky streak — he studied for it. The 24-year-old from Chicago spent last year diving into the world of sports betting, placing dozens of complex, high-risk wagers on football — called parlays — based on odds he believed he could beat. 'It was a calculated attack where I thought I had an edge,' McPeek told CBS News Chicago. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) In August, he visited the sportsbook at the Horseshoe Casino in Hammond, Indiana, owned by Caesars Entertainment. To ensure his bets wouldn't be rejected, he remained anonymous, making multiple small bets at kiosks instead of with a clerk at a counter. He even went so far as to disguise himself with sunglasses or hiding his hair. Over the course of a single week, McPeek says he bet around $30,000 and won $350,000. A month later, he traveled across state lines to employ the same strategies at another Caesars property — the Isle Casino in Bettendorf, Iowa. This time, he says his tickets totaled about $450,000 in winnings. But McPeek says when he tried to cash in, both casinos voided his tickets, citing house rules and anti-money-laundering policies. He says he's willing to sue to get his winnings. McPeek maintains that he played by the rules but Caesars says he tried to circumvent them, particularly by crossing state lines — something that can violate betting regulations. Scott Morrow, a former casino executive who now teaches gaming at the University of Nevada—Las Vegas says Caesars was justified in voiding his tickets on those grounds. 'I have a tough time finding sympathy for his case,' Morrow said. Read more: This hedge fund legend warns US stock market will crash a stunning 80% — claims 'Armageddon' is coming. Don't believe him? He earned 4,144% during COVID. Here's 3 ways to protect yourself But Eli Feustel, a seasoned betting expert and author, sides with McPeek — not because of how the bets were made, but because of Caesars' timing in voiding his wins. He argues that the casinos only acted after realizing McPeek might actually win. 'The clear answer is Caesars owes this,' he told CBS News. The Indiana Gaming Commission says Caesars followed the rules. Now, regulators in Iowa are reviewing McPeek's complaint. Caesars has banned McPeek from playing at their casinos but is willing to pay back the money McPeek used to place the bets. Blue Chip Casino in Michigan City, Indiana also banned McPeek from playing at their casino after he won $127,000, but at least Blue Chip paid him out first. With Americans spending more than $60.4 billion on commercial casino gaming and sports betting in 2022 — up 14% from 2021 — some wonder if the house plays fair when the odds shift in the bettor's favor. For gamblers navigating the high-stakes world of sports betting, McPeek's case is a cautionary tale. Here are three ways to ensure you can cash in on your sports bets. Read the fine print before you place any bets. Sportsbooks include detailed rules in their terms and conditions — including the right to void wagers. Knowing those rules ahead of time can keep you from betting into a gray area. Keep your bets to one jurisdiction to avoid raising red flags and accusations of gaming the system. Document everything as you game, from screenshots to transaction receipts. Keeping a trail could make or break your case if things get contested. Even if the odds are in your favor, the rulebook — and how it's enforced — might not be. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
