I’ll shoot from the hip on this one and say this: Caesars, pay Thomas McPeek his money and figure out a better way to “catch” sharp bettors who skirt your not-terribly-specific rules and regulations.
This story has been making the rounds over the last few days and caught fire when CBS took a swing at it. The general breakdown goes like this — and, to be clear, I’m just regurgitating the details from CBS’ and others’ coverage of the case:
McPeek, of suburban Chicago, made hundreds of small parlay bets in August and September 2023 by going to a few Midwest casinos, sometimes in disguise, and punching his wagers into kiosks. Many bets were the same. He lost most of the wagers but won a few that totaled about $800,000.
When he went to collect at the Horseshoe in Hammond, Indiana, and the Isle Casino in Bettendorf, Iowa — both Caesars properties — they told him (and we’re paraphrasing here) “tough cookies.”
As to the why? According to CBS, because McPeek broke a rule or two in the Caesars terms and conditions. He was even given a printed sheet that highlighted his dastardly deeds.
Deed one? Per the fine print: “The structuring of wagers to circumvent federal currency transaction thresholds is strictly prohibited. Additionally, all wagers are subject to federal AML reporting requirements, including the filing of currency transaction reports and suspicious activity reports.”
In short, the way McPeek was betting could be a way that a wannabe Pablo Escobar cleans his dirty money. McPeek is 24 and lives with his parents. He seems to not be the drug lord type.
Deed two? “Caesars reserves the right to investigate repetitive wagers made from a single account, or syndicate account, with the same outcome” and “Caesars withholds the right to void and/or withhold payment of such wagers, pending regulatory approval.”
OK. I’m going to go out on a limb and say it was the second deed that did McPeek in. He definitely did that one, and Caesars gives itself all the wiggle room it needs with the “right to void” business pending regulatory approval.
And that “approval” has come through for Caesars, as the Indiana Gaming Commission sided with the sportsbook. The Iowa case is pending.
Worth noting: McPeek did the same thing at a FanDuel property — Blue Chip Casino in Michigan City, Indiana — but it paid him what he won, about $127,000.
And the winner is …
So, who’s right and who’s wrong?
Well, let’s just say McPeek should take the slightest bit of heat, Caesars the rest. If this went to the judges’ cards, it’s McPeek in a unanimous decision. Not even close. Let’s call it 118-110.
McPeek knowingly tried to beat the system — after all, he cops to using disguises in an effort to avoid getting limited at the casinos — and the system caught him in its gears. He then tried to cash the tickets all at once, which wasn’t particularly bright. Now, I don’t think he did anything wrong, and it doesn’t matter if I think the “system” is fair or not. The bottom line is, it exists and McPeek was aware of it.
As for Caesars? It saw the repeat tickets, knew it had an out, and took it once he tried to collect.
But here’s the thing. You’re not going to convince me, or anyone else, that Caesars wasn’t aware these tickets existed before McPeek showed up to collect. They should’ve been immediately voided if Caesars deemed them dastardly. (Which is what Caesars is attempting to do now, offering McPeek his money back, per CBS.) Had it done that before the games were played, there’s really no issue.
Instead, Caesars waited for McPeek to collect. That’s when it got religion.
Would it have gotten religion had these bets been losers? I mean, Caesars would’ve contacted McPeek after he lost all his bets and said, “Sorry, these losing bets violated our terms and conditions. Here’s your money back.” It would’ve done that, right? Right? Right?!?! (Go ahead, take a well-deserved guffaw break. I’ll be here when you get back.)
That’s what’s so aggravating here — the “heads I win, tails you lose” nature of the situation.
To be clear: I’m sure there’s information we’re not privy to. I’m sure there’s more than meets the eye. I’m sure there are some facts that could sway opinion.
But I’m also sure that McPeek got the bets down, the bets won, and he’s not getting paid.
From where I’m sitting, that’s not tough cookies. That’s horse pucky.
