This is the fascinating tale of a twentysomething suburban Chicago man who won $800,000 in sports bets, which he traveled as far as Iowa to place. When it came time to cash in, the casinos refused.
Thomas McPeek, 24, shares a home with his parents. The basement is a shrine to their favorite teams, including the Cubs and the Bears.
McPeek read a stack of books to make some educated sports wagers. He placed stacks and stacks of bets last year, complicated wagers on football called parlays, where several events all have to happen for the gambler to win.
“It was a calculated attack where I thought I had an edge,” McPeek said.
His first stop was the sportsbook at the Horseshoe Casino in Hammond, Indiana, in August of last year. He went in with about $30,000 over the course of around a week, and his wins amounted to $350,000.
McPeek’s next stop was the Isle Casino in Bettendorf, Iowa, in September. Both the Horseshoe and the Isle happen to be owned by Caesars.
“I pull out cash from Chase Bank. I take about $20,000,” said McPeek. “I sat at the kiosk for four hours just punching in my bets — bet after bet after bet after bet after bet.”
McPeek looks for wagers where he believes the odds are in his favor. He does extensive research that he tabulates by hand in a notebook. Over time, McPeek and other professional gamblers believe they can get an edge. But it’s hardly a slam dunk.
“It’s not like I can just snap my fingers and just make the bets win,” McPeek said. “They still have to win.”
Most of McPeek’s tickets did not win. But a few of them were winners — big-time winners.
But now the Horseshoe will not pay him the $350,000 he won. McPeek said Caesars voided the tickets when he tried to get his cash in October. He said he was referred to the house rules.
It was a similar story when McPeek returned to the Iowa casino to collect some $450,000 for his winning tickets. There, he was given a printed sheet highlighting structuring or anti-money laundering rules, and repeat wagering policies.
McPeek, like many so-called advantage players, goes out of his way to remain anonymous and fly under the radar. He places a lot of smaller bets at a kiosk, instead of a big one with a clerk at the counter, to avoid his bets being rejected. McPeek goes to great lengths to protect his anonymity.
“I’ll switch up the disguise — sunglasses,” he said, “I’ll hide my hair in my hat, I’ll put it up in a bun.”
Horseshoe in Hammond banned McPeek, and voided his wagers.This was in contrast to FanDuel and Blue Chip Casino in Michigan City, Indiana. Blue Chip banned McPeek too, but paid him first.
“They paid me a check of $127,000,” McPeel said. “They got beat. I won the bets.”
McPeek took his gripes to state gambling regulators in both Indiana and Iowa. Neither state sided with him.
Who was in the right in this sports betting saga? Experts weigh in
CBS News Chicago took the case to three experts, with three distinct points of view. One of those experts was Mike Lawton, a retired gaming regulator in Nevada.
“There’s probably some details and some circumstances that we’re not privy to,” Lawton said.
Scott Morrow retired after a career at Las Vegas casinos, and now teaches gaming at the University of Nevada, Las Vegas.
“He went around, tried to circumvent the system — circumvent the house rules — and actually drive across state lines to circumvent it,” Morrow said of McPeek. “So I mean, I have a tough time finding sympathy for his case.”
But Eli Feustel, who wrote the book — in fact, multiple books — on betting, sides with McPeek.
“I’ve never seen a situation like this before,” he said.
Feustel takes McPeek’s side based on the timing of when Caesars voided the bets.
“If Caesars had decided before the first game was played to void all the wagers, that would be fair. That would be saying, ‘You’ve broken the rules,’” Feustel said, “and when they saw that they didn’t win — when they waited to see if they’d win before they voided him — that’s where their problem is. The clear answer is Caesars owes this.”
In the end, it may be up to a judge to decide. McPeek said his next step would be to sue.
“There’s no rules against staying under the radar,” said McPeek. “It’s horrible what they’re doing to me.”
The Indiana Gaming Commission said Caesars followed its rules when voiding the wagers. Now, regulators in Iowa say McPeek’s complaint is under review.
Caesars maintains McPeek’s betting activity was an attempt to circumvent their rules, and as a result, they voided the wagers. Caesars adds McPeek can get his money back that he used to place the bets, including the losers.
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