Cory Zeidman Facing Two Decades Behind Bars for Sports Betting Fraud

WSOP bracelet winner Cory Zeidman has pleaded guilty to charges of conspiracy and wire fraud related to a large-scale sports betting fraud scheme that reportedly defrauded clients out of approximately $25 million.

Zeidman is well-known in the poker community, and is respected as a player, however, beneath this veneer of success lay a troubling involvement in large-scale fraud of the type that will likely see him shunned if he ever returns to our game.

The Fraud Unveiled

The fraud scheme orchestrated by Zeidman involved misleading sports bettors by claiming to possess “privileged” information about sporting events.

He assured clients that their investments were safe and that they would receive substantial returns based on insider knowledge.

This deceitful strategy was primarily executed through radio advertisements that promoted his services, luring victims with promises of guaranteed wins.

From 2004 to 2020, Zeidman and his associates allegedly collected fees from clients who believed they were engaging in secure betting opportunities. However, the reality was far different.

Many of these so-called “insider tips” were either fabricated or derived from publicly available information online. A complete rip-off!

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When it All Came Crashing Down

It all started to fall apart for Zeidman in May 2022 when he was arrested as part of an investigation into the fraudulent activities linked to his betting operation.

Initially, he maintained his innocence and expressed reluctance to accept any plea deal. In fact, he famously quoted German philosopher Friedrich Nietzsche in defense of his position, asserting that he had been wronged by authorities.

Speaking to PokerNews, Zeidman said:

“In the words of Nietzsche, ‘Everything the state says is a lie and everything it has it has stolen.’ They took all my money and they seem upset that I won’t plead to things I haven’t done. 

“I’ve been advised by my council to not get into details but I anxiously await my day in court. I have worked in the sports handicapping industry for the past 40 years starting with ‘professor picks.’ 

“Trade secret — he wasn’t a real professor. I want to thank the outpouring of positive words in support from my close friends and family who know me best as an individual with the highest level of morals and integrity.”

However, as time progressed and the evidence against him mounted, Zeidman’s stance shifted dramatically.

In October 2024, after extensive discussions with his legal team, he decided to plead guilty to conspiracy and wire fraud charges. His attorneys informed federal authorities of this decision, leading to an official plea in the United States District Court for the Eastern District of New York.

Potential Sentencing and Consequences

While specific sentencing details are still pending, Zeidman faces a long stretch behind bars for his actions. He could potentially receive up to 20 years in a federal prison along with restitution of approximately $3.6 million.

Since his arrest, Zeidman has refrained from participating in live poker tournaments but has reportedly engaged in cash games in Florida.

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