07 Oct 2025 Cory Zeidman, a former bracelet winner at the World Series of Poker (WSOP), pleaded guilty to federal fraud charges in December 2024. He ran a multimillion-dollar sports betting scam in New York and Florida. The professional poker player, who is 64 years old, was first caught in 2022 after police discovered his elaborate scheme to defraud bettors across the U.S. How Zeidman’s Scheme Worked Court documents state that Zeidman and his companions ran a scam that sold what they called "privileged information" about upcoming sports events. The group claimed they had inside information that could promise risk-free bets, but it turned out that the information was all fake. People were tricked into paying a lot of money for these fake tips because they thought they were investing in a betting system that would never lose. Breon Peace, the U.S. attorney, said that Zeidman's operation was a cruel scam that destroyed lives. When Zeidman was arrested in 2022, Peace said, "As alleged, Zeidman conned his victims, stole their life savings, and convinced them to drain their retirement accounts to invest in his fake sports betting group, all so he could spend it on international vacations, a multimillion-dollar home, and poker tournaments." Sentencing Recommendation and Financial Penalties Initial reports indicated that Zeidman could have spent up to twenty years in prison for his involvement in the scam. A report from poker media outlets, based on a letter from the U.S. Department of Justice that had some information omitted, indicated that prosecutors proposed a lighter term of 33 to 41 months in federal prison. Zeidman also made the decision to return over $5 million to the scammed individuals and forfeit nearly $3.7 million in illicit gains. Despite these recommendations, the final decision rests with the sitting judge. The judge could impose a different term during the hearing on 7th October in the Eastern District of New York. The Fraudulent Sports Betting Scheme Zeidman's long-running scheme, which deceived bettors from 2004 to 2020, has landed him in legal trouble. Prosecutors assert Zeidman and his friends put up radio ads offering "privileged information" about upcoming sports events and claiming that people who bet on them could win without taking any risks. So-called "inside information" was either made up or easy to find through online searches. People paid Zeidman large amounts of money, thinking they were getting exclusive betting tips, but he actually scammed millions of dollars from them. A Homeland Security official named Charles Walker spoke out against the plan, stating, "People who bet on sports looked to Cory Zeidman for advice before putting their money on the line, but Zeidman was making a lot of money through his dishonest business practices and outright lies." From Poker Tables to the Courtroom Before he fell from grace, Zeidman had a decent poker career. Hendon Mob indicates he won almost $700,000 in live tournament earnings. His biggest win was the WSOP $1,500 Seven Card Stud event in 2012, which he won for $201,559. He beat poker stars like Michael Mizrachi in the game. Despite his past success, Zeidman's reputation has suffered significant damage in both the poker and sports betting communities. He is out on bond while he waits to be sentenced, but he will probably spend a few years in jail after the court makes its decision.
