Schuetz: Scenes From BetBash, The Soul Of The Sports Betting Industry

It was about five years ago. 

I received a call from a gentleman named Spanky, who wanted me to visit with him on his podcast and talk about my time at the Stardust Hotel & Casino in Las Vegas, especially as it concerned Stardust’s race and sports book. Spanky dropped Captain Jack’s name, who he said recommended me and whom I had met through the strange world of betting Twitter, so I figured Spanky must be somewhat legit. With that, and the fact that I have never met a microphone I did not like, I agreed to Spanky’s request.

Spanky and I did the podcast together, and it was fun. I found him to be very smart and sincere. He also liked to laugh, and his betting knowledge was off the charts. I don’t even think Spanky knows how smart he is.

We stayed in touch, and he then contacted me about attending an event in Jersey City he was calling BetBash. It was planned at a big patio bar and was to last several hours one evening. The point was to get a bunch of folks together who had an interest in sports betting and have them visit.

This was a sufficiently curious notion that my girlfriend and I thought we would check it out. Plus, we always welcomed an opportunity to hang out in or around New York City.

On the evening of the event, we were struggling to find the bar hosting the event, and while walking along the sidewalk in Jersey City, I heard someone yell my name. It was Spanky, and I had no idea how he knew I was me. We shook hands and he escorted us up this long stairway that led to a table with some folks checking for tickets and attaching wristlets. I took out my wallet, and he told me to put it away. We then entered the upper patio area of the bar and began mingling with a whole bunch of different folks who were talking about betting. After about three hours, we left.

Onward, upward, westward

BetBash II was held in Las Vegas at the Circa Hotel & Casino. It was a three-day event. Spanky invited me to speak on a panel with Roxy Roxborough and Scott Schettler. We mainly talked about the old days at the ‘Dust and the insanity of dealing big limits, opening the line for the world, the opening-line lottery, and taking on all comers — much of it sharp. Scott also told a story or two from his early experiences in betting, such as when a bettor was watching a game, took a bad beat, pulled out a gun, and shot the television.

Of course, the shooter was suspended from the book for a few weeks.

At the Stardust, we considered ourselves in the center of the betting world, and we were not wrong. We had 11 payphones right outside of the sportsbook entrance, and, with all due respect to the Wire Act, they were the highest revenue-producing payphones in the U.S.

At BetBash III, also at Circa, I told Spanky I wanted to join the speed networking session, but with each person at each speed networking stop, I wanted to interview them and collect data for an article. Spanky was cool with that, and the most interesting result was that of the 17 people I met with, seven had been bet limited. After this session, Spanky and I talked about this a lot, and it started a series of additional data collection efforts to gain insight into bet limiting.

These discussions and research led to the recent establishment of a non-profit entity, the American Bettors’ Voice, of which I have been honored to be named CEO by Spanky. This all is now Spanky’s three-legged stool, with BetBash, The Sports Gambling Hall of Fame, and American Bettors’ Voice.

Speaking of the Sports Gambling Hall of Fame, what was very cool about BetBash III was that it ushered in the inaugural class of this new institution. In the first year, it inducted an amazing group of people, and I had the great honor of giving the induction speech for Scott Schettler of Stardust Book fame. As I finished, I had tears in my eyes. 

As an aside, it is amazing how much emotion one sees at a Sports Gambling Hall of Fame dinner.

New faces and legends lost

Fast forward to BetBash IV, just held at the Circa Hotel & Casino in Las Vegas. It was a five-day event involving a golf tournament and a poker tournament. It involved numerous presentations on all things betting. The executive director of the National Council of Legislators from Gaming States spoke — and he also did a lot of listening. A representative of a national regulatory association working on sports betting was involved, and Keith Whyte, Ted Hartwell, and Brianne Doura-Schawohl all spoke, a true triumvirate of problem gambling insight and wisdom. And on and on it went.

And then there was the Second Annual Sports Betting Hall of Fame Dinner, featuring a who’s who of sports betting for the last 50-plus years. A black-tie crowd filled the Circa ballroom facility. Sitting at the table next to us was “Stevie the Pencil,” and if you don’t understand what that means, this article will probably not touch you. Vic Salerno was a few tables away, sitting with Roxy Roxborough. Billy Walters was there, along with Jack Binion. And on and on it went.

We celebrated the life of Ed Curd, the person who popularized 11/10 juice, and several people who were involved with the Computer Group. 

Of interest, back in the day, some individuals from the Computer Group had problems with the government because the Feds thought they had to be bookies and not bettors because they were making so much money. The Feds did not appreciate that a sharp could beat a poorly managed book. 

We celebrated the life of Michael Kent, who died in 2018 and was a Westinghouse mathematician involved in designing nuclear subs. Oh, and he was also great at building models to predict the outcome of college sporting events. Adding to the humor of the night, his relative, who spoke about his award in Michael’s honor, suggested that there was more than one instance where the powerful Westinghouse mainframe dedicated to the development of the U.S. nuclear submarine fleet may have contained a gigabyte or two of college sporting statistics.

And on and on the evening went, with table after table having numerous people who were legitimately big deals in the history and evolution of betting.

The most interesting part of the evening was the induction of Ron Sacco, known as the Godfather of bookmaking. Sacco was known for two particular attributes: He treated customers with respect by offering fair odds, and he was obsessive about making fast payouts. As he was introduced, and this was not without tremendous significance, he received a standing ovation from the entire audience, understanding that Ron Sacco is known as the father of offshore gambling.

Mr. Sacco also had the best line of the evening when he mentioned that he had now gone from being indicted to inducted.

What was taking place in the very full ballroom of Circa was an open display of the soul of the sports betting industry, and it was all taking place because of the energy and love of Spanky. Moreover, of the deceased individuals who were admitted into the Hall, Spanky even went to great lengths to find their family members and get them to Las Vegas for the ceremony.

It needs to be mentioned here that much of what happened at Circa could also not have happened without Derek Stevens, the owner of Circa. Derek is a bettor and offers a very real book at Circa and beyond. Derek is not a Johnny-come-lately to the scene, but rather someone who grew up in it, including that he used to fire at the Stardust line.

Derek has been most supportive of BetBash and has embraced the soul of the Sports Gambling Hall of Fame, located within his casino. An important insight about Derek was that at the Hall ceremony, he went into the men’s room and, upon leaving, gave the room attendant a $100 bill, commenting that the room looked great and thanking him for making that happen. This is a guy who knows gaming and knows how to run a book.

The point of it all

Spanky is fond of saying that his efforts with BetBash and the Sports Gambling Hall of Fame are not geared toward profit. Well, he proves this year after year, for Spanky runs a pretty big deficit on these events, and he probably dreams of the day when he can hope to break even.

He does this all because he thinks it is important. He wants to help people become better bettors and quit being played the fool. He also likes to celebrate the industry’s history, and the Hall of Fame ceremony allows the industry’s very soul to be displayed to all.

What is also of interest regarding BetBash and the SGHOF Dinner was the material absence of online sports betting operators (OSBs). With a few notable exceptions, most OSBs are not in the sports betting business, so there is no reason for them to be at BetBash. The key to sports betting operations is managed risk. The modern guys work to avoid risk, and an example is bet limiting. They are more accurately identified as being in the entertainment or amusement industries. 

The fact that a lot of people do not understand this is why we have a great many people running around in the OSB gaming space, including the main lobbyist, other conference producers, and many writers and pontificators, babbling gibberish. Oh, and I can’t neglect the legislators, whose fundamental lack of understanding creates a tax structure that essentially demands that the industry only offers amusement games attractive mainly to the slow, unskilled, or dimwitted.

Should any of you desire to outgrow that unpleasant state of ignorance and embrace the real world of sports betting, come see Spanky at the next BetBash. It will be time well spent.

And maybe we can help Spanky to get even one of these years.

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Richard Schuetz entered the gaming industry working nights as a blackjack and dice dealer while attending college and has since served in many capacities within the industry, including operations, finance, and marketing. He has held senior executive positions up to and including CEO in jurisdictions across the United States, including the gaming markets of Las Vegas, Atlantic City, Reno/Tahoe, Laughlin, Minnesota, Mississippi, and Louisiana. In addition, he has consulted and taught around the globe and served as a member of the California Gambling Control Commission and executive director of the Bermuda Casino Gaming Commission. He also publishes extensively on gaming, gaming regulation, diversity, and gaming history. Schuetz is the CEO American Bettors’ Voice, a non-profit organization dedicated to giving sports bettors a seat at the table.