Art Manteris, a C-Level executive with four decades of experience, details the evolution of the gambling industry in his new book, The Bookie. The publication covers the transition from physical casinos in Atlantic City to the rise of offshore iGaming platforms in the Caribbean.
The narrative begins with traditional brick-and-mortar operations. While casino games and slots generated the primary revenue, the bookmaking office occasionally surpassed the entire casino's monthly earnings. Donald Trump, owner of the Trump Plaza, attempted to leverage his venue for high-profile events.
He offered Lewis $11 million to relocate a fight to the Atlantic City convention center. Trump also claimed to the press that he wagered $1 million on Holyfield at 20/1 odds, though this specific bet did not actually exist in Nevada. Financial discipline was critical, as illustrated by wholesaler Saul Sayeg, who fled the country after issuing $7 million in fake checks to settle gambling debts.
Walters employed similar tactics against Elardi and Bobby Gregorka at Frontier, nearly destroying their bookmaking operations.
The Rise of Offshore iGaming
The industry shifted significantly with the emergence of digital platforms. Intertops launched in Antigua in the spring of 1996, becoming the first iGaming product to accept wagers from US customers. A modest facility with satellite dishes in San Jose, Costa Rica, housed one of the world's most successful iGaming products.
The Caribbean region hosted numerous operators, some of which partnered with legal US bookmakers to route players. By 2007, the estimated annual turnover for the offshore bookmaking sector reached $400 billion. Advanced platforms such as Betcris and Pinnacle evolved into market leaders, establishing a strong presence among international VIP players.
Operational strategies involved complex line management. The bookmaker's hammer allowed operators to limit or void bets for specific players. Market leaders like 5Dimes influenced the broader industry by setting opening coefficients that other US bookmakers followed.
Internal dynamics at Hilton involved high-limit players like Mickelson and Aiken, who utilized early odds to place bets on the opposite side of the line. Jimmie informed the narrator that Bradshaw authorized access for Walters, Mickelson, and Aiken to Hilton's early odds, a move predicted to destabilize the book. Observations of line adjustments at LVSC at 23:45, where odds shifted to match actual game outcomes, highlighted the extent of data manipulation within the market.
The text serves as a retrospective analysis of the sector, documenting the financial mechanisms and key figures that shaped the global gambling landscape over the last forty years.