Caesars Refuses to Pay Sports Bettor’s $800K in Winnings
Thomas McPeek, a 24-year-old man from Chicago residing with his parents, had no desire for the lengthy, difficult journey to achieve financial independence. He desired the quick path that sports betting appeared to offer him.
Thomas McPeek, a 24-year-old man from Chicago residing with his parents, had no desire for the difficult, lengthy journey to financial independence. He desired the quick route that sports betting appeared to offer him.
And now, the two casinos where his strategy proved most successful are unwilling to pay up.
“It was calculated attack,” McPeek admitted to CBS News/Chicago. “(But) it’s not like I can just snap my fingers and just make the bets win. They still have to win.”
Out of the numerous minor wagers McPeek made from August to September 2023, the vast majority were unsuccessful. However, some won very large amounts.
A FanDuel sportsbook located at Boyd Gaming’s Blue Chip Casino in Michigan City, Indiana, awarded McPeek the $127K he earned. Caesars Entertainment, however, nullified the betting tickets that earned him $350K at their Horseshoe Casino in Hammond, In. and $450K at their Isle Casino in Bettendorf, Ia. — although they proposed to reimburse the $50K he invested to place those bets.
What Mistake Did He Make?
McPeek argues that his wagering was entirely legal and transparent, thus Caesars owes him $800K. Yet, two of his tactics breach standard casino regulations: inter-state collaboration and structuring. Gaming regulators typically permit casinos to deny payments to players who win by violating their declared policies — such as card-counting in blackjack — even when no laws are infringed.
- Cross-State Coordination: Though betting between states isn't prohibited, organized betting across states may breach casino terms of service and potentially state laws. It may also be viewed as an effort to control the system.
- Structuring: McPeek divided substantial bets ($30K in Indiana and $20K in Iowa) into many smaller amounts. A federal law established to protect against money laundering prohibits this and mandates that casinos report any cash transactions exceeding $10,000. Ironically, McPeek used it for the exact reason it drew attention to him: to evade attention.
McPeek acknowledged deliberately altering his appearance to prevent being recognized.
“I’ll switch up the disguise — sunglasses,” he told CBS. “I’ll hide my hair in my hat, I’ll put it up in a bun.” But, he added, there are “no rules against staying under the radar.”
Nonetheless, McPeek has already failed in his case against Caesars with the Indiana Gaming Commission, which determined that the casino giant followed its policies when nullifying his bets at the Horseshoe.
Iowa regulators are currently reviewing his other case against Caesars. If he also loses there, he is said to be considering a civil lawsuit against Caesars for the entire $800K.
Furthermore, CBS revealed that McPeek is prohibited from returning to all three casinos referenced in this article — a prohibition that likely includes all Caesars locations — although the length of this prohibition remains unknown.
McPeek’s parents might consider postponing the transformation of their son’s bedroom into an office or gym.
