According to a story from NBC 5 Dallas-Fort Worth, federal authorities have uncovered an illegal sports gambling ring located in North Texas that took in over $1 billion in revenue from September 2009 to September 2010.
No indictments have been unsealed. Expect that to change, however. In forfeiture papers filed in court, approximately 22 individuals were involved in the operation, which used offshore sites and a toll-free phone line. The line apparently received 20,000 calls per month.
The IRS seized cash, automobiles, jewelry, and sports memorabilia, among other things. Claims have been filed by those seeking return of the items.
Stories such as these add substance to those seeking an expansion of legalized sports betting in the United States. Earlier today, for example, New Jersey released its draft of sports betting regulations.