ducks
06-03-2005, 04:47 PM
Internet gamblers bet on Jackson
Tens of thousands of Internet bets are being made on the result of Michael Jackson's child sex trial with most putting their money on an acquital for the King of Pop.
Bets will be taken right up to the moment the jury foreman reads out the verdict, which means there could be several more weeks of increasingly frenzied wagers. Betting companies expect a new wave of money to come in when the jury withdraws to deliberate.
Jackson, 46, faces up to 20 years behind bars if convicted on all 10 charges of molestation, conspiracy and providing and plying a minor with alcohol.
He has denied molesting a 13-year-old cancer patient, plying the boy with alcohol in order to seduce him and plotting to kidnap the boy and his family in order to ensure their silence.
On the Bodog.com website, at least 6,000 people have placed tens of thousands of dollars in bets on the verdict, according to the site's founder Calvin Ayre.
"We max at 100 (dollars) because these bets on entertainment purpose events carry a lot of uncertainty," noted Ayre.
Most of his customers gamble 50 to 100 dollars. Around 75 percent have bet in favor of an acquittal. Even more do not think he will go to jail -- whatever the outcome.
Betting momentum has "been building as the trial progresses, which is typical of any celebrity event," says Ayre, a 44-year-old Canadian whose business specializing in sports betting is based out of Costa Rica.
Gambling on the entertainment world has recently experienced a growth spurt. Punters can bet on a film's gross box office take in its opening week, whether Tom Cruise will get engaged in 2005, and who will be the next Miss Universe.
Antony Portno of British online site OLBG says "online betting is looking for more markets to invent," and that one such has been celebrity betting.
"Despite the obvious public interest, it's suprising the betting on the Michael Jackson isn't more widespread on British bookmaking sites," says Portno, but he adds: "It's likely it's going to pick up."
"TV reality shows are big, like Big Brother, American Idol, and celebrities news: celebrity babies, relationships."
In the United States, betting on the Jackson case is going at full tilt.
On Intrade.com, which specializes in financial and political betting, nearly 15,000 punters are staked out on what will be the trial's outcome for the star.
Some 44 percent were betting Jackson will be found guilty of at least one of the counts against him.
"In January, during jury selection, it was 72-73 percent," said Mike Knesevich, explaining that the scenario has changed at each decisive stage in the trial. "A total of 130,000 dollars worth of bets have been exchanged so far between members of the site," said Knesevich.
The US company based out of Dublin acts as an intermediary charging commission only.
Knesevich says Michael Jackson's California court trial has been the "biggest celebrity trial for us."
As such, the jury deliberations will likely heighten tension among punters.
There will be "a bit of speculation if the jury comes back and asks to see this document or have this bit of the trial read back to them, traders will scrutinize and make evaluations on which way they are leaning, trying to find nuance," he added.
"People bet on this for the same reason they bet on sports," notes Calvin Ayre. "It instantly makes you a participant -- now you're involved and it makes the event much more exciting to watch. It's pure entertainment."
Copyright © 2005 Agence France Presse. All rights reserved. The information contained in the AFP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of Agence France Presse.
Tens of thousands of Internet bets are being made on the result of Michael Jackson's child sex trial with most putting their money on an acquital for the King of Pop.
Bets will be taken right up to the moment the jury foreman reads out the verdict, which means there could be several more weeks of increasingly frenzied wagers. Betting companies expect a new wave of money to come in when the jury withdraws to deliberate.
Jackson, 46, faces up to 20 years behind bars if convicted on all 10 charges of molestation, conspiracy and providing and plying a minor with alcohol.
He has denied molesting a 13-year-old cancer patient, plying the boy with alcohol in order to seduce him and plotting to kidnap the boy and his family in order to ensure their silence.
On the Bodog.com website, at least 6,000 people have placed tens of thousands of dollars in bets on the verdict, according to the site's founder Calvin Ayre.
"We max at 100 (dollars) because these bets on entertainment purpose events carry a lot of uncertainty," noted Ayre.
Most of his customers gamble 50 to 100 dollars. Around 75 percent have bet in favor of an acquittal. Even more do not think he will go to jail -- whatever the outcome.
Betting momentum has "been building as the trial progresses, which is typical of any celebrity event," says Ayre, a 44-year-old Canadian whose business specializing in sports betting is based out of Costa Rica.
Gambling on the entertainment world has recently experienced a growth spurt. Punters can bet on a film's gross box office take in its opening week, whether Tom Cruise will get engaged in 2005, and who will be the next Miss Universe.
Antony Portno of British online site OLBG says "online betting is looking for more markets to invent," and that one such has been celebrity betting.
"Despite the obvious public interest, it's suprising the betting on the Michael Jackson isn't more widespread on British bookmaking sites," says Portno, but he adds: "It's likely it's going to pick up."
"TV reality shows are big, like Big Brother, American Idol, and celebrities news: celebrity babies, relationships."
In the United States, betting on the Jackson case is going at full tilt.
On Intrade.com, which specializes in financial and political betting, nearly 15,000 punters are staked out on what will be the trial's outcome for the star.
Some 44 percent were betting Jackson will be found guilty of at least one of the counts against him.
"In January, during jury selection, it was 72-73 percent," said Mike Knesevich, explaining that the scenario has changed at each decisive stage in the trial. "A total of 130,000 dollars worth of bets have been exchanged so far between members of the site," said Knesevich.
The US company based out of Dublin acts as an intermediary charging commission only.
Knesevich says Michael Jackson's California court trial has been the "biggest celebrity trial for us."
As such, the jury deliberations will likely heighten tension among punters.
There will be "a bit of speculation if the jury comes back and asks to see this document or have this bit of the trial read back to them, traders will scrutinize and make evaluations on which way they are leaning, trying to find nuance," he added.
"People bet on this for the same reason they bet on sports," notes Calvin Ayre. "It instantly makes you a participant -- now you're involved and it makes the event much more exciting to watch. It's pure entertainment."
Copyright © 2005 Agence France Presse. All rights reserved. The information contained in the AFP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of Agence France Presse.