Word: rackets
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...Binaggio-Gargotta gang, a potent force in Jackson County's corrupt Democratic political machine, had also operated, said the grand jury, a Kansas City gambling ring which had grossed as much as $34,500,000 a year. Its gambling enterprises included dice and card games ($19 million), numbers racket ($3,500,000), bookmaking on horse racing, baseball, football ($12 million). Among the Binaggio-Gargotta partners in the biggest crap game in Kansas City, said the grand jury, were Jackson County's Superintendent of Buildings Robert S. Greene, at week's end still on the job, and Assistant...
...psychologist, you understand why bettors are such suckers. It takes little mathematics to see that they are getting thoroughly milked by the odds in the numbers racket. One three-figure number, which has a one out of 999 chance of appearing, pays off only 600 to one. And as if a sure 40 percent weren't enough for the pool operators, they have instituted "half-numbers:" numbers which are bet more frequently than others, and on which for various reasons a significantly higher number of bets are placed than simple odds would predict. These numbers--there are close...
...investigators. They had previously ascertained that underworld-controlled "wire services," once devoted to horse racing, are now used to communicate baseball odds to bookmaking establishments throughout the country. The investigators also referred to Ralph Capone, reputed present head of the Capone syndicate, as "relentlessly muscling in on the baseball racket from coast-to-coast." Commenting on the Boston raid, the New York investigators declared it knocked off a $4,000,000 branch office of a syndicate...
Racing bookmakers get between 40 and 50 percent of all money bet with them, regardless of how much they pay out in winnings. The numbers racket works on a more complex scheme...
Boston newspapers contribute to the numbers racket by publishing the prof- ious day's winning figure--usually the three digits, from top to bottom, to the left of the decimal point in the "Suffolk Mutuols"; some pools make use of U.S. Treasury reports...