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Gossip Column: Landon Tice & Patrick Leonard Negotiate a $100K Prop Bet for Tice to Live at Bally’s For a Year; Dan Shak Charged by CFTC for Spoofing & More

Landon Tice, Patrick Leonard & Dan Shak
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  • Attreyee Khasnabis August 8, 2022
  • 4 Minutes Read

Prop bets are back; this time, the poker pros looking to entangle in one are Landon Tice and the 2022 WSOP Tag Team bracelet winner Patrick Leonard. On August 3, Tice tweeted his idea of a prop bet wherein he would stay at the Bally’s Las Vegas for one year. Leonard later tweeted that Tice had approached him, saying he would do it for $100,000. The duo is still fine-tuning the prop bet, with no assurance of whether or not the bet will actually pan out.

High-stakes poker pro Dan Shak, who has a history of getting on the wrong side of the Commodity Futures Trading Commission (CFTC), was charged by the CFTC for spoofing and engaging in a manipulative and deceptive scheme in the gold and silver futures markets.

Southern California’s Hustler Casino faced an unprecedented event on August 4, where one armored truck security guard was shot outside the venue, and another was injured in an “ambush” by multiple armed suspects who made off with an undisclosed amount of money.

 

Are Landon Tice & Patrick Leonard Going Through With the $100K Prop Bet to Live at Bally’s For a Year?

Prop bets are pretty common among poker pros, although it’s been a while since we heard of an interesting one. Last week, online crusher Landon Tice tweeted that he would consider living at Bally’s Las Vegas for one year. For the right price, of course.

Landon Tice

 

 

The prop bet received a variety of reactions. While some thought it was interesting, others questioned the concept.

Patrick Leonard chimed in, making it sound like this prop bet could be a real possibility. He tweeted that he received a message from Tice saying he would do it for $100,000.

Patrick Leonard

 

Naturally, questions arose about who would foot the bill for the hotel stay, which would likely amount to tens of thousands of dollars. Leonard said he thought Bally’s might be willing to sponsor the bet. He also believes that Tice would get loads of Caesars Rewards out of it and thousands in slot credits.

 

Tice had likely assumed someone other than he would be paying for the lodging, as in a tweet, he appeared to consider the $100,000 as “profit.”

While not yet ironed out, the stipulations of the bet entail Tice is free to move as he pleases inside the host venue, eat where he wants, play poker, gamble, drink, and do just about anything except get into the pool (although he can access the pool area). But he loses if he were to say walk across the street to play some cash games at the Bellagio.

The ‘pool rule’ certainly raised some eyebrows.

 

Tice clarified that the pool rules would be monitored based on an “honor code,” as it would be difficult for Leonard to enforce it.

Besides the pool regulations, another factor needs to be considered. According to Nevada’s Common Interest Ownership policy, after 30 days of consecutive stay in the same hotel/motel/resort, the guest has residency rights, which causes problems for the hotel operators. As such, hotels in Las Vegas limit stays to a maximum of 28 days.

To circumnavigate this issue, Tice would need to check out of Bally’s, taking all of his belongings with him downstairs, and then check back into the hotel later that day or the following day, which could be quite a nuisance.

This is not the first time Tice`s name is involved in a prop bet that seems impossible to achieve. Last year, Tice and entrepreneur Bill Perkins had agreed to play 20,000 hands of $200-$400 No-Limit Hold’em on Americas Cardroom in February. A side bet was added to the challenge in May. The challenge eventually got underway several months later, in early June.

Tice agreed to grant the recreational high stakes player Perkins a handicap of 9 big blinds for every 100 hands played, unlike other challenges between two pros. It essentially meant Tice would need to win $720,000 over the course of 20,000 hands before he could earn a profit. At the time the handicap was agreed upon, Tice and many others believed that given Tice’s skill advantage over Perkins, the handicap wouldn’t be insurmountable for an upcoming full-time poker pro like Tice.

In July, Tice conceded defeat after only about 25% of the challenge had been played. On July 4, Tice tweeted that he had decided to surrender the heads-up challenge to Perkins after much deliberation.

As for the current prop bet, the complete details are yet to be ironed out between the two gamblers, including when the wager will begin, assuming it actually comes to fruition.

 

Poker Pro Dan Shak Got Caught ‘Spoofing’ by CFTC

The Commodity Futures Trading Commission (CFTC) has charged high-stakes poker pro Dan Shak with spoofing and engaging in a manipulative and deceptive scheme in the gold and silver futures markets. For those unaware, ‘spoofing’ is when securities buyers place market orders and cancel them before the order is fulfilled. Spoofing is illegal and can carry steep penalties.

Dan Shak
Dan Shak

 

According to the civil complaint filed by the CFTC, from February 2015 through March 2018, and on “hundreds” of occasions, the 63-year-old circuit regular engaged in “manipulative or deceptive acts.” He did so by placing large orders for gold or silver futures that he had no intention of closing. At the same time, he entered genuine orders on the opposite side of these markets.

“By placing the spoof orders, Shak intentionally or recklessly sent false signals of increased supply or demand that were designed to trick market participants into executing against orders on the opposite side of the market, which he actually wanted filled,” alleges the CFTC complaint.

“Shak’s spoof orders allowed him to fill orders on the opposite side of the market sooner, at a better price, and/or in larger quantities than they otherwise would have been filled,” CFTC explained.

The watchdog is seeking, among other reliefs, civil monetary penalties, disgorgement, trading bans, and a permanent injunction against future violations of the federal commodities laws, as charged.

Las Vegas-resident Shak is well known in the poker world and a fixture on the high-stakes tournament circuit. He has around $11.7 Million in net tournament winnings. He is also the founder and former principal of hedge fund SHK Management.

However, this is not the first time Shak has found himself on shaky ground with the CFTC. In 2013, he paid a $400,000 fine for attempting to manipulate the price of light sweet crude oil futures contracts on the New York Mercantile Exchange (NYMEX). He was banned from trading outright futures contracts in any market during the closing period for two years. In 2015, he was fined $100,000 for violating that ban.

“These charges demonstrate once again that the CFTC will vigorously prosecute to the fullest extent of the law, misconduct that has the potential to undermine the integrity of our markets,” Gretchen Lowe, the CFTC’s acting division of enforcement director, said of the latest charges.

 

Hustler Casino’s Armored Truck Ambushed; Security Guard Shot

A few hours after the 53rd Annual WSOP Main Event champion was crowned, the Las Vegas strip was hit by rumors of an active shooter situation at MGM Grand. Fortunately, it proved to be a false alarm. However, it significantly impacted the proceedings at the then ongoing 2022 World Series of Poker (WSOP), disrupting several tournaments at the Bally’s and Paris along with the proceedings at several other casinos on the Las Vegas strip.

What was a rumor about a month ago turned into gruesome reality on August 4, when Southern California’s Hustler Casino faced an unprecedented event. An armored truck security guard was shot, and another was injured in an “ambush” by multiple armed suspects who made off with an undisclosed amount of money, according to police.

Hustler Casino
Hustler Casino

 

During a press conference, Lt. Christopher Cuff of the Gardena Police Department told reporters that police responded to a call about shots fired around 10 AM (local time) near Hustler Casino, the hub of the thriving Los Angeles poker scene.

“Essentially what happened was, as the armored (vehicle) security officers got out of the car, the suspects who were waiting in the parking lot immediately began to fire on the security guards,” Cuff said in a video of the press conference uploaded by ABC7 Los Angeles. “The security guards returned fire.”

However, the suspects were heavily armed with at least one rifle and multiple handguns. The police have not released descriptions of the suspects, who are still at large but said they recovered a white sedan suspected to be the vehicle used in the ambush.

The security guard shot in the leg was transported to a nearby hospital in critical condition, though Cuff said, “it’s expected that he is going to survive.” A second guard, meanwhile, was “injured with cuts and multiple lacerations.”

“I’ve been here 20 years, and I can’t think of anything like this,” he said. “We’ve had incidents at the Casino but not like this,” said Cuff.

Hustler Casino has recently been the hot topic in the poker community following the venue`s questionable decision to cancel a $250,000 guaranteed poker tournament mid-way.

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