Jacko: Punters bet 'not guilty'
2005-06-02 08:20
Washington - With the Michael Jackson trial nearing its close, gambling on its outcome is widely in evidence on the internet, with most people apparently tending to bet on an acquittal for the star accused of child molestation.
Virtual betting will go on right to the last moment, say pundits: in some cases right until just before the verdict is announced.
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 pleaded innocent to 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.
Gambling on entertainment rises
On the Bodog.com website, at least 6 000 people have already gambled on the jury verdict, placing tens of thousands of dollars in bets.
"We max at $100 because these bets on entertainment purpose events carry a lot of uncertainty," notes the site's founder Calvin Ayre.
Most of his customers gamble $50 to $100. Around 75% have bet in favour of an acquittal for Jackson. Even more don't 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 specialising in sports betting is based out of Costa Rica.
Gambling on the world of entertainment 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.
"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 specialises in financial and political betting, nearly 15 000 punters are staked out on what will be the trial's outcome for the star.
About 44% 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%," said Mike Knesevich, explaining that the scenario has changed at each decisive stage in the trial. "A total of $130 000 worth of bets have been exchanged so far between members of the site," said Knesevich.
"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."