Jackson: Money on ' not guilty'
2005-06-02 18:03
Washington - 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 acquittal for the king of pop.
Bets would be taken right up to the moment the jury foreman reads out the verdict, which meant there could be several more weeks of increasingly frenzied wagers.
Betting companies expected a new wave of money to come in when the jury withdrew to deliberate.
Jackson, 46, faced up to 20 years behind bars if convicted on all 10 charges of molestation, conspiracy and providing and plying a minor with alcohol.
He had 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.
6 000 people bet on the verdict
According to the site's founder Calvin Ayre, on the Bodog.com website, at least 6 000 people had placed tens of thousands of dollars in bets on the verdict.
Ayre noted: "We max at $100 because these bets on entertainment purpose events carry a lot of uncertainty."
Most of his customers gambled $50 to $100. About 75% had bet in favour of an acquittal. Even more did not think he would go to jail - whatever the outcome.
Ayre said betting momentum had "been building as the trial progresses, which is typical of any celebrity event".
Gambling on the entertainment world had recently experienced a growth spurt.
Punters could bet on a film's gross box office take in its opening week, whether Tom Cruise would get engaged in 2005, and who would be the next Miss Universe.
Celebrity betting
Antony Portno of British online site OLBG said "online betting is looking for more markets to invent," and that one such had been celebrity betting.
Portno said: "Despite the obvious public interest, it's surprising the betting on the Michael Jackson isn't more widespread on British bookmaking sites."
He said: "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 was going at full tilt.
On Intrade.com, which specialised in financial and political betting, nearly 15 000 punters were staked out on what would be the trial's outcome for the star.
Intermediary charging commission
About 44% were betting Jackson would be found guilty of at least one of the counts against him.
Mike Knesevich said: "In January, during jury selection, it was 72% to 73%. A total of $130 000 worth of bets have been exchanged so far between members of the site."
The US company based out of Dublin acted as an intermediary charging commission only.
Knesevich said Jackson's California court trial had been the "biggest celebrity trial for us".