Jay Cohen, known as the man who invented online sports betting, faced a prolonged legal battle after launching the World Sports Exchange (WSEX), an online sports betting platform. In the early 1990s, Cohen, a trader on the Pacific Options Exchange in San Francisco, began by creating a market for betting on the outcome of the O.J. Simpson trial, which fluctuated with news developments. This experience inspired him to establish WSEX, which quickly grew to handle millions of dollars in bets annually.
Upon returning to the United States, Cohen was promptly arrested and arraigned, though it took years before his trial commenced. During the trial, Judge Griesa ruled against Cohen's defense on nearly every point and directed the jury to deliver a guilty verdict. Cohen later stated that a juror told him the jury believed he was innocent but felt compelled to convict due to the judge's instructions. Ultimately, Cohen was sentenced to 21 months in prison.
Cohen detailed his experiences in the book Odds Man Out: The Untold Story of How Professional Sports Crushed the Pioneers of Online Betting, published by Post Hill Press. The 384-page book chronicles his prosecution and imprisonment for creating a successful sports betting website.
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