WSOP Bracelet Winner Cory Zeidman Pleads Guilty in 3.7 Million Dollar Betting Scam

Poker player Cory Zeidman, a World Series of Poker (WSOP) bracelet winner, is awaiting sentencing after pleading guilty to federal fraud charges tied to a multimillion-dollar sports betting scam that operated between New York and Florida. Authorities said Zeidman used false claims of insider sports information to deceive investors out of their savings.

Good to Know

• Zeidman pleaded guilty to federal fraud charges in December 2024.
• He must forfeit 3.7 million dollars and repay more than 5 million dollars in restitution.
• Prosecutors recommend 33 to 41 months in prison, though the judge will decide the final sentence.

According to court documents, Zeidman ran a fraudulent organization that promoted so-called “privileged information” about sporting events, claiming it guaranteed risk-free profits. Victims were persuaded to pay large sums for this fake data, believing it gave them a competitive edge in betting.

In reality, prosecutors said, there was no insider information—only deception. Zeidman and his associates used high-pressure sales tactics and false advertising to lure customers, many of whom lost their life savings or retirement funds.

U.S. Attorney Breon Peace said during Zeidman’s arrest in 2022:

“Zeidman defrauded his victims, stole their life savings, and persuaded them to drain their retirement accounts to invest in his bogus sports betting group, all so he could spend it on international vacations, a multi-million dollar residence, and poker tournaments.”

The fraudulent operation reportedly netted millions in profits, which Zeidman used to fund a lavish lifestyle that included luxury travel and competitive poker events.

From Poker Success to Criminal Conviction

Zeidman was a known figure in the poker world, with nearly 700,000 dollars in live tournament earnings and a WSOP bracelet won in 2012. His reputation in the poker community initially helped him appear credible to potential investors, prosecutors said.

Despite initially denying all allegations, Zeidman ultimately pleaded guilty in December 2024 in a federal court in the Eastern District of New York. The U.S. Department of Justice later released a redacted sentencing recommendation obtained by PokerNews, suggesting a prison term between 33 and 41 months.

In addition to his prison sentence, Zeidman must forfeit 3.7 million dollars in illegal gains and pay more than 5 million dollars in restitution to 21 victims of the scheme.

However, the sentencing judge is not obligated to follow the government’s recommendation, leaving open the possibility of a lighter or harsher sentence.

Pattern of Deceptive Practices

Federal prosecutors described Zeidman’s operation as a calculated con built on “deceptive practices and outright lies.” He allegedly used multiple aliases and business names to hide his identity and evade accountability.

Officials emphasized that Zeidman’s conduct reflected a growing trend of fraudulent “sports investment” operations targeting individuals looking for quick profits in the booming betting industry.

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