Dave Oancea, also known as Vegas Dave, was charged with 19 felonies for allegedly using a false identity to conceal his income from law enforcement.
What happened after that? Here’s everything we know.
What exactly is Vegas Dave?
Dave is an avid gambler as well as a gambling influencer. He calls himself a serial entrepreneur and the world’s leading sports betting consultant.
Vegas Dave was born on December 10, 1976, in Honolulu, Hawaii, and grew up there. He relocated to Nevada to attend the University of Las Vegas. He did, however, take a big gamble and bet his $10,000 student loan on a roulette game in Vegas.
Oancea’s gamble at the casino paid off — he doubled his money.
The next day, he dropped out of college and began his betting career with $20,000 in his bank account.
Dave became known as “The King of Futures” as a result of his success in long-term sports bets with high payouts. The following are some of his accomplishments and highest payouts:
1. A $208,000 payout on an $8,000 bet on the Ravens during the 2012 Super Bowl.
2. A $340,000 payout was made against a $30,000 bet on the Boston Red Sox during the 2013 All-Star Break.
3. $580,000 payout on an $80,000 bet on the Texas Rangers during the 2015 All-Star Break.
4. A $2.5 million payout was made against a $100,000 bet on the Kansas City Royals winning the World Series in 2015.
5. A $240,000 payout on a $20,000 bet on Holly Holm vs. Ronda Rousey at UFC in 2015.
6. $2.3 million payouts when betting on the Denver Broncos to win the Super Bowl.
7. $300,000 payout on the largest UFC wager ever placed on Miesha Tate to defeat Holly Holm.
8. A $2 million payout for a bet on the Atlanta Falcons in the 2016 NFC.
Dave sold a rare Mike trout baseball card for $3.93 million in a Goldin Auctions auction in September 2020. He paid $400,000 for the card in 2018.
What is Vegas Dave up to these days?
Dave has retired as “one of the elite sports handicappers of this era,” according to his official website Vegasdavemoney.
He is now a sports betting consultant and the owner of “Vegas Dave Consulting LLC.”
Dave sells membership packages to customers “all over the world.”
He is also interested in bitcoins and has used his Instagram platform to share cryptocurrency advice.
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Charges Leveled Against Him
Dave was first charged in April of 2017. He was charged with 19 federal counts, alleging that between February 2015 and February 2016, he used multiple social security numbers to conceal his winnings from the Internal Revenue Service.
According to law enforcement, the sports gambler used different social security numbers to open player accounts at various casinos.
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Authorities claimed Dave used false social security numbers nine times at Wynn Las Vegas and West Gare SuperBook to conduct $3.5 million in transactions.
They also stated that the gambler was able to hide approximately $881,600 in winnings from the Internal Revenue Service by providing false social security information (IRS).
Sentencing and Ban in Court
Dave’s final hearing and sentencing took place in May 2019. The 19 felony counts against him could land him in federal prison for 40 years or more.
However, Dave’s lawyers negotiated a plea agreement with the court, and Dave pled guilty to misdemeanor charges in January 2019.
He admitted to violating record-keeping and procedure rules and agreed to a civil forfeiture of more than $550,000. In Las Vegas, he also accepted a plea bargain.
During the final hearing, US District Judge Jennifer Dorsey imposed much lighter sentences. Dave was sentenced to three years of probation, as well as gambling counseling and 150 hours of community service.
Furthermore, the ruling barred him from betting on sports in Nevada for three years.
Many popular sportsbooks, including Westgate, MGM, and William Hill, had previously barred him from betting in 2016. Cantor Gaming also restricted his bets to a maximum of $20,000.