Sup fellow degens, 

I've seen some degeneracy in my time. 

Leverage traders going 100x on shitcoins at 4 AM. As I write this, people are offloading their student loans into dog tokens.

Today, we're looking at God Tier Degeneracy. The outcome is so unhinged that if it works, it rewrites the entire gambling industry.

This is the summary:

This isn't a meme. 

This is a landmark court case happening right now in Australia. Ladbrokes, bet365, and Tabcorp are being dragged into federal court by the liquidators of a financial adviser who decided "client funds" were actually "weekend gambling liquidity."

If this lawsuit succeeds, it breaks the entire casino business model.

Meet Gavin Fineff. To the world, he was a successful financial planner. To the bookies, he was a whale. 

In reality? He was stealing.

According to court documents, Fineff siphoned approximately $4.3 million AUD ($1.3M) from his clients (including elderly people) to feed his gambling addiction.

He is currently in jail for fraud.

Usually, this is where the story ends. The money is gone. The bookies keep the profit. The guy rots in a cell. Everyone moves on.

But not this time.

The liquidators trying to recover money for the victims are suing the bookies.

They're dragging Entain (owner of Ladbrokes) and Tabcorp into federal court with a nuclear argument:

They claim the bookies engaged in "unconscionable conduct" and "knowing receipt" of stolen funds.

Translation: "You knew this guy was an addict. You knew his salary as a financial adviser didn't match his $500k deposits at 3AM. But instead of stopping him, you groomed him with VIP perks and kept him gambling."

While Fineff was losing millions of other people's money, VIP managers were allegedly texting him things like:

They treated him like royalty while he was burning down his life with stolen funds.

The lawsuit hinges on a legal concept called "knowing receipt”. The idea is that if you receive stolen property while knowing (or having reason to suspect) it's stolen, you have to give it back.

If this lawsuit succeeds, it breaks the entire gambling industry model.

Currently, the rule is "Finders Keepers". If you steal money and lose it at a casino, the casino usually says, "Not our problem; we didn't know."

If the court rules against Ladbrokes, it sets a precedent: casinos are liable for the Source of Funds (SOF). It means if a player turns out to be a scammer, the casino has to refund the losses.

Gavin Fineff is a scumbag for stealing from elderly clients. He deserves his jail sentence. No sympathy there.

But the bookies are predators.

They have billion-dollar algorithms that can detect a "sharp" bettor instantly and limit them to $1 bets. But when a guy deposits half a million at 3 AM on a Tuesday while gambling like a maniac, suddenly their "Responsible Gambling" protocols vanish and the VIP team springs into action.

They knew. They just didn't care.

They chose profit over compliance. They groomed an addict and ignored every red flag because the handle was too good.

So this is Scammer vs. Scammer. A thief who stole from the elderly vs. bookies who exploited an addict with other people's money.

I hope they both lose.

This case will reshape the entire industry regardless of who wins.

Grab your popcorn.

TL;DR: Gavin Fineff, a financial adviser who stole ~$4.3M AUD, is in jail for gambling with stolen money. Liquidators are suing the betting companies to recover the stolen money he lost, claiming they knew he was an addict/thief and exploited him.

Stay degen,

Dima