He should have listened to the song because this guy clearly didn’t know when to fold ‘em.

Professional poker player Cory Zeidman was arrested for fraud and money laundering related to a sports betting scheme that netted more than $25 million.

The Boca Raton, Florida, native also faces federal charges of conspiracy to commit wire fraud and mail fraud, and conspiracy to commit money laundering as part of the scheme that spanned from 2004 to 2020, according to a two-count indictment out of the United States District Court for the Eastern District of New York.

The 61-year-old won a bracelet at the 2012 World Series of Poker.

The indictment says Zeidman and his unnamed cohorts received more than $25 million in interstate wire transfers and private commercial carriers during that span from victims who were led to believe that the organization had inside info on games.

Part of the scheme entailed placing radio ads around the U.S. boasting a “sophisticated white-collar approach to gathering sports information.” When people called in, they were asked to pay a fee for the info.

“As alleged, Zeidman preyed on individuals who were led to believe he had inside information that would lead them to easy money,” Homeland Security Investigations New York acting special agent in charge Ricky J. Patel said in a release. “In reality, he was selling nothing but lies and misinformation—bilking millions from victims along the way, leaving their lives in financial ruin and their bank accounts empty.”

New York Democratic Sen. Chuck Schumer started a push for a federal framework for sports gambling on Wednesday.

Chuck Schumer Proposes National Sports Betting Laws

According to ESPN, the Senate minority leader drafted a memo filled with proposals for new sports betting rules that included mandating all sportsbooks to rely solely on official league information to predict outcomes. Schumer also suggested that major sports leagues themselves should also play a role in deciding which types of bets would be allowed. The senator’s suggested national framework is designed to streamline betting and prevent each state from having distinct laws pertaining to the issue.

Schumer also said he believed sports leagues should increase their supervision of illegal betting practices. However, the senator at no point brought up the issue of “integrity fees.”

Among the other proposals Schumer made in the memo included setting 21 as the minimum age in every state to place sports bets, and requiring betting organizations to not improperly advertise to underage people. The senator also said these types of groups should be forced to report suspicious activity that threatens the legality of betting.

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The consequences of these new laws could include people worrying that sports leagues become a monopoly and severely affect the competition level of the betting economy.

In a statement, Schumer stressed that his top goal regarding betting is that the “integrity” of the industry is not tarnished. He cited the Supreme Court’s Murphy vs. NCAA decision in May: a ruling that overturned the federal ban on state-sponsored sports betting that was instituted in 1992 as part of the Professional and Amateur Sports Act (PASPA). New Jersey was one of the first few states to recently legalize sports gambling, after Democratic Rep. Frank Pallone introduced a bill on the topic last December.

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The American Gaming Association released the following statement on Twitter in response to Schumer’s announcement:

On Monday, the Supreme Court struck down a federal law forbidding sports gambling, thus effectively allowing states to legalize betting on major sports.

Supreme Court Strikes Down Anti-Sports Gambling Law

In a 6-3 ruling, the court decided to revoke the 1992 Professional and Amateur Sports Protection Act (PASPA). The law essentially banned state-authorized sports gambling with certain exceptions. The act only did not apply in Nevada, where betting on single games was permitted.

According to ESPN, New Jersey will likely be one of the first states to offer legal sports gambling opportunities. New York, Pennsylvania, Mississippi and Delaware could follow suit.

The New York Times reports that Americans collectively bet around $150 million on sports illegally each year.

Supreme Court Justice Samuel Alito Jr. explained the arguments both for and against the legalization of sports betting.

“Supporters argue that legalization will produce revenue for the states and critically weaken illegal sports betting operations, which are often run by organized crime,” Alito wrote. “Opponents contend that legalizing sports gambling will hook the young on gambling, encourage people of modest means to squander their savings and earnings, and corrupt professional and college sports.”

The justice added that Congress could still directly regulate sports betting, although it could not force states to do this. Last year, FanDuel and DraftKings, two fantasy sports companies, cancelled their deal for a merger. 

Senator Bill Bradley, a New Jersey Democrat and a former college and pro basketball player, was one of the sponsors of the 1992 PASPA law.

One of the people to approve of the Supreme Court’s decision was former New Jersey Governor Chris Christie, who was sued by multiple major sports leagues in 2012 for attempting to allow gambling.

Phil Murphy, New Jersey’s current governor, also voiced support for the ruling.

Here are some of the statements shared by the NFL, MLB, NBA and other sports leagues who responded to the court’s decision:

NFL

“The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute,” the league said in a statement. “Congress has long recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events.”

“Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game.”

MLB

“As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports,” the league said in a statement. “Our most important priority is protecting the integrity of our games. We will continue to support legislation that creates air-tight coordination and partnerships between the state, the casino operators and the governing bodies in sports toward that goal.”

NBA

“Today’s decision by the Supreme Court opens the door for states to pass laws legalizing sports betting,” NBA Commissioner Adam Silver said in a statement. “We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures. Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority.”

NHL

“The Supreme Court’s decision today paves the way to an entirely different landscape – one in which we have not previously operated,” the league said in a statement. “We will review our current practices and policies and decide whether adjustments are needed, and if so, what those adjustments will look like.”

“It’s important to emphasize that the Supreme Court’s decision has no immediate impact on existing League rules relating to sports wagering, and particularly, wagering involving NHL games. So, while changes may be considered in the future, today’s decision does not directly impact the operation of the League or any of our Clubs in the short term.”