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End to long-running March Madness betting pool

Monday, March 05, 2007

Eyewitness News

(Staten Island - WABC, March 5, 2007) (WABC) -- Everybody out of the pool. Those are words from a club owner on Staten Island who runs a huge NCAA basketball championship betting pool -- or at least he used to.

"Jody's Pool" is ending after 30 years because of scrutiny by the IRS into last year's $1.5 million winning prize.

Eyewitness News reporter Kemberly Richardson has the story.

What would have been a 30 year tradition at Jody's Club Forest -- a chance to pay $10 dollars and hopefully become a millionaire. This week, crowds would have lined up outside the pub for its legendary NCAA basketball pool.

But the owner, Jody Haggerty, has officially confirmed the game is off. His son says March Madness will not be the same.

Terence Haggerty, owner's son: "Last year I was on the phone with a guy from Burbank talking for 20 minutes telling me how his buddies were coming to Staten Island, it was good for everybody."

Last year there were 150,000 entries. The jackpot was said to have reach $1.5 million dollars.

Trevor Mills, participant: "On a small scale in stores and things it's fine but once it gets to large you will run into problems."

Jody declined to go on camera but has hired an attorney who confirmed the IRS is now involved and that until the t's are crossed and I's are dotted there will not be a March Madness pool.

Councilman Michael McMahon (D-SI) says pools like this one are legal. In order to win you had to pick the final four teams, the title game winner and the total number of points in the championship game.

"Everyone knew how many tickets were sold, the pot paid out and as long as he didn't take a cut no laws on the face were broken," McMahon said.

But he adds the devil could be in the details.

"There are a lot of technical reporting requirements with this amount of money and the IRS will come and look at it," McMahon said.

The IRS had no comment. The tournament kicks off March 13th.

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