Would there be any problem if I placed a bet on the outcome of tonight’s Phillies vs. Giants game? What if I had placed a bet on one of Clint Robinson’s (a client of mine) games this past regular season? Is there a difference between the two?
Yesterday, I read a report that Ted Forstmann, Chairman and CEO of IMG Worldwide, has been been betting on tennis matches. IMG represents some of the best tennis players in the world, is a part-owner of The Tennis Channel, and also is responsible for the organization and execution of many tennis events.
The information that Forstmann has placed bets on tennis matches involving his own clients, was made available based on a lawsuit filed by James Agate. Agate alleged that Forstmann once bet against IMG client, Roger Federer. The response by an IMG Vice President denied the accusation, but instead admitted that Forstmann bet on Federer. The media has taken an interest in this response, asking if Forstmann should be betting on his clients at all, whether it be for them to win or lose a match. There are claims that there is a clear conflict of interest for Forstmann to be betting on a sport where he has a vested interest in its overall success. Additionally, many people note that tennis already has a gambling problem that does not need to get worse.