The Jacksonville Jaguars have asked FanDuel to refund all or part of the $20 million lost by a former employee at the gambling site after stealing money from his virtual credit card, reports indicate.
Amit Patel, a former financial manager for the Jaguars, pleaded guilty in a Florida court in December to stealing $22 million through a virtual credit card system used for expenses in Jacksonville.
In addition to placing a series of big-money online bets, Patel was accused of using the stolen money to buy two vehicles – a Tesla and Nissan pickup – a condominium in nearby Ponte Vedra beach, a designer watch for $95,000 and cryptocurrency.
According to ESPNhe lost about $20 million of the money on daily fantasy and sports betting on FanDuel, which would have assigned him a VIP host.
Patel is also believed to have lost $1 million on rival gambling site DraftKings.
The Jacksonville Jaguars have reportedly asked FanDuel to return some or all of the $20 million in stolen money that a former employee lost at the gambling site.
Amit Patel, a former Jaguars financial manager, pleaded guilty to stealing $22 million from the franchise
Although FanDuel has called on the company to reimburse them for the $20 million in stolen proceeds, FanDuel is unwilling to refund any money to the Jaguars.
While talks between the two parties are ongoing, a source is quoted as saying, “The way they (FanDuel) see it… we got this money fair and square. It’s not our problem that we have to pay it back to you.’
The source added that they would be “stunned” if FanDuel reimbursed the Jaguars for the money stolen by Patel.
After pleading guilty, Patel faces up to 30 years in prison and a $500,000 fine when he is sentenced in March.
Federal court documents alleged he siphoned off the money over a three-and-a-half year period before the NFL was notified by FanDuel of his bets in January 2023.
It is believed the Jaguars had no knowledge of Patel’s embezzlement scheme or gambling habit until they were notified by the NFL.
Under federal law, FanDuel has an obligation to ensure that funds used on their site are obtained legally, with additional due diligence required for bets in excess of customer earnings.
Patel’s attorney, Alex King, said in a statement that his client suffers from addiction and that “approximately 99% of the funds embezzled from the Jaguars’ VCC were gambling losses.” The lawyer also said his client is “deeply remorseful” and is receiving treatment for his addiction.
ESPN reported at the end of last year that Patel has been playing under the name since 2017 ParlayPicker – Bets nearly $500,000 on fantasy tournaments in the NFL, Major League Baseball, PGA Tour and UFC.
But FanDuel is unwilling to reimburse the Jaguars for the money stolen by Patel
He would soon be on FanDuel and DraftKings and Patel made a name for himself through heavy losses and rookie mistakes within gambling circles.
As his reputation for recklessness spread, other players reportedly sought games against him. One punter believes ParlayPicker might ‘the biggest loser ever on FanDuel.”
“He was legendarily bad,” they said.
Fellow gamblers told ESPN they believe his biggest losses came from high-stakes matches he regularly entered – against elite opposition, with a buy-in of more than $24,000.
“It came out of nowhere,” one gambler told ESPN. “I remember having side conversations with some of my friends saying, ‘Who is this guy? And what does he do?’
Fellow punters noticed that Patel would pick players who were not in the starting line-up. Occasionally he didn’t even submit a team – despite paying a $3,000 buy-in – someone claimed.
According to ESPN, the last recorded tournament ParlayPicker competed in was the World Golf Championship on DraftKings. That was in July, five months after he was fired by the Jaguars. The buy-in was $29,000 and ParlayPicker tied for 129th out of 150.
