Steve Budin may not be the genius or pioneer he refers to himself as. But he is a shrewd businessman and has made a lot of money in from online sports betting operations, as well as from selling a book that tells his story.

The name Steve Budin became widely known first in 1998, when the American citizen was arrested by the FBI in a persecution into I-betting. Based on a 1961 law that prohibits gambling over interstate telephone lines and advertising such services online.

This was the first ever such prosecution in the US. Then Attorney General Janet Reno made a statement then that would largely affect online gambling policy for years to follow, saying the Internet was "not an electronic sanctuary for illegal betting."

The Story Told
Budin's life is detailed in a book called "Bets, Drugs and Rock & Roll" in which he tells his story, of running betting on the streets as a teenager, through his Internet betting pioneering claims and his ultimate arrest.

The book, released in early October, has enjoyed strong sales so far. It depicts the early stages of offshore gambling in general, and sports betting in particular. This system of betting from home, through a country in the Caribbean or elsewhere around the world, has since become a mega business.

As the book's titles hints, Budin describes the high life that he and his partners have enjoyed at the time. "We lived like rock stars," he says. "We had the big houses and big pools and the tons of people and the parties."

He adds, however, that not all was glorious. "But don't get me wrong. We work very, very hard, 16 hours a day." maybe this explains the missing third in the famous phrase Sex, Drugs and Rock & Roll…

Objection!
The new reality that Budin and other sports betting websites have brought about must be qualified. NBA referee Tim Donaghy betting scandal is fresh in mind, and cannot but be related to such operations.

Of course this does not disqualify any form of online gambling. But it can thrive and be enjoyed in full only in a supporting, regulated and disciplined environment.

Budin also has some critics around who make sure to emphasize his minor role, not a pioneer as he refers to himself. Russ Hawkins, an industry observer, says other offshore sports books existed before Budin. Clearly, jealousy runs in this industry.