Odds Man Out

Three San Francisco traders became internet gambling pioneers after launching the first truly online sportsbook, but the fix is in as the professional sports leagues flex their muscle to game the system and turn its founders into fugitives, proving that no bet’s a sure thing.

Jay Cohen is the co-Founder and former President of World Sports Exchange, the first fully online betting site. World Sports Exchange opened in January 1997 and closed in April 2013.
On February 28, 2000, Cohen was the first person to be convicted in federal court for violation of the 1961 Federal Wire Act for operating an online gambling company despite being in Antigua, where the business was licensed and regulated. Cohen served eighteen months in Nellis Federal Prison in North Las Vegas, Nevada. He was released in March 2004.
Cohen was instrumental in Antigua’s decision in March 2003 to initiate the dispute resolution process of the World Trade Organization to challenge the US’ prohibition on the cross-border supply of online gambling services.
Prior to World Sports Exchange, Cohen worked as an options market-maker for Group One Trading on the floor of the Pacific Stock Exchange.
Cohen moved to Europe and renounced his citizenship in 2012. He currently lives in Eastern Europe with his wife and son. He grew up in Long Island and graduated from the University of California, Berkeley where he majored in nuclear engineering.
Cohen and World Sports Exchange have been featured in The New York Times, San Francisco Chronicle, Wall Street Journal, Washington Post and on CNBC, HBO Real Sports, 60 Minutes, and ESPN.