The Jacksonville Jaguars reportedly asked betting site FanDuel to reimburse some or all of about $20 million former employee Amit Patel lost in bets after he stole it from the team, according to an ESPN report.
Patel pleaded guilty to wire fraud and illegal monetary transactions charges in federal court after stealing $22 million with a virtual credit card from the Jaguars, with whom he worked in the finance department from 2018 to 2023. He was accused of using the funds for personal expenses, from buying a condo in Ponte Vedra, a Tesla and a $95,000 watch to betting on sports.
The ESPN report that came out Friday said Patel lost $20 million of the stolen funds in daily fantasy and sports bets placed with FanDuel. The report claims he also lost $1 million in bets with fellow betting site DraftKings.
According to ESPN, discussions about “a settlement” are ongoing between the Jaguars, FanDuel and the NFL, but a source told ESPN: “The way they see it … we got this money fair and clear. It’s not our problem that we have to forfeit it back to you.”
Who is Amit Patel?
According to team media guides, 31-year-old Amit Patel spent at least five full seasons as an employee in the Jaguars’ finance department, beginning in 2018. He was promoted to finance manager, a middle management position, in 2019 and was fired in February 2023.
Prosecutors allege that, as part of this scheme, Patel used fraudulent credit card charges of $22,221,454.40 to purchase:
- Bets with online gambling websites
- 2021 Tesla Model 3 with a value of $40,625
- Nissan pickup truck
- Membership at a country club
- Two-bedroom condo in Ponte Vedra Beach, Florida, that according to charging documents, is valued at more than $265,000
- Personal travel for himself and friends, including chartering private jets and booking luxury hotels and private rental residences
- Cryptocurrency, non-fungible tokens (NFTs)
- Electronics and sports memorabilia
- Concert and sporting event tickets
- Home furnishings
- Patek Phillippe Nautilus watch for $95,484.15
- A retainer with a criminal defense law firm
How much did Amit Patel lose in sports betting?
Alex King, Patel’s attorney, said Patel suffers from a “serious gambling addiction” and the majority of the funds he stole went to cover those debts.
According to Friday’s ESPN report, about $21 million of the $22.2 million Patel stole from the Jaguars went to daily fantasy games and sports betting between two sites: FanDuel ($20 million) and DraftKings ($1 million). A previous ESPN report said Patel was a “high-volume, high-stakes daily fantasy sports player known for racking up big losses.”
What is FanDuel? What are daily fantasy sports?
FanDuel is a sports betting site and app that allows users in states where gambling is legal to bet on games. It and partner site DraftKings are official betting partners of several major sports leagues, including the NFL.
One of the most popular features on FanDuel is daily fantasy, which lets users fill out a fantasy team of athletes who will perform the best on any given day. It is similar to season-long fantasy sports except, while season-long fantasy leagues have a preseason draft that locks players onto a user’s team for the entire season, daily fantasy lets users draft a new team every day.
Is FanDuel legal in Florida?
FanDuel Sportsbook is not legal in Florida. Gov. Ron DeSantis signed a 30-year deal in 2021 that gives the Seminole Tribe control of betting in the state. Legal in-person sports wagering opened at Seminole casinos on December 7.
The only legal sports betting app in Florida is the Seminole Tribe’s Hard Rock Betting app.
Can the Jaguars get their money back?
That remains unclear but unlikely. According to ESPN, the Jaguars asked FanDuel to reimburse the team at least part of the approximately $20 million in stolen money that former employee Amit Patel lost on the site.
As to whether the request would be accepted, a source told ESPN “I would be gobsmacked if it happened.”
What is next for Amit Patel?
Patel pleaded guilty to wire and illegal monetary transaction charges on December 14 at federal court in Jacksonville. According to the plea agreement, Patel’s maximum penalty is 30 years in prison, a fine up to $500,000, full restitution and forfeiture of property, such as such as the condo, Tesla and Nautilus watch. Patel was granted conditional release on a $10,000 bond while he awaits sentencing. He also was ordered to surrender his passport.
Patel’s sentencing is set for March 12.
Scott Butler of The Florida Times-Union contributed to this report.
