Gambling with the Bronx Bombers: Betting on, Against, and with the Yankees

Abstract

The New York Yankees, arguably the most hallowed name in all of professional sports, has probably had more money wagered on the outcome of its games than any other team in any sport. Although few people today may be aware of it, the team itself has a long history of association with gamblers and gambling. The first owners of the Yankees were notorious gamblers; the team’s first captain was indicted in the 1919 "Black Sox" scandal; one Yankees’ pitcher was suspected of having thrown another Series game; one owner had ties to underworld figures in Las Vegas; another owner was suspended for his dealings with a known gambler; and one of the most beloved Yankees of all time was barred from baseball due to his association with a casino. Additionally, it has been suggested that the Yankees’ threat of moving to New Jersey in the mid-1990s was linked to New York State authorizing gambling.

Keywords: gambling, throwing games, Harold Chase, Babe Ruth, Black Sox, gambling scandals, casinos, Willie Mays, Micky Mantle, George Steinbrenner

JEL Classification: K29, L83