Sports Betting Hedge Fund

Hey guys, I'm trying to start my own sports betting hedge fund.  Basically I'm trying to gather money from outside investors and then place bets based on an algorithm I've created.  I know this business model is currently legal in Nevada, but no sportsbooks are taking bets from these specific entities (I've spoken with several lawyers in the area to confirm that).

Has anyone out there gone down this route? If so, do you have any advice on how to get started or if you know of a better way to go about this?

I have thought about just selling my picks, but a large majority of my bets are placed seconds before game time so it is not a feasible business model. It's almost like day trading but in the sports betting market.

I've been running my algorithm with my own money for the past 2 years with the following results:

2019: 25.4% ROI over 2,794 bets.

2020 (so far): 26.4% ROI over 620 bets.

Any advice is appreciated. Thanks

2 men were just arrested in Las Vegas by the Dept of Justice for running a sports betting pyramid scheme (aka a "gambling hedge fund") You're going down the same path with those ridiculous ROI numbers. They are facing 20 years in prison plus 250k fines for each offense. Be careful.

@Getty3

 I appreciate the concern.  By no means am I trying to promote a pyramid scheme.  I'm looking to set up a completely legitimate business as per Nevada Senate Bill 443 which allows pooled entity sports betting funds.

Also, I realize those ROI numbers may seem ridiculous, but with strong money management, and a solid algorithm they are completely realistic.  Hence you can tell why I am trying to get as much money in play as I can.  And as far as I know, pooling money is the most efficient way to go about that.  I know it will not be easy, and there will be a lot of legalities that I will need to work through, but I figured I'd post in this forum to see if anyone has had any experience in this area. 

Thanks again.

"Algorithm" is the new buzzword of the tout carnival barkers.  Gone are the days of yelling at a TV that "I CANT LOSE" - now you just say "I have an algorithm" and you are a tout.  Must work I guess.

@vanzack

Couldn't agree with you more.  Everyone and their brother claims to "have an algorithm" these days.  I am not here to promote that or claim that I am a tout in any way.  I have no intention of selling any of my picks. 

Do I "have an algorithm" that has been successful? Yes.  Will it continue to be successful? Only time will tell, but I am confident in it.

I simply am curious if anyone out there has had any experience LEGALLY setting up a business where they use pooled funds to bet on sports. If anyone has any input, please let me know.

sb23:  I wish to talk further with you re your calculations.  Punch my Zozo and please send me a private mail.  TKS.

@vanzack

 Do you still participate in the Westgate?