Dimes-
Thanks for the concession on my points.
I want to understand your point about the "no action or at most -500". I frankly do not see how Revere could possibly argue against responsibility for the full amount (or make a claim that it wasn't him).
Reason 1) Revere spent two hours making the bets. It was not like he typed 40,000 instead of 400.
Reason 2) Revere claimed that he had bet around the $500 in the past. If true, this established the pattern and practice for both himself and WSEX. (There's a few posts floating around that quote Jay Cohen himself explaining that you have to alter the amounts of successive bets to prevent system from thinking you double-bet the same wager accidentally.)
3) This guy has 40 dimes in his account. That is a lot of postup (maybe not the biggest) but probably in the top fraction of a percent. It sounds like he has made large bets before. There are many that for only $500 it isn't worth picking up the phone. (How many big players would leave if all limits were maxed at $500.) My point is that I can't see anybody buying any argument that a player of this size intended to bet only $500.
This is a player that books are supposed to watch. For a player with this much money, you can practically dedicate an entire clerk to his business. If he is too sharp for the internet, just allow him phone bets only, so a human being can make the decision or check the lines. In all seriousness, I think it is a fatal philosophy to accept more than a dime or two over the internet, where identity concealment and multiple accounts are easiest.
I'm NOT saying Revere is a good guy or a hero. Maybe he was laying off action, maybe he scalped from sites with different line, .. whatever. I just can't think of any argument that would convince me that the guy wasn't responsible for the full amount, unless WSEX cancelled the bet BEFORE they knew the outcome of the game. So, I can't justify your belief that "Revere made those wagers with knowledge that the worst case scenerio would be that if the game lost.....it would be no-action or at the most -500..".