Erickson Testimony, Special Committee to Investigate Organized Crime in Interstate Commerce. Frank Erickson had so much money that he was often approached to place “lay off” bets, which sports books used to hedge against bets that were considered to be a sure thing (like having to pay out bets against Seabiscuit). Frank Costello even got a cut of 5 percent if he brokered the deal for Erickson.
