The NYPD and FBI shut down a $3.3 billion Internet gambling ring, arresting 27 people and seizing $7 million in cash and assets worth $500 million, including four Manhattan condos. Police Commissioner Ray Kelly called shutting down website Playwithal.com "the largest illegal gambling operation this department has ever encountered." Here's how it worked, according to the Daily News:

Traditional bookies would give bettors a secret code to use the Internet gambling site, authorities said. Bets were taken on all kinds of sports, including football, baseball, basketball, hockey, auto racing and golf - and at the end of each week, the bookies would pay off or collect from each client. more ›