Washington ( CNN ) -- A major online sports betting operation known as Legendz Sports , which allegedly took in more than $ 1 billion in illegal sports bets , has been busted , and dozens of individuals and related businesses have been indicted , the Justice Department announced Wednesday . Government prosecutors said that a federal grand jury seated in Oklahoma City , Oklahoma , returned indictments against 34 individuals associated with Legendz and 23 business entities that helped facilitate the operation . The operation was first run out of Costa Rica , and then from Panama City , Panama , according to the indictment . `` Today 's charges demonstrate that we are as determined as ever to hold accountable those involved in facilitating illegal online gambling by U.S. citizens , regardless of where the business operates , or where the defendants reside , '' said Acting Assistant Attorney General Mythili Raman . Most of the gamblers who used the service were in the United States , authorities said . U.S. Attorney Sanford Coats in Oklahoma City said the FBI and IRS had been working on the case for several years . Authorities said if convicted the defendants face up to 20 years in prison for racketeering , up to 20 years for conspiring to commit money laundering , up to ten years for money laundering and up to five years for operating an illegal gambling business . The chief organizer of the sports gambling operation is identified as Bartice `` Luke '' King , who opened MVP Sports in 2002 in San Jose , Costa Rica . The following year he moved the operation to Panama and renamed it Legendz , the indictment says . King , 46 , is a legal resident of Spring , Texas . Prosecutors said they will seek forfeiture of real estate , bank accounts , a Sabreliner aircraft , and a variety of financial instruments connected to the operation .
A federal grand jury in Oklahoma City indicts 23 individuals and 23 business entities . Prosecutors say the IRS and FBI worked on the case for up to five years . The operation was first run out of Panama , then from Panama City , Panama .