Effectively or not this has absolutely nothing to do with insider trading. This was little more than a stunt set up by Sun Bet as they knew that they would gain significant publicity on the cheap. Wayne Shaw was very naive in getting involved but Sun Bet were pulling the strings. The only person to lose anything here was Wayne Shaw as he lost his job. On the flip side i'm pretty sure that Sun Bet's marketing manager has been basking in the glory ever since this happened.