How To Avoid Online Sports Betting Scams
By Consider The Consumer on 01/06/2022
Gambling comes in many forms, and one of the popular ones is betting. Sports betting, in particular, has changed and is more accessible to sports fans and bettors worldwide. Nowadays, more people can bet on their favorite sports with the help of technology and the internet.
Online sports betting made it easier and simpler to wager money on many sports and provided access to various outcomes you can bet on. There are also plenty of cash prizes bettors can win by participating as frequently as they wish.
However, bringing sports betting online didn’t prevent scammers from practicing their deceitful ways. As if bettors don’t have enough to deal with, scammers come to ruin the fun that they’re supposed to have with sports betting.
If you want to enjoy your online sports betting experience, you must be wary of people trying to scam you. Avoid them by learning about the different online sports betting scams and their red flags here.
Account promotions in betting sites
So-called betting “experts,” or cappers, often advertise this service on their websites. They promote bettors’ accounts in a bookmaker, making them bet large amounts in an account in betting sites.
Bettors bank on cappers’ expertise in making winning bets, so they tend to bet more when they get them to promote their account. The cappers or their assistants make bets for the account owner, with a catch that they get paid 50% of the net winnings.
It’s a safe way for scammers to earn from sports betting since they don’t lose anything but win something when the bets they made on behalf of their clients win. Unfortunately, they also know what to say when they lose the bets they make, making newbie sports bettors vulnerable to their scheme.
Fortunately, it’s easy to avoid these scams. Don’t be tempted with claims of cappers’ high success rates, and try to make money with your own knowledge and luck.
Sports investment scams
This type of sports betting scam is similar to account promotions, except it doesn’t involve another person betting for others. Under sports investment scams, scammers will advertise the ability to earn money by investing in a fund that makes money off of sports betting.
These funds are fraudulent but are still able to attract highly sophisticated investors. Scammers would include wordings like “sports arbitrage” in their pitch and the offer of diversifying one’s investment portfolio.
When the investment fund starts to lose a lot of money, scammers will freeze it. Then, they’ll run with your money, and you’ll never hear from them again.
That’s why you should exercise caution when it comes to sports investments. Unless the pitch or suggestion came from a friend you can fully trust, it’s advisable not to spend money on it.
Betting syndicate scams
A betting syndicate is a group of people who have decided to operate as a collective to profit from sports betting. They combine their knowledge and learn as much as they can about sports betting to increase their overall success rate.
A betting syndicate also pools their betting funds to place sports wagers together. While it isn’t illegal, it’s because of that aspect that makes it ripe for scams.
Scams involving betting syndicates usually require bettors to pay upfront to join. After that, scammers will often get back to members seeking financial contributions, particularly more capital, to maintain the group’s account balance.
Although working with other bettors has its benefits, you should still be careful with betting syndicates because it can cost you all the money you invest in it. Like sports investment scams, it’s advisable that you should only consider joining a betting syndicate if the offer came from a person you trust.
Prediction software scams
Prediction software scams victimize many newbies and frustrated bettors. They’re the ones who fall for these scams because they’re either inexperienced or desperate to win money.
Prediction software scams involve scammers advertising false software programs to improve bettors’ chances of winning bets. They sell it to unsuspecting bettors, taking advantage of their desire to win more.
As part of the scam, the person selling the fake prediction software will promise that you’ll make more than what you invested in it because of its effectiveness. One common claim these scammers say is that the software uses a proprietary mix of analysis on bookmaker odds paired with historical patterns.
You’ll often find that most of the data these fake prediction software have are at online sportsbooks. When it comes to these scams, you just have to read between the lines to know that it’s all too good to be true, and they provide the same things betting sites do.
Online sportsbook fraud
Aside from fake prediction software programs, scammers also utilize fake online sports betting sites to dupe bettors. They create sports betting websites that look similar to legal ones to make them convincing and steal money or information from bettors that they can use to steal their money.
The difficult thing about this scam is you won’t recognize that they’re fake at first browse. That’s why you should verify to see if the betting site you plan on signing up on is legitimate, especially if you’re not familiar with it.
Another version of this scam is done via email. Scammers will send you an email complete with a template promoting a new online sportsbook or betting website offering sign-up bonuses to new members.
Once you click the link on the email, it’ll direct you to their fake website, where they’ll prompt you to register so they can steal your financial information. Scammers most likely got your email address through illegal means, so receiving an email from a new online sports betting website should raise suspicion.
Possible Scam Warning Signs
The most effective way to avoid sports betting scams is to detect red flags. They all have common warning signs that help distinguish legitimate schemes from fraudulent ones, and although they don’t necessarily mean that you’re dealing with a scam for sure, it does mean you could be.
Here are the red flags you’ll likely encounter when talking to a sports betting scammer:
- Huge returns
Although there are wagers on legal sports betting websites and online sportsbooks where you can win big, not all people or websites that promise it is legit. In reality, there’s a bit of luck involved in sports betting, and you make that luck by learning, which will help you win big down the line.
Any investment that says you can make a large sum of money from sports betting or prediction software programs that promise more earnings when you use them is a red flag.
Promises and claims of huge returns in betting in general mean there’s a good chance you’re being scammed.
- Use of technical terms
While it isn’t uncommon to hear or read technical terms in sports betting, scammers also use them to dupe bettors into giving them money. They hope that using technical terminology will make their scam look more convincing, and unfortunately, it does work.
Take note that a legitimate sports betting opportunity won’t need a lot of fancy words. Anyone offering you something should be able to explain things to you using layman’s terms.
If they keep on using technical words, then it’s highly likely that they’re trying to scam you. One thing you can do is to have them explain it to you without all the technical terms, and if they struggle, then it’s a sign to look elsewhere.
- Zero-risk investments
Every investment, even outside sports betting, has risks. That’s why encountering this red flag indicates the highest possibility of a scam out of all the red flags of sports betting scams.
Risk in investments is why investors receive upside in the form of other income opportunities or interest. Fraudsters will claim that their sports betting investment doesn’t have any form of risk to put your mind at ease.
If someone presents you with this kind of information, you should be suspicious. Remember that things presented to you can be fabricated, and risks are there to generate more money.
- Limited-time offers
Another major red flag to watch out for is when you’re being pressured to pay up or invest “before it’s too late.” Fraudsters will tell you to get in on their scheme because it won’t last that long.
They like using this method because it doesn’t allow you to investigate their claims or identity. It’s a big win for them if they make you act fast because it gives them more time to run off with your money or financial information.
No matter how appealing the offer is, you shouldn’t give in to an offer of joining a betting syndicate or sports investment just because time is running out. Likewise, you shouldn’t be pressured into committing to anything because that’s not what sports betting is about.
Editor’s Note on Sports Betting Scams:
If you encounter any of these fraudulent schemes, you should report them to the authorities to help track scammers down and put a stop to their illegal activities. We at Consider The Consumer are willing to help everyone who falls victim to sports betting scams. You can tell us your experience, and we’ll assist you in addressing the issue.
You can also reach out to us on Twitter or Facebook or via email at Outreach@ConsiderTheConsumer.com. Also, directly on our website! We look forward to hearing from you.
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