Online Sports Betting Scams: Don’t Fall for the Scammers’ Tricks!

This article is from Trend Micro.

Do you know that the total sports betting revenue in the first half of 2021 was over 200 million dollars in Nevada alone?! With sports betting being legal in over half of the states in the U.S., everyone’s wanting in on the action! Including the scammers! They’ve devised numerous clever sports betting schemes to try to exploit you. This article will introduce some of the most common tactics and some of the red flags you need to watch out for.

Common Tactics & Risks of Sports Betting Scams

1. Scam Websites
The internet is flooded with bogus sports betting websites. They look enticing, and at first, you might be able to cash out and get your bonus back, but once you decide to place more bets with more money, you won’t be able to withdraw a cent.

Scammers make up various excuses to stop you from withdrawing your money. For example, payment processing delays, technical issues, false claims that they didn’t receive your original deposit… Or, they require you to deposit even more money before you can withdraw any of your winnings! Whatever you do, you’ll never be able to get any of your money off the site!

It might not only be money that you lose either. The sensitive information you enter on the fake site could be used to steal your identity!

Here is an example of a sports betting scam website:

2. Scamdicappers
You may have considered paying for sports handicapping services to help optimize your sports betting strategies and increase your winnings. However, “scamdicappers” – scammers posing as legitimate sports handicappers are here just to exploit you!

They promote their businesses on social media platforms like Instagram and Reddit, promising you guaranteed winnings by using “inside information” or some “professional analysis and prediction” of the game results.

They may pressure you to place a bet in a hurry, claiming there are only “limited spots.”

3. Betting Syndicates
Similar to scamdicappers, scammers also use social media to lure you into joining their professional betting syndicate.

They claim to be a betting group that helps you better select picks and place bets, and that you can share winnings with other syndicate members. To sign up, you will have to pay a compulsory fee. However, in most cases, you’ll need to pay continuously to retain your membership.

Regardless of the sports betting scam, one thing is for sure ­– if you fall victim, you’ll never get your money back! You’ll also never have any luck with disputes or refunds.

Some Red Flags 

• Anyone promising 100% guaranteed, risk-free, high returns at a high win rate (over 55%).

• Claims of insider information, 100% certain picks.

Source: Twitter

• Handicappers showing off their cash and luxurious lifestyles.

• A lack of transparent trade records.
• Limited spots. Use of language like “now or never”.

How to protect yourself

• Do your homework. Check the reviews and comments when searching for sports betting providers/websites.
• Risk-free or 100% guaranteed returns should be a major red flag. Opportunities that seem too good to be true are probably just that.
• You can also help others stay away from sports betting scams by reporting investment scam cases to the FBI or IC3.
• Check the safety of web addresses using Trend Micro Check. 

Download Trend Micro Maximum Security for even more protection, including Web Threat Protection, Ransomware Protection, Anti-phishing, and Anti-spam Protection. Gain access to the Privacy Scanner for Facebook and Twitter, Social Networking Protection, and Parental Controls, too. Click the button below to give it a try:

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