Looking to bet on the game? Be careful of this new trend leading to scams
You’ve probably noticed the increased promotion of sports betting portals in ads on TV. They’re cashing in on all the excitement of the new NFL and college football season. There’s a lot of money to be made and that hasn’t gone unnoticed by scammers. They have developed more tricks to score a touchdown with your hard-earned cash.
A new, hot-targeted type of betting, called micro betting, is taking hold. Micro betting is wagering on the outcome of very specific, individual short-term plays during the game, such as who will get the ball or how many yards will be gained. You are not just betting on which team will win.
You can do micro betting with football, baseball, and other sports. For example, you can bet if the next pitch will be a hit or a ball in baseball. Will the hitter strike out? What’s the speed of the ball?
This increase in betting opportunities raises the stakes for potential scams.
Illinois has legalized online and in-person sports betting. Nearly 20% of U.S. adults bet on sports at least once a month, according to Morning Consult. The organization also reported 31% of sports betters responding to their survey are aged 35-44; 28% are aged 21-34.
What the scammers do is create online lookalike legal sports betting operations. The BBB Scam Tracker is seeing reports from people who accidentally placed bets with scam sports betting websites or apps.
This is how the scam works. You want to place a bet on an upcoming game, so you search online for a sports betting service. You find a website or app that looks trustworthy. It may even offer an enticing introductory bonus, so you can make an initial bet “risk" free.
You place a bet, and, at first, everything seems normal. But as soon as you try to cash out your winnings, you find you can’t withdraw a cent. Scammers will make up various excuses. For example, they may claim technical issues or insist on additional identity verification. In other cases, they may require you to deposit even more money before you can withdraw your winnings.
Whatever you do, you’ll never be able to get your money off the site. And any personal information you shared is now in the hands of scam artists.
Here's how to protect yourself:
Look for an established, approved service. Look for sports books that your area’s gaming commission has approved. Visit BBB.org to research companies and find businesses you can trust.
Don’t fall for tempting ads. Ignore gambling-related pop-up ads, email spam, or text messages.
Read the fine print on incentives. Gambling sites and apps often offer incentives or bonuses to new users and around major games. But like any sales pitch, these can be deceptive. Be sure to read the fine print carefully.
Even legitimate sports betting sites have the right to freeze your winnings. Be sure to check the terms of service.
Is a sports handicapper promising you guaranteed wins? If you believe it you’re going to lose. According to recent BBB Scam Tracker reports, con artists are posing as self-proclaimed handicappers who use insider information to place guaranteed bets on upcoming games.
If you come across a social media post or get an email about an experienced handicapper with a record of picking consistent wins, this handicapper is allegedly using insider information to place sure-thing bets on upcoming games. For a fee, you can get in on it too. This person is so confident about their information that they even offer you a money-back guarantee. For example, they may promise you free picks if you make a losing wager.
While it sounds like a safe bet, you’re really dealing with a scammer. These “handicappers” never intend to provide a refund or free picks. And their “insider information” is fake, too. You run the risk of losing not only money but valuable personal information.
Avoid sports handicappers. A handicapper’s goal isn't to win bets for their members, it's to get people to buy their picks. Once you've purchased their picks, the handicapper has already won. It doesn't matter if the pick wins or loses, the handicapper keeps the payment.
Don’t believe promises that sound too good to be true. If a handicapper promises you will never lose a bet, or they will refund your money any time you do, think twice. Scammers love to entice their victims with get-rich-quick schemes. If it sounds too good to be true, it probably is.
Dennis Horton is director of the Rockford Regional Office of the Better Business Bureau, which serves Winnebago, Boone and Stephenson counties among others in northern Illinois.
This article originally appeared on Rockford Register Star: New sports betting trend leading to rise of scams
