If you’ve watched any sporting event over the last few years, you’ve probably seen a barrage of advertisements for online sports betting. The sports betting industry is massive, accounting for over $150 billion yearly. This number will continue to grow as the years pass. If you’re thinking about throwing your money into the ring, you must be careful not to get duped. Thieves will always follow the money, which is making online sports betting a new hotbed for scammers. Below, we will give you an idea what types of scams to look out for and how to protect yourself and your personal information.
Examples Of Online Sports Betting Scams
Scam Betting Sites
Just because you see an ad for something on social media or a website doesn’t make it legitimate. Scam websites will often offer unrealistic bonus bets or promotions in order to lure victims in. Depositing money to a fraudulent website is the equivalent of putting your money through a paper shredder.
Beware Of Offshore Gambling Platforms
Offshore betting websites are not a new invention, but it can be risky to deposit your money into one. The fact that these websites are hosted offshore means that they cannot be regulated by any government agency. While many offshore gambling sites are legitimate, you’ve got to be very careful.
Watch Out For “Expert” Handicappers
You may come across an advertisement or email where an “expert” handicapper claims to have inside information. They may claim to have knowledge about the inner workings of the sports betting industry. You would likely be paying for fake information which won’t help you win bets and may even lead to losing money to a scammer.
Tips To Avoid Becoming A Victim
Find out if sports betting is legal in your state. 38 states currently allow online sports betting through licensed websites/apps. Visit your state’s website to verify whether you are able to sports bet at your location.
Only place bets through licensed betting platforms. Any website you plan to place bets through should have a state license number which you can cross-check on your state’s website. Only place bets through licensed channels.
Don’t deposit money using non-traditional methods. If a website asks to you to deposit money using gift cards, cryptocurrency or wire transfer, this is a huge alarm bell. You should only make a deposit using a credit card or payment app that offers fraud protection.
Make sure the website you’re betting through is secure. You may have heard of large sports betting sites like DraftKings or Hard Rock Bet. However, just because an add looks legitimate, it may bring you to a spoof website. Always check that the website displays a padlock in the browser window and that the URL begins with “https”.
The popularity of gambling websites is making online sports betting a new hotbed for scammers. If you decide to bet, please be careful. If you find that sports betting is becoming a problem, please call the National Problem Gambling Helpline at 1-800-MY-RESET (800-697-3738) or visit npcgambling.org.
