If you love sports, then you’ve probably heard of the “sports betting scam” before. It’s a common type of fraud designed to trick people into thinking they can make money by placing bets on sporting events.
The problem with this kind of fraud is that it’s hard to tell if someone is trying to rip you off or not. You might think you have found an honest online casino, but in reality, they could be part of a larger operation where they are just taking advantage of your trust.
Let’s look at the common scams and how to avoid them
Common Betting Scams
Note that most of these scams occur on unregistered betting sites.
1. The ‘free bet.’
This is one of the most common types of fraud, and it happens when you get offered a free bet from a bookie. This usually comes up as a promotion for new customers, and it seems like a great way to try out their service without risking any real cash.
However, there are some things you should watch out for:
You may find yourself being asked to deposit more than £10 to receive your free bet. That means you will lose all of your initial stake plus the amount you put down.
You may also be given a time limit on how long you have to place your bet. Once that time runs out, you won’t be able to withdraw your winnings.
2. The ‘novelty bet’
A novelty bet is similar to a free bet, but you will be asked to pay for it instead of receiving a free bet.
It often involves getting paid to place a bet and then having the chance to win even more money. For example, you may be asked to bet on a horse race, and if it wins, you will be rewarded with another bet with a higher value.
3. The ‘bogus bet exchange’
Bogus bet exchanges work exactly the same as normal betting exchanges, except they don’t exist. They are set up to enter a fake bet and then use a special code to claim your prize.
They are very easy to spot because they don’t offer any information about the bet’s odds.
4. The ‘fake odds’
Fake odds are used to make it seem like a good deal when it isn’t. They are usually displayed using percentages and are shown alongside the price of the bet.
5. The ‘win-win’
Win-win offers involve offering a deal where both parties benefit. However, it is important to check whether the terms are fair or not.
6. The ‘bet swap’
Bet swaps are a form of fraud where two different people agree to swap bets. One person will take the other person’s bet and vice versa.
7. The ‘matching bet’
Matching bets are a form of fraud that involves agreeing to match each other’s bets. This means that if you place a bet, you will automatically be matched with another customer who wants to do the same thing.
8. The ‘commissioned bet’
Commissioned bets are a form of gambling fraud that involves paying someone else to place a bet on your behalf.
How to Avoid the Common Sports Betting Scams
Do some research: The best way to avoid getting scammed when betting on sport is to do research first. There are plenty of websites out there that will help you find trustworthy bookmakers.
Check out reviews: Another way to avoid getting ripped off by a scammer is to read reviews of bookies. These will give you a better idea of what to expect from a particular company.
Don’t fall for the ‘free bet’: If you see an offer of a free bet, it could mean that you are being scammed. You shouldn’t risk losing any money just to try something out.
Don’t be lured into taking part in a mystery promotion: Promotions such as mystery promotions are designed to get customers involved and entice them to sign up. However, these types of deals are often fraudulent.
Never send money over the phone: Always make sure that you only ever transfer money via online banking or debit cards. If you are unsure about anything, ask a friend to double-check it for you before sending any money.
Be wary of emails: Scammers love email marketing, especially when it comes to sports betting. Never click on links within an email unless you know exactly where they are going.
Avoid betting sites that have been hacked: A lot of sports betting sites have had their accounts compromised by hackers. Always be careful when visiting new sites, and never share your login details with anyone.