A sports betting scams is access to inside information or “surefire” systems that ensure you profit from gambling.
You are introduced to an insider in the world of, say, horse racing through a glossy brochure that provides consistent information that aids you in winning. You can access this confidential information for a fee. Or you can use your money to place bets on behalf of the ‘expert’ and send them their winnings while placing your bets. Your fee is the bet you place on behalf of the expert.
But why would someone who has access to inside information want to pass it to others when they could make huge profits by using it for their bet? The scammers pull it by saying that they cannot place the stakes as they are well known to bookmakers. So they can only resort to selling information for getting others to place bets on their behalf. But do they give you a win-win?
Know all about the sports betting scam here,
IN THIS ARTICLE
What is Sports Betting?
Sports betting is predicting sports outcomes and positioning a wager on the results. The frequency of sports bets differs by culture. Most bets are generally set on association football, US-based football, basketball, hockey, track cycling, auto racing, martial arts, and boxing. Sports betting can also cover non-athletic events, such as reality shows and political voting, and non-human competitions like greyhound racing, horse racing, and prohibitory cockfighting. It is not rare for sports betting sites to offer wagers for entertainment events such as the Grammy Awards, the Oscars, and the Emmy Awards.
Investments wrongfully directed towards any sort of sports, athletics, or games for bets; or the attainment of monetary returns are sports betting scams.
In reality, the fraudsters do not have inside information or unbeatable systems that grant you are winning bets. They do not raise the chances of winning either.
How do betting scams work?
Betting and sport investment scams aim to convince you to invest in foolproof systems and software that ‘guarantee’ profits on sporting matches.
The programs present enchanting returns and exceptional features. In most scenarios, it’s the withdrawal point where the investors realize that they are part of a bogus scheme.
These scams are a way to cover up gambling as legitimate investments. Unfortunately, most of these schemes or programs don’t work as promised, and buyers get their money back. Usually, the supplier disappears.
What are some popular Sports Betting Scams?
Listed below are some widespread and known sports betting scams:
Computer software with prediction
The cheater will try to sell you a software program that accurately predicts sporting results, usually team sports or horse racing. They will promise high returns or profits due to the use of programs.
Team sports betting schemes claim to identify opportunities based on historical trends and various bookmakers’ different odds. Horse racing software will often declare that predictions rely on weather conditions, the horse’s state, the draw, or the jockey’s condition. They may also state that your fund is trackable while one invests in a race by professional betters.
Often, the information used in these programs is obtainable from your local newspaper’s betting pages at a minimal charge.
The cheats will persuade you to become a part of syndicate betting. However, you will need to pay a mandatory fee (generally $15 000) to join and open a betting account. In addition, they expect you to make ongoing deposits to maintain the report’s balance.
The fraudulent persons claim to utilize funds to position bets for the syndicate. Instead, you and other ‘syndicate parties’ are promised a portion of the earnings.
The scammer targets people with funds to ‘invest’ like small business operators, retirees, or professionals. The schemes are marketed as business opportunities or investments at trade fairs, shows, or digitally.
They may even reach out with unsolicited phone calls, emails, or letters. They also appear to be legitimate due to the usage of technical or financial terms like
- ‘sports arbitrage’,
- ‘sports betting’,
- ‘sports wagering’,
- ‘sports tipping’ or
- ‘sports trading’
Their promotional material is glossy and sophisticated, with graphs and diagrams promising significant returns for little to no effort.
Faulty betting syndicates
Beguiling persons lay the first stone of a faulty betting syndicate by approaching innocent investors. The scheme proffers a luring percent of rewards and profits to the investors on successive bets. The betting syndicate owner charges a joining fee and asks for frequent deposits to place bets on behalf of the investors. As time flies, the owners also flee away. The fortune fraudulently taken also follows in their steps.
Clone predicting system
Dishonest firms render computer systems to passionate bettors. These systems assure precise predictions on the outcome of the sport or athletic activity. The plan that the hoax company extends is nothing but a clone version of a predicting system. Within a short span, the buyers notice the inefficiency of the product. In contrast, the sellers vanish before one gets a hold of them.
Countless sports investments cheat individuals, firms, and professionals across diverse platforms. The deceptive deed could arise either over phone calls, emails, or via the internet.
These investments go by varied tactics and are masked by financial labels to appear more professional and authentic. For instance, the caller would either gist their call as something linked to betting, tipping, trading, investing, wagering, or more within the sports industry.
How to identify sports betting Scams?
- Money-making opportunities that promise grand returns and risk-free profits.
- Glossy promotional material advertising extraordinary returns.
- Usage of financial or technical terms to sell the scheme.
- If you receive frequent calls pushing you to buy the product or join the system.
- Creating a sense of urgency with a limited period offer, buy now to secure the software package.
How to Protect yourself from sports betting Scams?
- Hang up if you receive a call selling you a sports investment opportunity.
- Do not fall for slick sales tactics with past performance reports and graphs indicating high returns.
- Do not allow yourself to get pressured into making decisions related to money or investments. Instead, get professional legal or financial advice.
- Check the company yourself; their postal address often turns out to be a car park.
- Check for ongoing costs related to the scheme or system.
- Know how to cancel any subscription service that you are signing up for.
- Do not fall for guarantees that you will win betting.
- Be wary of schemes that offer insider secrets to you.
- Do not place bets for someone else, more so if you don’t know them.
What to do if have you been scammed?
Have you accidentally given your account details, passport, or other personal identification details to a scammer? If you have fallen for such a sports betting scam, Financial Fund Recovery can be your winning choice. We are a fund recovery firm accomplishing commendable success rates and towering recovery amounts. We choose to make a difference by eradicating crime and following legal prerequisites to bring you justice.