6 Online Betting Scams You Need to be Wary About

Online betting is fun, whether it’s online casino or sports betting. But do you know what’s not fun? It’s getting scammed and having your money and deposit stolen right from under your nose without even knowing about it before it’s too late. Although online betting scams aren’t as prevalent as in the previous decade, it still doesn’t mean that they don’t exist.

They still exist nowadays, and they are getting more and more subtle. That said, if you’re a fan of online betting and not being scammed out of your pockets, you should know the different types of schemes these scammers are running nowadays. Luckily, that’s exactly what we will discuss in today’s article. Let’s start.

1. Phishing

Source: casino.betmgm.com

You might have heard about this one before. Still, if you don’t know what phishing is, it is an illegal act where scammers make you reveal your personal information like your passwords and PIN of your different social media accounts and even your bank account. Once they get a hold of your social media account, they will proceed to blackmail you with it until you give them money, or they will sell off your personal information to fraudsters.

On the other hand, if they get a hold of your bank account, they will swipe your money away in a blink of an eye before you can even freeze it. You’re one of the lucky ones if you happen to move faster than the scammers.

So how do they do this? They usually do this by creating emails that say you’ve won from one of your bets and make you put your personal information, or they create fake online betting sites. That said, only bet on legit online betting sites and play from trusted sites like casino.fanduel.com.

2. Fake Betting Syndicates

Source: akpgc.in

There are a lot of popular betting syndicates on the internet these days. Betting syndicates are usually composed of many wealthy bettors who pool their money as an investment and have a professional bettor bet to increase the money.

To these individuals, it’s better if the members are all professional bettors who usually work together to identify odds, take advantage of the movements, and pool money for the bets. Unfortunately, there are also scammers out there who are using this very concept.

So, what they do is they lure betting enthusiasts to join them via advertisements. However, it’s more commonly done on social media. These scammers will pose as legitimate betting syndicates, offer you a spot in their group, and make you pool your money for bets. But, before you can get in,  they will also require an upfront membership fee followed by the same fee every month in exchange for your profit.

They repeat this until you eventually find out that you’re not getting any share or profit. Once you realize that you have been scammed, they’ll be gone, and you’ll never get back the money you pooled in and the monthly fee you have been paying.

3. Fake Bookmakers

Source: gamblingsites.org

Fake bookies nowadays are not as prevalent as before. However, even if they are the minority, it doesn’t mean that they don’t exist, so you should still be careful about where you bet. Although they are not as prevalent as phishing sites, fake bookies and online casinos are still one of the most common schemes that scammers do.

So what they do with this type of scam is that they will let you create an account on their site, make you put some deposit in them, and let you play. Now, if you want to withdraw your money after a win, this is where the challenge starts. They will put some roadblocks in your way that prevent you from withdrawing your money. They do this by saying that the site has technical difficulties or other related reasons. At this point, you have almost a 0% chance of getting your money back.

4. Scamdicappers

There are many handicappers on the internet that claim they can help you strategize your bet in any sport and maximize your winnings. While they sound sketchy at best, they still legally follow the rules, even though most things they promise aren’t guaranteed. However, if you think that’s bad, we also have handicappers.

They operate the same as real handicappers, except that they outright lie to your face about their services. Real handicappers will help you win more betting by researching, strategizing, etc. Scamdicappers, on the other hand, will scam you, but how? Like real handicappers, they lure you in with sweet words, and if you pay them for their service, they’ll be gone. Just like that, and your money goes poof.

5. Fake Sports Betting Apps

Source: football-talk.co.uk

In technical terms, creating an app is much easier and cheaper than creating a new website from scratch, which is why a lot of scammers today are making their own apps rather than creating a website. That said, there’s not much difference between when you try to distinguish a fake online betting app and a fake online betting site.

The only difference, perhaps, is that you should only get online betting apps or games from trusted sources like the Google Play store, Apple App Store, etc. These sources check the validity of the apps they offer to their smartphone users. Also, you should check the reviews within these apps to ensure.

6. Trading and Arbitrage Scams

This one is pretty similar to falling victim to a typical financial fraud. This type of scam makes you join a betting syndicate offering large profits if you give them a lump sum investment. They will try their hardest to make you believe that the profit is substantial and that they’re legit. While there are legit online betting investment groups that can give you profit, these scammers will lie about profit instead. Once you give your money to them, there’s almost no chance of getting it back.

Final Words

There are a lot of scams out there when it comes to online betting. Scamming schemes are a dime a dozen nowadays, but luckily, they are pretty easy to spot if you’re at least suspicious of them. That said, if your gut tells you that the scheme is an outright scam, you should give yourself a favor and just stop. It’s better to not have any profit than to second guess yourself after giving your money to these schemes.