Avoid scams on betting with common tactics and recommendations
With the recent explosion of legalized online betting, most online gaming providers are legitimate, professional businesses that customers can trust to protect their bankrolls.
However, whether players are betting to entertain themselves or to make big money, they should be aware that many online scams in betting are looking to take advantage of anyone looking to place a bet.
In this new age of internet gambling, online casinos and bookmakers can use tools that reach potential customers faster and at a much higher volume through outlets like social media.
Providers: Which Ones Are Legit and Which Ones Not
It’s a popular way to promote their brand and what they have to offer. Those looking for an online casino or sportsbook to help increase their bankroll need to determine which providers are legitimate and which ones will try to scam them out of their money.
The online betting industry is also a prime target for hackers and cyber scams. This is because gambling websites and apps are the gateways to sensitive and valuable customer financial information like credit card and bank account numbers.
There have been many attacks on the online gambling industry in the last few years, forcing providers to provide the highest security to ensure customer information is secure.
Many providers were vulnerable to these attacks and continue to increase their security measures to avoid scams on betting.
However, these providers use advanced security technologies to prevent hackers from accessing their sensitive information.
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5 Common Scam Tactics
Now that the NFL season is here, the internet is flooded with sports betting sites. Unfortunately, scammers are also abundant, with apps or websites that look legitimate and offer an initial bonus to lure players to their bogus platform.
1. Technical Issues on Betting Websites
One common occurrence is when players open an account and place bets, trying to collect their winnings only to find that they can’t access their money.
These fake betting sites will sometimes claim they’re having technical issues or even be as bold as to ask the player to deposit more money before they can cash out. However, no matter what they do, the player will never get their money back.
Furthermore, players that get caught in this type of scam stand to risk more than just the money they deposited. The personal information could be sold to other scammers who may attempt to steal their identity.
2. Scamdicappers
Another type of online sportsbook scam is “scamdicapping,” where scammers posing as legitimate professional handicappers sell fake handicapping services to help players with betting strategies to increase their winnings.
Many scammers promote their services on social media and promise “guaranteed” wins by using their “inside” information or expert handicapping analysis to pick game winners.
They also pressure players to purchase their service quickly, using phrases like “limited time only” to get them to buy.
These scammers will often guarantee a full refund of your money if the pick isn’t a winner when the truth is the money is gone forever, and the player uses a bogus pick that will lose even more of their bankroll.
3. Prediction Software Scams
Prediction software scams are becoming one of the most common online betting scams. These fake prediction systems are marketed to players as a way to pick winning sports wagers.
These scams focus more on players that bet on horse racing and professional sports. The person selling the app or software will promise players they’ll make more money back than what they invested in the software because of how superior their product is at picking winners.
All software scam systems claim to have some sort of secret in their handicapping, often saying they use proprietary analysis combined with bookmaker odds and historical patterns to make picks.
Data Research May Help You to Avoid a Scam
The truth is that most of these apps use the same data players can find with a bit of research online or at their favorite sportsbook.
If these software providers had a secret, they would keep it to themselves and wouldn’t need to sell betting prediction software. Players should avoid all types of sports betting prediction programs.
4. Sports Investment Scams
Another of the most common scams for sports bettors to avoid is investment scams. In this instance, scammers will look for players to invest in a fund that makes a profit from sports betting. They offer investors a chance to “diversify” their sports betting investment portfolio.
These funds are primarily fraudulent, with anyone falling for the scam losing their entire investment.
This scam usually targets people with cash to invest, such as business owners and retirees, by contacting them by phone, email, or regular mail. These scammers will often use advanced sports betting terminology to attract wealthy investors.
All players should be cautious of sports investment scams and should only consider sports investment if they have a friend they can trust to verify it’s legitimate. However, it’s always better for players to avoid sports investments to stay on the safe side.
5. Betting Syndicates
Betting syndicates can be great for sports bettors as long as they’re between a group of trusted individuals. Unfortunately, however, there are many betting syndicate scams that players need to look out for.
A betting syndicate is a group of people that pool their funds to make bets together and is most often done between a group of friends.
For example, professional handicappers sometimes have syndicates involving millions of dollars in a group of other pros.
Joining a betting syndicate is something players need to approach with caution. Players should fully understand how their money will be used and get feedback from other members before staking any cash.
Players need to avoid the biggest thing if someone they don’t know asks them to join a syndicate. Players should always be skeptical of any betting syndicate that doesn’t involve anyone they know, which can save lots of problems and money.
Also, betting syndicates usually are made up of advanced professional handicappers, which most online players aren’t.
How To Avoid Scams on Betting
There are always things players should look for to help them avoid scams on betting. However, many players miss the red flags, resulting in them making a bad investment. One of the first things many online scammers promise is a huge return on investment.
Some of the biggest financial scams in history all have this in common. Any offer of guaranteed returns or that claim to be risk-free should be avoided at all costs.
Players should always do their homework when looking for the best betting site and check if the provider has negative customer reviews.
Recommendations for Players
The best thing players can do to protect themselves from online is to select an:
- Established
- Regulated
- Legal provider
With a track record of excellent customer satisfaction. Sports betting sites regulated by local gaming authorities are unlikely to be involved in scamming their customers.
After Selecting the Right Gambling Site
Once players select a reputable gambling site, they should always check the terms and conditions of any bonus offers.
Failing to do this could make a deceptive offer look more appealing than it is. Players should always carefully read the fine print on any incentive offers.
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Avoid scams on betting FAQs
What Should I Do if an Online Sportsbook Has Scammed Me?
Anyone who feels they’ve been a victim of an online betting scam should contact the local authorities.
If living in a state where online betting is regulated, players should get in touch with the state gaming authority where they live.
Depending on where people live, it could also be the local police or the Sheriff’s office. They should be able to refer players to the proper authority to take the next step.
Are All Software Programs To Pick Sports Winners a Scam?
Not all of them are scams. However, there are many unscrupulous people out there that are always looking for the best way to take advantage of bettors. The best advice is to always do your homework before using any prediction software and validate their claims by either checking online reviews or verifying with someone you know before investing your money.
What Should I Do if My Online Sportsbook Doesn’t Pay Out?
Posting on an online forum or sports betting review site is one of the best ways to make people aware of the situation.
If you live in a state where online betting is regulated, you can file a complaint with them and be guaranteed they will get to the bottom of the issue.
Online sportsbooks don’t want to have the reputation of paying out too slowly or not paying at all.
Negative reviews will undoubtedly shy people away from depositing money with that provider. Publicizing the issue is often necessary for some online operators to treat their customers fairly.
How Do Online Sportsbooks Keep Their Players Safe?
The most important thing for any online sportsbook is its reputation. All legal online sportsbooks use multiple security measures, including SSL encryption software, for an added layer of security.
Also, players should research the security features of a potential sportsbook before opening an account to avoid scams on betting.
Can I Trust Online Sportsbooks With My Personal Information?
This depends on the provider, as some online sportsbooks can be trusted more than others. The answer would be yes if only playing at locally regulated online sportsbooks.
However, there have been many cases where offshore providers have used sensitive customer data to transfer to another online operation, which is illegal if the sportsbook is licensed and regulated in your state.
