Warning Signs: The Rise of Online Sports Betting Scams
As the fall sports season kicks off, the Better Business Bureau is sounding the alarm about a surge in online sports betting and gambling scams. With over 10,000 complaints about gambling and casino-like business scams since 2022, it’s essential to be aware of the risks and take steps to protect yourself.
What’s Behind the Scams?
The primary source of these scams is online grey market sportsbooks and illegal gambling operations. These unlicensed operators prey on unsuspecting individuals, promising lucrative returns and easy wins. However, the reality is that these scams can result in significant financial losses, with little to no recourse for victims.
Licensed Online Sportsbooks: Your Safest Bet
To avoid falling prey to these scams, it’s crucial to use licensed online sportsbooks. The North Carolina Lottery Commission has approved eight online sportsbooks, including:
- Fanatics
- BetMGM
- FanDuel
- DraftKings
- Bet365
- Caesars
- ESPN Bet
- Underdog Sportsbook
Using one of these licensed operators ensures that you’re dealing with a reputable and regulated business.
Staying Alert and Avoiding Scams
According to Saige Heigel of the Better Business Bureau of Eastern Carolinas, “You have to be sure that you’re alert and paying attention to who you’re doing business with, so they’re not taking that money away from you.” The biggest issue with grey market sportsbooks is that they can disappear with your money, leaving you with little to no options for recovery.
Conclusion
As the online sports betting landscape continues to evolve, it’s essential to remain vigilant and informed. By using licensed online sportsbooks and being cautious of grey market operators, you can reduce your risk of falling victim to scams. Remember, it’s always better to be safe than sorry, and a little research can go a long way in protecting your finances. So, before you place your next bet, make sure you’re doing business with a reputable and licensed operator.
