Betting Scams – Biggest betting scams and how to avoid them [2024] ⚠️
Before we begin talking about betting scams, we need you to be aware of the following well-known fact: betting is difficult. For some, it might be obvious, for others, it might just not be that clear. In order to have a great win percentage, you have to spend several hours analyzing every bet that you place. Every successful gambler knows that this is a must for a “green” bankroll.
However, there is one crucial aspect that has to stand before all this routine – choosing a reputable bookmaker. Nothing is worse than getting scammed by the sportsbook where you have put your time and money. This is why, in this article, we will teach you how to avoid betting scams. Read further to find out how do betting scams work and what you have to do in order to not get scammed.
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Top 6 signs that you might be a victim of a betting scam 🚧
- Poor regulation – Always, but ALWAYS check your bookie’s regulation before registering. Not all bookmakers are regulated, and those that are not licensed are already a big NO – Stay away from them!
- They don’t award your winnings – Yes, this is an actual thing and it happened so many times in the past. It can very well happen that you won’t see the winnings of a perfectly won bet. Even if you will contact their customer support, they will invoke several reasons. That’s why it’s so important to take account of the previous sign.
- Your withdrawals keep being delayed – Although they promise that you’ll have your money in your wallet within 48 hours, you will get your money several days after the deadline. Even if you’ll get your money in the end, this is still a red flag.
- They often change their Terms and Conditions – Did you notice that your bookmaker often changes their T&C? If you did, then you’d better move to another bookie. Why would they change the terms so often? There is no legit reason – they are probably doing it, so that some bonuses or winnings won’t get awarded. Simple as that.
- Huge bonuses – Have you ever heard the saying: “If it sounds too good to be true, then it probably is”? It also applies to sportsbooks, too. If a sign-up bonus or any other offer from a certain bookmaker looks so good that it doesn’t even come close to the average welcome offers of other sportsbooks, better stay away. Chances are that’s a big fat scam.
Last, but not least red flag 🚩
6. Website is constantly undergoing maintenance – If this happens once or twice, that’s fine – it can happen to anyone. If it keeps happening, then that’s a clear red flag. There might be chances that they are closing the site without warning the players to withdraw their money.
Betting Scams: Tips & tricks – How to avoid getting scammed when betting ✔️
- Play the safe way – choose a legit, regulated website. UKGC, MGA, and GLA are some of the most respected gambling authorities. You can quickly check if a bookie is regulated by going to the bottom of its homepage – the iGaming authority logo will appear.
- Always be cautious – Be wary of the personal information that you share with your sportsbook. Always check what info will your bookmaker request from you. Most of the reputable bookies will mention that will never request personal information from you (ex. Passwords or credit card number).
- Check other players’ opinions – Probably the fastest way to convince yourself that a bookie is legit. Search for the “name of the bookmaker” + “review” to find out if other sites or players do recommend it or not. You can also do this by checking our online betting sites review page. Here we honestly review the most important bookmakers on the market.
Check for the bookie’s rating – Online bookmaker review sites also offer ratings for each bookmaker they review – just as we do on our online sportsbook review page. Always look for high-rated bookies.
Betting scams that actually happened ❗
- WSEX
Considered one of the most reputable betting exchanges worldwide, the World Sports Exchange (WSEX) got indicted in 1998, during Black Friday. Jay Cohen, one of the founders, got arrested and sentenced to almost two years of prison in 2002. After escaping prison, Cohen returned to managing WSEX again in 2004, reshaping it into a low commission poker platform. His plan failed yet again, and four years later, people began to complain about frozen payments. As from 2017, it is said that WSEX still owes to their players somewhere around ~$600.000.
- Sportsbook.ag
The well-known US bookie was operated by Sportingbet until 2006, when they decided to sell the domain name. The so-called Jazette Enterprises Limited bought Sportsbook.ag, obtained an Antigua license and began to scam players. Although many people still consider Sportsbook.ag as one of the most respected US bookmakers, it has been reported that more than $220.000 have disappeared in the last 15 years.
- Futurebet
Futurebet entered the US market in 1998 and began to scam its players ever since. It is said that more than one million dollars has been stolen from bettors. Futurebet’s main strategy was freezing players accounts for laughable reasons to avoid paying the winnings.
