We are aware that more than half the population has a high interest in sports. Consequently, it is also no surprise that various types of sports scams are equivalently widespread. In fact, the continued growth of the Internet has contributed significantly to the increasing incidence of one of the most common variations, the sports betting scam. This is an integral part of a larger category of sports scams simply known for a lack of a better phrase, as sports money scams. These encompass everything relating to claims that you can easily make money from sports games and sports related activities.
Betting and sports investment scams will try to convince you to invest in foolproof systems and software that will guarantee you a profit on sporting events.
Some Common Examples Of Betting And Sports Investment Scams
These scams are just simply a form of gambling that are camouflaged as legitimate investments. Most of the programs and plans will not work as promised and the buyers will not get their money back. In many cases the representative simply disappears into the night.
Computer Prediction Software
The scammer will attempt to sell you a software program that will promise to accurately predict different sporting results. This usually consists of team sports or horse racing. They will promise and guarantee high returns and/or profits as a result of using their one of a kind program.
Team sports betting programs to claim to find opportunities based on historical trends and the different odds that are offered by numerous different bookmakers. The horse racing software will often claim that their predictions are based on numerous variables. These include weather conditions, the condition of the horse, the post draw, or the physical condition of the jockey. They can also claim to track the money and bets that have been placed on a race by professional betters.
Very often the information used in these programs can be obtained from Racing Forms and the betting pages of your local newspaper at very little cost.
Betting syndicates actually can be a great program if they are done with a trusted group of individuals. With that said, there are also people out there that operate betting syndicate scams. Before you decide to join any betting syndicate, make sure you know who you are working with. And also be ready to walk away immediately if things don’t feel right.
Let’s help get you up to speed on what a betting syndicate is. In a betting syndicate, a group of individuals will pool their betting money together to place sports bet wagers as a group. Often, this group of people can be a set of friends. However, in some cases, it also can be a group of professional gamblers pooling millions of dollars together.
Even if you are approached by a friend to join a betting syndicate, it is strongly suggested that you consider it cautiously and carefully. Be sure that you fully understand how they will use the funds of the group and also ask about their track record. It is also suggested that you ask for and get feedback from other members of the syndicate, as well.
The scammer is going to try and convince you to become a member of a betting syndicate. You will need to pay a required fee which is often in excess of $15 000, to join the syndicate and open your sports betting account. Then, you will be required to make ongoing deposits to maintain a minimum balance on the account.
The scammer is going to tell you that they will use funds in the account to place bets on behalf of the syndicate. You and your fellow syndicate members will be promised a percentage of the profits.
The scammer will target small business owners, professional people, retirees, or others who have funds to ‘invest’. These schemes are usually publicized as a business opportunity or an investment at trade fairs or trade shows, or by way of the internet. Some people could also be contacted through an unsolicited phone call, an email, or a letter.
The scammer will usually use technical, financial, or industry insider terms to help set the hook. These can include such terms as ‘sports arbitrage’,’ sports betting’, ‘sports wagering’, ‘sports tipping’, or ‘sports trading’ to make these scams look more like legitimate investments. Promotional material will often take the form of glossy and sophisticated brochures. They can also include websites that contain graphs or diagrams that promise large returns for little or no effort. The fraudsters will use this professional looking and fancy terminology as a way to attract what are usually highly sophisticated investors that have a high net worth. The typical pitch of these investments is that their fund offers investors another way to diversify their investment portfolio. Unfortunately, these funds are fraudulent and a scam. And instead of making money, people who fall for this scam are going to lose their investment.
- You are approached to invest in a money-making opportunity that promises or guarantees large returns and certain profits.
- The sales pitch includes glossy promotional marketing material that shows phenomenal returns.
- The seller will use financial or technical terms to aid them in selling their product or plan.
- You are informed that spots in the plan are strictly limited and going fast. You are also told that you need to buy now in order to secure the one of a kind software package or to secure your spot in the plan.
- Salespeople are frequently contacting you to pressure you into buying the product or joining the plan.
- If you receive a call, email, or brochure from someone trying to sell you a sports investment opportunity or prediction software, ignore it.
- Be careful of high pressure and slick sales tactics. These can include such things as positive reports on past performance and graphs showing very high returns.
- Do not let anyone pressure you into making a decision about money or investing. Always get independent legal and/or financial advice.
- With all of the resources we have today by way of the internet, you can conduct independent research on the company selling the plan or service. Often their contact information is bogus and completely false.
- Watch out for programs or plans that include ongoing costs that are associated with its facilitation.
- Make sure you know how to and that you actually can cancel any subscription service that you may have signed up for.
Have you been scammed?
If you think that you may have provided your account details or other personal identification details to a scammer, you need to contact your bank, financial institution, or any other relevant agencies immediately.
There are so many different types of fraud and each can be reported differently. You should first report the fraud to your local police department. If need be, you can also contact your state regulators to report any fraud or scams. This could include your consumer protection office.
If the fraud or scam pertains to federal law, you can get in touch with the department in charge:
- You can contact the Federal Trade Commission (FTC) or use the Online Complaint Assistant to report most types of frauds.
- If the U.S. Mail was used in the fraud or scam, contact the U.S. Postal Inspection Service
- You can report any identity theft or data breaches through IdentityTheft.gov.
- If the fraud or scam is internet based, you can file a complaint with the internet Crime Complaint Center.
Thanks for taking the time to read my post on Betting and Sports Investment Scams. I hope it may have been helpful and informative. Please feel free to pass it on to anyone it may help. Also, please feel free to leave Comment or Questions below. Lastly, if you know of any scams that should be looked at, please leave the info on the Comments below and I will be glad to investigate. Take care.