There are many different kinds of scams and fraud activities revolving around the gambling community and camouflaging as a legitimate investment. With this being said, it is advised for any gambling enthusiasts to be keen with the online casino awards they bump into as not everything might be legit.
Most of the programs or schemes don’t work as advertised and the sad part, buyers have no way of getting their money back. In most cases, the supplier just disappears in thin air. But how exactly these scammers are enacting their elaborate schemes? You’d definitely be surprised to find out that there are no shortages of methods that fraudsters use to trick people.
Computer Prediction Software
Here, the scammer will trick you of selling software program promising to predict sports results with near 100% accuracy. Of course, alongside these promises are high profits or returns by simply using their program.
If you are more into team sports betting or horse racing, then you are at higher risk of encountering such scams. In case of team sports betting software; it’s claiming that it can determine opportunities by analyzing historical trend as well as odds offered by different bookmakers. For horse racing software on the other hand, the predictions are based on the following:
- The draw
- Weather condition
- State of the horse and;
- Condition of the jockey
Some might even claim that the software could track bets that have been placed by experienced punters.
With this scheme, the scammer will try to persuade you to be a part of their group or organization. You’ll have to pay their compulsory fee to become a member and create an account. You’ll be asked to put ongoing deposits in order to maintain balance of your account.
The group or syndicate will tell you that the funds are used to make bets on behalf of the group while guaranteeing that you and the rest of the “members” will take a percentage from the overall profit.
In this regard, the scammer is often targeting professionals, retirees and even small business operators. Their schemes are frequently introduced as a business opportunity or investment at trade shows, fairs or even through the internet. Sometimes, these people are cold-calling their targets to make an offer.
To make them look a legitimate entity, scammers are using financial terms or technical terms in the arena such as sports wagering, sports betting, sports arbitrage or sports trading. Just before you jump into a decision of making an investment, do background research to learn more about their legitimacy.