The world of sports betting is a pretty lucrative one, but it’s also quite a niche market, at least in Africa. One of the reasons why sports betting is such a rare sight in most parts of the continent is because there are simply not many legal betting shops. However, this is starting to change, and more and more Africans are seeing the allure of possibly making extra cash via sports betting. In light of this, it’s important to be aware of fraudulent bookmakers who may be trying to seduce you into giving them your money.
The Biggest Scam Involved In The Gaming Industry
Recently, the International Olympic Committee (IOC) and the world’s governing body for professional football, FIFA, stepped in and conducted an investigation into the global betting scandal. They eventually determined that there were several large-scale fraud cases, which included the Russian mob. It was reported that the criminals were able to trick wealthy individuals and institutional investors into losing billions of pounds in bets on the 2018 World Cup. According to reports, the Russian mafia used front companies and fake accounts to make deposits and withdrawals, in order to move money around the globe. They would then bet on sporting events such as tennis and ice hockey and leave the rest to chance.
Why Do You Need To Be Careful With Online Betting?
Sports are a fantastic source of gambling revenue, and it’s easy enough to place a bet on the outcome of a game. The problem is that not all gambling sites are created equal, and there are several that are a complete scam. The key is to do your research and make sure that the website you are considering joining is legitimate. There are many ways that scammers infiltrate online sports betting, some of which include:
- Fraudulent promotions that promise huge returns or prize pots if you follow certain steps
- Tailored betting advice that encourages you to place large bets on sports that the scammers feel is most profitable for them
- Games that are fixed or corrupted by the website’s software
- Money laundering through the use of fake accounts and the promotion of these accounts on social media
- Inability to access accounts containing significant amounts of money
Another red flag to look out for when joining an online bookmaker is if the site is actually from a country that you are not familiar with. For instance, if you are based in the UK and you join a site that is from the U.S., you should probably walk away because you don’t know what legal requirements they might have that you need to follow. It’s also not a good idea to sign up with a free account, as this could put you on the receiving end of significant fraud.
The Difference In Quality Between A Good And A Bad Sportsbook
It is quite difficult to pinpoint the exact differences between a good and a bad sportsbook. Some common giveaways that you are dealing with a scammers include:
- Inconsistent customer care
- Games that are fixed or corrupted by the software
- Tailored betting advice that encourages you to place large bets on sports that the scammers feel is most profitable for them
- Incorrect prices are displayed on the website
- Inability to access accounts containing significant amounts of money
- Games that are always in advance
- Slow withdrawals
- Bogus contests and promotions
- Incorrect information on the payout schedule
To ensure that you are joining a legitimate sportsbook, do your research online before you make a purchase, and if anything seems off, then it probably is. The integrity of the sportsbook is quite important, and you should certainly avoid joining a scam simply because they have a nice sign or are located in a popular tourist area. A good rule of thumb is to join a sportsbook that is based in the country that you are located in. If you suspect that the site you are considering joining is a scam, then contact the site’s support team or an anti-fraud agency like Action Fraud.