Americans lose billions of dollars to fraud each year and March Madness usually brings a fresh crop of schemes targeting people who want to bet a little money on sports.
Americans lose billions of dollars to fraud each year. The start of March Madness usually brings a fresh crop of schemes targeting people who want to a little money on sports.
Sports betting is illegal in Texas, but maybe not for long. North Texas State Senator Lois Kolhorst and State Representative Jeff Leach filed a house bill and joint resolution to legalize betting just last month.
Should you try betting out of state, be weary of schemes.
According to the Better Business Bureau, BBB, you may not know you’re being scammed until it’s time to collect your winnings. You’ll get excuses like technical issues or telling you to deposit more money to cash out.
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George Cray, senior vice-president of iconective telecom company, tells us texting is part of the new wave of scamming.
“The scammers have really shifted towards using text in order to get your attention because too many voice and emails go unread or unanswered,” says Cray.
“But the reason it’s more active in the texting area is because 97% of all texts are opened and opened within the first three minutes.”
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When it comes to sports betting, the BBB says you should use established and approved services.
ESPN has a list of where sports betting is legal. Also, don’t fall for tempting ads. If it’s too good to be true, it probably is! Lastly, read the fine print. Know what the conditions are to receive incentives advertised and the service terms to collect winnings.
You can report suspicious activity to the BBB Scam Tracker or to the Federal Trade Commission.
If you have a consumer-related issue you need help with or have questions, fill out our consumer complaint form.
