March Madness bettors face new threats online: “It’s peak season for scams”

The allure of online gambling has never been stronger, with millions of fans expected to wager a staggering $3.1 billion during March Madness alone. However, as the popularity of online betting continues to rise, so do the risks associated with scams and fraud.

Kevin Gosschalk, CEO of cybersecurity firm Arkose Labs, warns that online gambling presents even greater dangers than traditional casino betting. With the peak season for scams coinciding with March Madness, fake websites and apps are being set up to lure unsuspecting victims into depositing money with promises of big winnings, only to disappear with their funds.

One such victim, Ricardo Rivera, fell prey to a crypto-gambling site called SpinMe.club. After reportedly winning a $4 million jackpot, Rivera was asked to pay an additional $1,000 for “taxes” in order to claim his prize. It was at this point that Rivera realized he had been scammed, as the site blocked him and kept his money when he tried to complain.

Gosschalk advises that potential online gamblers stick to well-known and reputable sports betting websites to avoid falling victim to scams. Warning signs of fraudulent platforms include unlicensed and unregulated sites, unusually high bonus offers, guaranteed winnings promises, and crypto-only platforms with no credit card options.

Despite the prevalence of online gambling fraud, the crime may be vastly underreported due to victims feeling embarrassed. Rivera, reflecting on his experience, emphasizes the importance of raising awareness about online gambling scams to prevent others from falling into the same trap.

As online betting continues to grow in popularity, it is crucial for consumers to remain vigilant and exercise caution when engaging in online gambling activities. By staying informed and following best practices, individuals can protect themselves from falling victim to scams and fraudulent schemes in the rapidly evolving world of online gambling.