Michigan Sportsbook Allowed Player To ‘Lose’ $1.5M In Month
An online sports bettor in Michigan was allowed to lose about $1.5 million in a single month—but it wasn’t actually his money.
Still, it raises alarm about online sportsbooks preying on people suffering from problem gambling.
According to the Michigan Gaming Control Board, in April 2023, a man by the name of Jeffrey Saco allegedly made more than $2 million in fictitious deposits into his Caesars sportsbook account “by exploiting a system vulnerability.”
He placed nearly 10,000 bets within 16 days, wagering more than $88 million.
According to the MGCB, Caesars “notified the MGCB about an account holder who was allegedly engaging in fraudulent activities with his mobile betting account.”
However, it apparently wasn’t until after the gambler stopped playing that Caesars notified the state.
Saco “transferred more than $521,000 into his personal account before ceasing activity on the platform,” the MGCB said.
It’s unclear when Saco created his account with Caesars Sportsbook and if he had been a gambler on the platform prior to April 2023.
According to figures from the state, the Caesars Sportsbook platform took about $23 million in bets during April 2023, winning about $840,000 from gamblers.
It appears that Saco’s betting activity wasn’t included in the sportsbook’s reporting figures.
His fictitious losses of about $1.5 million were nearly double what the sportsbook won from all other sports gamblers during the month.
For a brief time did the sportsbook think it had struck gold with a person suffering from a gambling addiction?
Online sportsbooks make the vast majority of their money from people suffering from addiction.
Saco was charged with eight felonies in Michigan.
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