Forget Las Vegas — it's easier than ever for you, your partner, or even your teen to place a bet on their favorite teams with just a few clicks.
Fans will wager an estimated $3.1 billion during March Madness alone, and experts warn that families are prime targets for scams.
Kevin Gosschalk, CEO of cybersecurity firm Arkose Labs, explains that while betting at casinos carries inherent risk, online gambling presents even greater dangers.
"We're in March Madness, so it's peak season for scams, fake websites, and fake apps being set up to lure you to put money into them, claiming you're going to win big," Gosschalk said. "And then of course it's a rug pull — there's no money to be gained."
Online gaming platforms topped the list for suspected digital fraud in the U.S. in 2023, with TransUnion flagging nearly 11% of transactions.
Ricardo Rivera learned this lesson the hard way. After years of gaming online, Rivera hoped to win big to pay for his mother's cancer treatment. Instead, he says he became a fraud victim on a crypto-gambling site called SpinMe.club.
"I basically hit the biggest jackpot that they have, and it was $4 million," Rivera said.
Rivera had already deposited hundreds of dollars in cash and bitcoin to open his account. But to claim the jackpot, there was a new catch: He was told to pay another thousand dollars to cover "taxes."
It was then that Rivera realized he was the victim of a scam.
