Gambler To Pay Sportsbook Restitution Over $2M In ‘Fictitious’ Deposits

Jeffrey Saco, a 38-year-old Michigan man, pleaded guilty to one count of engaging in illegal gambling activities, a felony, authorities in Michigan announced Wednesday.

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Saco admitted to exploiting “a system vulnerability” to make over $2 million in fraudulent deposits into his Caesars sportsbook account.

From GamblingHarm.com:

Over about two weeks of gambling, Saco placed nearly 10,000 bets and wagered more than $88 million, transferring $521,000 into his personal account before ceasing gambling on the platform.

He was in the hole about $1.5 million from his gambling, but the money lost wasn’t his.

According to the MGCB, Caesars “notified the MGCB about an account holder who was allegedly engaging in fraudulent activities with his mobile betting account.”

Despite the extreme gambling activity, Caesars didn’t cut off Saco from betting.

Saco was arrested on Sept. 4 and was arraigned on Sept. 5 in the 86th District Court. He was released on a $500,000 personal bond.

Saco was facing the following felony charges:

• One count of Larceny by Conversion
• Three counts of Gambling Activity-Felony Violation
• Four counts of Using a Computer to Commit a Crime

“The Michigan Gaming Control Board takes the enforcement of gambling laws and regulations very seriously in this state,” MGCB Executive Director Henry Williams said. “To that end, I appreciate the collaborative partnership the agency has with the Michigan Attorney General’s Office and industry personnel at Caesars Entertainment—who initially notified us about this situation. It is important to remember that this individual who is facing charges has the right to due process and is presumed innocent until proven guilty. With that being said, we will now let the judicial system determine the truth in this matter and the veracity of the charges.”

Gambling911.com has seen significant traffic for its coverage of a player filmed complaining that Caesars Sportsbook refused to pay him his $500,000 winnings after he admitted to using a beard.

A beard refers to a person who places a bet for someone else in order to conceal the identity of the real bettor.  This would be considered a violation of Caesar''s rules.

By Thursday evening, a massive traffic surge had been coming into the Gambling911.com site for the Caesar's beard story, presumably a result of Sacco's plea deal.