Sportsbooks call them risk-free bets. Just don’t read the fine print.

Sportsbooks call them risk-free bets. Just don’t read the fine print.

Article brief provided by The Washington Post
  • Danny Funt, The Washington Post
December 26, 2022 6:51 PM
  • Danny Funt, The Washington Post

Next month, Ohio will become the 32nd state to offer legal sports betting, which is sure to generate a rush of aggressive marketing appeals. But regulators there have issued an unprecedented warning: The industry’s standard inducements to new customers are “false, misleading and explicitly against” state law.

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These enticements are often presented as can’t-miss cash giveaways. BetMGM offers Michigan customers a “risk-free first bet” of up to $1,000. Barstool promises Maryland bettors a $1,000 “bonus” for wagering their first buck. In many states, Caesars offers the most generous-sounding deal: a “free bet” worth up to $1,250 if a customer’s first bet loses. When legal sports betting launched in Colorado last year, the operator affiliated with Sports Illustrated briefly advertised a $7,500 “risk-free” first bet.