A man is facing eight felony charges after a sportsbook alerted Michigan sports betting regulators to potentially fraudulent activity involving fake deposits and $88 million in wagers.
Jeffrey Saco allegedly made more than $2 million in “fictitious deposits” in April 2023 and wagered $88 million over 16 days, according to a Tuesday release from the Michigan Gaming Control Board. Caesars Sportsbook notified the MGCB about a customer allegedly engaging in fraudulent MI sports betting behavior.
Police arrested Saco on September 4. He was arraigned September 5 in the 86th District Court in Traverse City and released on a $500,000 personal bond.
“The Michigan Gaming Control Board takes the enforcement of gambling laws and regulations very seriously in this state,” MGCB Executive Director Henry Williams said in a release. “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.”
Michigan sports betting charges
Saco allegedly used a “system vulnerability” to deposit more than $2 million into his account, according to the release. Then, over a period of 16 days, he placed nearly 10,000 wagers totaling more than $88 million, or an average bet of $8,800.
After transferring more than $521,000 into his personal bank account, he stopped using the Caesars sports betting app. Saco’s eight felony charges include:
- One count of larceny by conversion (embezzling or unlawfully converting money)
- Three counts of gambling activity-felony violation
- Four counts of using a computer to commit a crime
Potential punishment in Michigan
The court scheduled a preliminary examination hearing for October 4.
Larceny by conversion of more than $20,000 can carry a sentence of up to 10 years. It can also include a fine of up to $15,000 or three times the value of the stolen property.
Each felony gambling violation is punishable by not more than 10 years or not more than $100,000, or both. Each count of using a computer to commit a crime carries a term of 10 to 20 years or a $10,000 fine.
