Betting News 
A Michigan man, Jeffrey Saco, is facing eight felony charges after allegedly exploiting a system vulnerability to make more than $2 million in fictitious deposits and wager a staggering $88 million over a 16-day period on a sports betting app. The incident came to light after Caesars Sportsbook alerted the Michigan Gaming Control Board (MGCB) about potential fraudulent activity.
Details of the Alleged Fraud
Saco’s alleged scheme took place in April 2023, during which he reportedly made more than $2 million in fake deposits and placed nearly 10,000 bets totaling $88 million. The average bet placed was around $8,800.
After transferring more than $521,000 of winnings into his personal bank account, Saco abruptly stopped using the Caesars sports betting app. Police arrested him on September 4, and he was arraigned the following day in the 86th District Court in Traverse City. Saco has since been released on a $500,000 personal bond.
Michigan Sports Betting Charges
Saco now faces the following felony charges:
- 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
If convicted, Saco could face significant penalties, including up to 10 years in prison for each felony gambling violation and the count of larceny by conversion. Additionally, each charge of using a computer to commit a crime could carry a term of 10 to 20 years or a $10,000 fine.
Michigan Gaming Control Board Response
Henry Williams, Executive Director of the MGCB, commended the quick action of Caesars Entertainment in reporting the suspicious activity. Williams emphasized the seriousness with which Michigan enforces its gambling laws:
“The Michigan Gaming Control Board takes the enforcement of gambling laws and regulations very seriously in this state,” Williams said. He also stressed the importance of due process, noting that Saco is presumed innocent until proven guilty.
Next Steps
Saco’s preliminary examination hearing is scheduled for October 4. If found guilty, Saco faces severe penalties, including potential prison time and hefty fines.
The charges of larceny by conversion (involving amounts over $20,000) carry a sentence of up to 10 years and fines of up to $15,000 or three times the value of the stolen property. The felony gambling violations each come with a possible sentence of 10 years or fines up to $100,000.
