Investing money for sports betting with guarenteed returns

amother

Sun, Jul 21 2024, 4:03 pm

Hi,
My brothers friend in Yeshiva told him about a guy in a certain neigborhood who you give a certain amount of money (ex 5k) and he uses your social security number to sign you up for various sports betting websites that he makes bets against his other clients and you both automatically come out with up to (ex 10k) and he takes a 1/3 cut.
Has anyone heard of such a thing?
Is it illegal? Is it halachically allowed?
Has anyone had experience doing something like this?

I posted this question and now found the answer in this article if anyone is interested

https://jewishlink.news/smartb.....llet/

amother

Blue

Sun, Jul 21 2024, 5:11 pm

amother OP wrote:

It sounds like a ponzi scheme.

Dont be the last one in

ra_mom

Sun, Jul 21 2024, 5:33 pm

amother OP wrote:

This is guaranteed a sure bet to

1. Have identity stolen and credit messed up
2. Lose the $5k instantly
3. Convince you that you made $10k, instead of giving it to you, convince you to "reinvest" and put in more, and then lose much more than the original $5k

amother

Tanzanite

Sun, Jul 21 2024, 5:36 pm

If you give out your social and he does anything shady using it, you will be held liable.

In general if it’s too good to be true, it is.

Also, I don’t think gambling is ideal halachically.

amother

Oleander ↓

Sun, Jul 21 2024, 5:37 pm

amother OP wrote:

Sounds like a guarantee to lose your money plus more (identity theft too).

If it's all so good, why doesn't he use his own ss#?

amother

↑ Oleander

Sun, Jul 21 2024, 5:38 pm

amother OP wrote:

Just reread this - this sounds totally unethical. He bets against his own clients? How does that work? He takes bets from clients using his own ss#, then uses yours to make them lose the bets?

How is that even legal?

amother

PlumPink

Sun, Jul 21 2024, 6:04 pm

I wouldn't give the ss# to anyone, first of all. And yeah, the rest sounds probably illegal. Stay away.

kneidelmeidel

Sun, Jul 21 2024, 6:04 pm

‘My brothers friend in Yeshiva told him about a guy in a certain neigborhood’

This is all the information you need, to know to run so fast in the opposite direction. Gigantic red flags waving from all the hilltops.

And straight up gambling isn’t allowed in Halacha.

amother

NeonBlue ↓

Sun, Jul 21 2024, 6:16 pm

Two rules of investing:
1. If it sounds to good to be true, it is!
2. Don't invest money you can't afford to lose.

amother

DarkOrange

Sun, Jul 21 2024, 6:49 pm

The way this works is that there are sports betting places that give free first time bets and the like so what he would theoretically do is use an account to sign up for a new account, get the free bet and then use another account to beg. This guarantees one of them will win which creates an automatic win.
Even so 1- I don't see how he would get such large first time guarentees
2- Its against the rules to have anyone but the person themselves place bets
3- If they catch on they will likely ban it because of 2
4- Giving out a SS # is always high risk because someone can use it for all kinds of things.

amother

↑ NeonBlue

Sun, Jul 21 2024, 9:07 pm

amother NeonBlue wrote:

Two rules of investing:
1. If it sounds to good to be true, it is!
2. Don't invest money you can't afford to lose.

I want to emphasize included in #1 is if there is a guaranteed return or a high rate of return. Both of which you're being promised here.
Run as fast as you can

amother

Maize

Sun, Jul 21 2024, 9:28 pm

amother Fern wrote:

There's no such thing as a guaranteed bet.

I think she means he would bet from his own account that x team would win and bet from another account that the same team would lose so hes automatically winning one of the bets.

amother

Blueberry

Sun, Jul 21 2024, 9:32 pm

guaranteed, you will lose. Your money, your identity, possibly your reputation. broken record here - but run in the opposite direction.