A Michigan man, Jeffrey Saco, faces eight felony charges for allegedly exploiting a system vulnerability in Caesars Sportsbook and defrauding the company of $521,000. Saco reportedly made over $2 million in fictitious deposits into his Caesars account, placed nearly 10,000 bets totaling over $88 million in just 16 days, and transferred $521,000 into his personal bank account before ceasing activity. Caesars notified the Michigan Gaming Control Board (MGCB), which, in partnership with the Michigan Attorney General’s Office, launched an investigation leading to Saco’s September 2024 arrest.
Saco is charged with one count of larceny by conversion, three counts of felony gambling activity violations, and four counts of using a computer to commit a crime. If convicted, these charges carry prison sentences of up to 10–20 years and substantial fines. Saco has been released on a $500,000 personal bond, with a preliminary hearing scheduled for October 4, 2024.
This case highlights the vulnerabilities that even major players like Caesars can face in the fast-evolving online gambling industry. The fact that Saco allegedly managed to place 10,000 bets and transfer over half a million dollars before being caught emphasizes the importance of robust system security and real-time monitoring. The collaboration between Caesars, the MGCB, and the Michigan Attorney General’s Office showcases how critical cooperation between gaming operators and regulators is to maintain integrity within the industry.
While Saco remains innocent until proven guilty, this incident underscores the growing need for advanced fraud detection tools as online betting continues to expand. It also serves as a warning for operators to invest heavily in cybersecurity to prevent such exploits from happening.
Source: Michigan Gaming Control Board (MGCB)
Alex Brown is an experienced sports journalist with a passion for covering the latest developments in online gambling and sports betting. With years of expertise in the industry, Alex provides in-depth analysis, expert insights, and up-to-date news to keep readers informed about the rapidly changing world of sports betting.
Alex Brown is an experienced sports journalist with a passion for covering the latest developments in online gambling and sports betting. With years of expertise in the industry, Alex provides in-depth analysis, expert insights, and up-to-date news to keep readers informed about the rapidly changing world of sports betting.
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