Southfield Man Charged with Felony for Allegedly Defrauding Michigan Sports Betting App of Over $500K

A Southfield man is facing eight felony charges after Michigan authorities accuse him of defrauding a sports betting app out of more than half a million dollars by exploiting a system glitch. Jeffrey Saco, 38, reportedly made fictitious deposits totaling over $2 million into his Caesars sportsbook account and placed around 10,000 bets within a 16-day period in April 2023, risking over $88 million in the process.

According to ClickOnDetroit, Saco then allegedly transferred over $521,000 into his personal account from the winnings before ceasing activity on the platform. The Michigan Gaming Control Board (MGCB) alongside the Michigan Department of Attorney General conducted a thorough investigation, which led to the charges.

The MGCB has hammered the importance of upholding gambling laws. "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 statement. He also emphasized the suspect's right to due process. It's reported by the MGCB that an eight-count felony arrest warrant was issued for Saco on several charges, including larceny by conversion, gambling activity-felony violation, and using a computer to commit a crime. The statement also reiterated that Saco is presumed innocent until proven guilty.

Saco was arrested on Sept. 4 and after his arraignment on Sept. 5, he was released on a $500,000 personal bond. The preliminary examination of the case is slated for Oct. 4. For those concerned about gambling-related issues, the Michigan Gaming Control Board reminds that assistance is available through resources like the National Problem Gambling Helpline.