A Michigan man was arrested this week and charged with eight felonies after allegedly making $2 million in fake deposits and $88 million in fraudulent bets with Caesars Sportsbook. The ambitious bettor is facing decades in prison if found guilty on the charges and is currently out on bail.
Jeffrey Saco, 38 alleged scheme started back in April 2023 when he exploited a “system vulnerability” to make a fake $2 million deposit with Caesars Sportsbook. Over the course of the next 16 days, Saco wagered another $88 million across 10,000 bets. Saco’s average bet during this period was around $8,800 and netted him at least $512,000; which he deposited in his personal account. After his big spree, Saco stopped betting on Caesars entirely.
MGCB Executive Director Henry Williams commented on the arrest and investigation in a press release saying, “The Michigan Gaming Control Board takes the enforcement of gambling laws and regulations very seriously in this state. 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.”
It’s not clear when the Michigan Gaming Control Board (MGCB) caught wind of Saco’s alleged criminal activity, but this week he was arrested and charged with eight felonies in relation to the scheme. Those charges include one count of larceny by conversion (embezzlement); three counts of gambling activity-felony violation; and four counts of using a computer to commit a crime.
Saco was released on September 5 after posting a $500,000 bail after his arraignment hearing.