Sportsbooks call them risk-free bets, but customers can lose everything
Next month, Ohio will become the 32nd state to offer legal sports betting. Regulators warn that the industry's standard inducements to new customers are "false, misleading and explicitly against" state law. BetMGM offers Michigan customers a "risk-free first bet" of up to $1,000. Barstool promises Maryland bettors a $1000 "bonus" for wagering their first buck. Caesars offers a free bet worth up $250 if the first one loses. Colorado's sportsbook operator briefly advertised a $7,500 " risk- free" first bets.
