US authorities have arrested Florida resident Adam Meyer, a well-known sports betting tout, on a number of charges after he orchestrated a plot to scam $25m from someone who had asked for his advice on sports betting.

Meyer, president and CEO of Real Money Sports, was indicted on federal fraud, racketeering, extortion, and gun charges by a federal grand jury in Milwaukee, Wisconsin.  

According to the six-count indictment, Real Money Sports is a “tout service” through which Meyer advises customers on which teams to bet on in National Football League, Major League Baseball, National Basketball Association, and National Collegiate Athletic Association games. He allegedly sells those picks for fees that sometimes run into the hundreds of thousands of dollars.  

Meyer promoted Real Money Sports by identifying himself as the “sports consultant to the stars” and by claiming to have an “unheard of win percentage” that was attributable to his employing a team of more than 130 experts, including former professional players and coaches. 

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