The phrase is more common with gambling platforms in particular with those which are offering unrealistic bonuses and rewards. For sure we heard enough stories of people getting scammed by new gambling sites and they're guilty that they've been tricked by these offers. In some instances this phrase could also be applicable with fixed matches or ways being offered to cheat on the platform; there would be people offering signals in exchange for a fee and the likes. These will all boil down to the idea that there's no easy money on gambling industry; everything's a trap if you will be pushing to find ways to win easily.
Too good to be true offers and promos are actually an obvious trap but unfortunately there are still gamblers that fall to that kind of advertisements. I personally fall for this I think when I was just a newbie to online gambling. Though this happened mostly online but there are still incidents of it getting used on gambling booth though it's legit like the lottery but yeah odds of winning is like 1%. Online gambling uses all the eye catching techniques that fools us and yet some of us still fall for this trap.
Even long term gamblers are still falling from these schemes because it has something to do with one's drive. Many people are frustrated of how difficult winning is in gambling games so they are being vulnerable to things which are suspicious in general perspective. It happens in different forms but with one goal which is to deceive those which are prone. What's best is to learn if ever you'd be once a victim to avoid its reoccurrence.