betrügen
to deceive
To intentionally deceive someone in order to gain an unlawful advantage, often in a financial sense.
Er wurde angeklagt, weil er seine Geschäftspartner betrogen hat.
He was charged because he had deceived his business partners.

to cheat / deceive
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to deceive
To intentionally deceive someone in order to gain an unlawful advantage, often in a financial sense.
Er wurde angeklagt, weil er seine Geschäftspartner betrogen hat.
He was charged because he had deceived his business partners.

'Betrügen' (to cheat/deceive) is an inseparable verb. The prefix 'be-' remains firmly attached to the verb in all tenses and sentence constructions.
Er hat zugegeben, dass er seine Kunden betrogen hat.
He admitted that he had deceived his customers.
In most meanings, 'betrügen' (to cheat/deceive) is a transitive verb that requires an accusative object. This object is the person or institution being deceived.
Sie hatte das Gefühl, dass er sie betrügt.
She had the feeling that he was cheating on her.
The context tells you what kind of cheating or deception is meant. With 'Geld' (money) or 'Vertrag' (contract), it is about finances. With 'Partner' (partner) or 'Ehe' (marriage), it is about infidelity. With 'Spiel' (game) or 'Prüfung' (exam), it is about cheating.
Er hat beim Kartenspiel betrogen, um zu gewinnen.
He cheated at the card game in order to win.
'Betrügen' (to cheat/deceive) is an irregular verb. The principal forms are: 'betrügen, betrog, hat betrogen' (to cheat/deceive, cheated/deceived, has cheated/deceived). The perfect tense is always formed with 'haben' (to have).
Der Verkäufer betrog die Touristen mit überhöhten Preisen.
The seller deceived the tourists with inflated prices.
The reflexive form has a fixed structure: 'sich (Akkusativ) um etwas (Akkusativ) betrügen' (to cheat oneself out of something). It means that you deprive yourself of an advantage or pleasure.
Wer nicht zum Fest kommt, betrügt sich um einen schönen Abend.
Anyone who doesn't come to the festival is cheating themselves out of a lovely evening.
to sell
'jemanden für dumm verkaufen' (to take someone for a fool) and 'betrügen' both have to do with deception. 'jemanden für dumm verkaufen' means trying to trick someone with a false story, often because you think the person will not notice. 'betrügen' is more general and stronger: someone deliberately deceives another person in order to gain an advantage, often involving money or contracts. 'betrügen' sounds more serious and can also have legal consequences.

Der falsche Verkäufer hat viele Kunden um ihr Geld betrogen.
The fake seller cheated many customers out of their money.
Du kannst mich nicht für dumm verkaufen; ich kenne die Wahrheit.
You can't take me for a fool; I know the truth.