It should be called Looto.

An online-betting operator used deceptive ads to trick customers into paying monthly subscription fees for its FreeLotto game, said state Attorney General Andrew Cuomo.

New York-based PlasmaNet, operator of FreeLotto.com, has agreed to pay $1.5 million in penalties and provide refunds to customers it tricked, in a settlement to be announced today by Cuomo.

Customers play online, lottery-style sweepstakes games for free as long as they agree to receive e-mails from PlasmaNet and visit the site every day.

But betters can program PlasmaNet to automatically play for them for $14.99 a month.

Cuomo’s probers found that in 2006, PlasmaNet began sending “deceptive and misleading e-mails” notifying players of “pending” prizes.

In fact, the players were unknowingly led to purchase the subscription service.