sed command with -i option failing on Mac, but works on Linux

I've successfully used the following sed command to search/replace text in Linux:

sed -i 's/old_link/new_link/g' *

However, when I try it on my Mac OS X, I get:

"command c expects \ followed by text"

I thought my Mac runs a normal BASH shell. What's up?

EDIT:

According to @High Performance, this is due to Mac sed being of a different (BSD) flavor, so my question would therefore be how do I replicate this command in BSD sed?

EDIT:

Here is an actual example that causes this:

sed -i 's/hello/gbye/g' *