Thu, Oct 31, 6:54pm by Darren Tendler
Update – 11am, November 6: AS Australia spends up big during the biggest week of horse racing for the year, here are some tips from an expert on how to make sure you don’t fall prey to one of the many scams doing the rounds.
Ivo da Silva, senior regional officer at Consumer Protection, said some betting systems advertised through telemarketing and letterbox drops can be duds.
“We see a plethora of people sending out scams, you might receive a telephone scam saying they’ve got this fan dangled computer system that can guarantee you winning some money or you receive a brochure in the mail which looks glossy and professional, they’ll show you lots of graphs to show that your $2000 investment will get you to $30,000,” he said.
“It’s a scam.”
These phony investment betting companies, he said, will generally appear to pay up in the first few months in a bid to con people into parting with more cash.
“Say you put $500 towards an investment, in the first three months you’re probably going to get a win because they will inflate your account by putting money in and say ‘look! We’ve made money for you’.
“Then the demands will start, ‘we need another $2000 we need this, we need that’ and unfortunately if you do start going downwards, your luck changes, you’re going to be throwing good money after bad.
“If you’re thinking about investing, talk to a financial advisor and I hazard to guess they will not say ‘go into the racing industry’.”
When it comes to sports betting, if it seems too good to be true, it probably is.
“Gambling by nature is chance, you’ve got one in 24 horses that could actually win, you could do some research but sometimes the 100 to 1 horse does come through.
“If it was a guaranteed way of making money, why would they share it with you?”
Original post – October 31: Fake betting syndicates and schemers have been surfacing in their droves during the current Spring Racing Carnival, luring unsuspecting punters into what they are labelling legitimate betting investments, but which will ultimately rob you of your money.
Delia Rickard, Australian Competition and Consumer Commission (ACCC) deputy chair, has come out and said if you sign up with these con artists, chances are you will never see your invested money again.
Ms. Rickard said “almost $3,000,000 has been reported lost to sports betting scams this year, with the ACCC receiving over 800 complaints.” She is predicting these figures will unfortunately continue to rise as we approach the business end of the racing season.
These fraudulent betting groups, which use bogus predictions and graphs on their sites verifying ‘successful’ outcomes, are also effectively marketing betting software they claim can accurately predict race results. Such software is being sold for up to $15,000.
This may or may not have recently happened to me. While I can’t say for sure whether the betting group I was contacted by was legitimate or not, I was still somewhat suspect of the campaign. I was called on my mobile and asked if I wanted to partake in a trial sports betting program. There was an initial observational period, free of charge, to witness them bring in ‘guaranteed’ winnings as a result of their bets. I said they could use my email and send me their link, so I could watch this happen. It was explained to me that after the observational period, to invest would require a sign-up fee of $300, they would then make the racing selections for me, and I’d keep the profits. I knew at that point I’d be taking no further part in the program (apart from watching to see if their apparent selections paid off), simply to avoid any potential risks.
There are no doubt hundreds of different schemes in operation and they are currently increasing marketing campaigns. Punters need to be wary of such scams and stay away from any questionable betting proposals to enjoy the Spring racing season to its maximum potential. Before making any decisions, ask yourself why successful gamblers, who can correctly predict results, would need to sell their product?
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