Odds are you have no chance
BETTING scammers are preying on punters, stripping some victims of hundreds of thousands of dollars.
Australians have lost at least $1.5 million so far this year to clever cons, including computer prediction software, bogus betting syndicates with hefty joining fees, and illegitimate business opportunities or investments.
Amid Spring Racing Carnival fever, authorities are warn- ing people to steer clear of false promises to accurately predict race results.
Scamwatch received 184 reports of betting and sports investment scams from January to September.
One man lost $310,000 after being emailed about a betting syndicate spruiking the chance to earn 4 per cent interest a month. He paid a joining fee and made payments for a year, but was locked out of his account when he tried to withdraw some of his money.
The average loss to sports investment scams is more than $18,000 compared to about $6500 for all scams reported, Small Business Minister Michael McCormack said.
“Do not believe anyone who says they have foolproof systems that can ‘guarantee’ a profit through betting,” he said.