Odds are you have no chance

Sunday Herald Sun - - NEWS - KAREN COLLIER

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.

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