..

Punters Cheated by up to 40 Sports Betting Operators

Written by:
Guest
Published on:
Jun/25/2009

Our man on the scene in Australia, Greg Tingle, has notified us of a major cheating scandal down under involving some 40 operators allegedly ripping off punters in Queensland.

The Courier-Mail can reveal Office of Fair Trading  investigators are chasing millions of dollars lost by hundreds of punters through 30 so-called sporting arbitrage companies, mostly from the Gold Coast.

Half these companies have vanished, according to reports. 

 

Sporting arbitrage involves customers being offered "guaranteed" wins by spreading their bets on all possible outcomes with different bookmakers.

According to the Courier-Mail story, the probe has also embroiled nine software firms, such as Bundall-based Sports Investment Services,  which touts sports betting returns of 56 per cent compared with only 6 and 9 per cent on the share and property markets.

 

About 650 punters have filed complaints and were unable to contact companies once they paid membership fees of between $3000 and $19,000.

"They are simply scams which are designed to take the money of unwitting consumers," Fair Trading Minister, Peter Lawlor, said. "We also found that once these companies start receiving complaints from their clients, they often simply close down and start up again somewhere else under a new name."

The probe, which has also involved the Australian Competition and Consumer Commission, does not involve mainstream betting companies such as UNiTAB or Betfair.

Sports Investment Services director Mark Henderson last night said he had had several complaints, but insisted he had done nothing wrong and sold software to help pick winners.

"It gives clients stand-out picks to bet on," he said.

Asked about the claims of 56 per cent betting returns on the company's website, Mr Henderson said: "At the time when it was published these figures were correct but they are variable and at different points they can return different things."

Gambling911.com Staff

Gambling News

Gambling and Sports Betting News February 23, 2020: Fury TKO Win Over Wilder Big for Sportsbooks

Here are today's headlines in the world of gambling and sports betting as they happen - Sunday February 23, 2020.

Betfair - the advantages of a large betting exchange

Betfair - the advantages of a large betting exchange

If you are looking for an online betting marketplace, Betfair is the place to be. It is the first international platform of its kind, which is quite large and has numerous benefits for users.

Maine sports betting legalization falls through

Maine sports betting legalization falls through

Maine was hoping to see the changes in its existing betting regulations, with the preposition made during the 2020 legislative session that would have finally legalized sports betting in the state.

Wilder-Fury 2 Will Likely Be Most Bet on Event of the Year

Wilder-Fury 2 Will Likely Be Most Bet on Event of the Year

An early analyses of the interest in Saturday's rematch between Deontay Wilder vs. Tyson Fury suggests a historic betting event could be underway.  Bars and pubs across the world are likely to be packed wall-to-wall and most folks will want in on the action by placing a wager via their mobile device.

Chinese Hackers Have Breached Online Betting and Gambling Sites

Gambling and Sports Betting News February 19, 2020: Chinese Hackers Have Breached Online Betting and Gambling Sites

Here are today's headlines in the world of gambling and sports betting as they happen - Wednesday February 19, 2020.

Syndicate