Sports betting systems
It's a gamble
At best, sports betting and gambling systems are gambling. At
worst, they are scams. Here we explain the different types of
sports betting systems that might be sold to you and how you can
see through the sales pitch.
Types of sports betting
Sports betting and gambling systems are often disguised as
legitimate investment opportunities when they are just gambling and
are often scams. They typically involve an up-front payment of
$15,000 or more and might involve ongoing payments. There are two
different types of sports betting systems.
Sports betting trading accounts
The company will offer to set up an individual trading account
for you within a sports betting syndicate. They may ask you to make
regular deposits into the account. They will offer to place bets on
your behalf and promise to give you a percentage of the profits.
Often no bets are placed, you can't withdraw your money and the
funds disappear. You might also be unable to contact the
Computer prediction software packages
The promoter will say the software can accurately predict
sporting results using historical trends and data. It's sold with
the promise of very high returns. Often the software package does
not work as promised, no profits are received and you can't contact
the company to get a refund.
Case study: James loses $27,000
'I purchased a betting
program for $17,000 a couple of years ago and have since lost
$10,000 using the program. The company promised me a 50% return on
my investment over the phone. It was all lies. There are too many
bad stories on internet forums that have convinced me I've been
How they are sold to you
Here's how sports betting systems might be sold to you:
- Investment jargon - Salesmen will use terms
such as ' trading', 'investment', 'tax free', 'low risk' or 'risk
free profit'. They'll make it sound like an investment but it's
nothing more than gambling.
- Unrealistic promises - They'll promise you
very high or 'guaranteed' returns.
- Slick promotional material -They'll send you
to professional websites and give you glossy brochures detailing
What to do if you've been
If you think you've been caught up in a sports betting scam you
can report it to your state police service which is responsible for
investigating alleged fraud.
If you're contacted by someone you don't know offering you a
great investment opportunity, be wary. Do the checks listed on our
scams page before investing.
You can also report it to your state's office of fair trading or
consumer affairs department. They are responsible for the
regulation of sales offers or promotions about goods and
You can also report the matter to ACCC's SCAMwatch website.
The promoters imply that sports betting and
gambling systems are an investment but they're not. You're either
gambling your money away or you've been the victim of a scam.
Last updated: 18 Oct 2017