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 systems

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 operators.

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

mature businessman looking stressed out of window'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 scammed.'

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 unrealistic returns.

What to do if you've been scammed

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.

Smart tip

If you're contacted by someone you don't know offering you a great investment opportunity, be wary. Do the checks listed on our investment 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 services.

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.

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Last updated: 29 Oct 2018