ACCC cracks down on betting scams
After it was revealed that New South Wales and Victorian punters spent a whopping $95.6 million on the Melbourne Cup yesterday, the ACCC in conjunction with Queensland Office of Fair Trading, Queensland Police, the Australian Securities and Investment Commission and the Australian Taxation Office has warned punters to be wary of sports and betting investment scams this Spring racing season.
The ACCC has been working with the Queensland Office of Fair Trading, Queensland Police, the Australian Securities and Investment Commission and the Australian Taxation Office to develop coordinated enforcement and consumer education strategies to tackle sports investment scams – in particular involving sports tipping services and betting software.
“Often peddled as investments, these schemes simply cannot deliver and odds are you will kiss your money goodbye – and quickly,” ACCC deputy chair Peter Kell said.
“At a time when having a flutter is on everyone’s mind, this is a strong warning from a multi-agency taskforce that has been cracking down on such schemes.”
According to Kell, such schemes claim they can always pikc a winner and they will analyse the data for punters and do all the work.
“Consumers think they are making a savvy investment, based on bogus forecasts for strong profits and steady income,” he said.
Mr Kell’s call was endorsed by Queensland Minister for Fair Trading Peter Lawlor who reiterated that the scams were simply designed to take the money from unwitting consumers.
“Like the old saying goes, if it seems too good to be true it probably is. Don’t let these scammers take your hard-earned money,” Lawlor said.
Queensland Police Det Superintendent Brian Hay said “investing in these types of businesses is highly risky. Upon closer inspection many of these schemes are just another form of advance fee fraud or mass marketing fraud.”
Det Superintendent Hay said the Queensland Police will continue to work with their partners from ACCC and OFT and other agencies to combat this type of fraudulent activity.
The ACCC’s sports investment scams factsheet is available on the ACCC’s website
After it was revealed that New South Wales and Victorian punters spent a whopping $95.6 million on the Melbourne Cup yesterday, the ACCC, in conjunction with Queensland Office of Fair Trading, Queensland Police, the Australian Securities and Investment Commission and the Australian Taxation Office, has warned punters to be wary of sports and betting investment scams this Spring racing season.
The ACCC has been working with the Queensland Office of Fair Trading, Queensland Police, the Australian Securities and Investment Commission and the Australian Taxation Office to develop coordinated enforcement and consumer education strategies to tackle sports investment scams – in particular involving sports tipping services and betting software.
“Often peddled as investments, these schemes simply cannot deliver and odds are you will kiss your money goodbye – and quickly,” ACCC deputy chair Peter Kell said.
“At a time when having a flutter is on everyone’s mind, this is a strong warning from a multi-agency taskforce that has been cracking down on such schemes.”
According to Kell, such schemes claim they can always pick a winner and they will analyse the data for punters and do all the work.
“Consumers think they are making a savvy investment, based on bogus forecasts for strong profits and steady income,” he said.
Queensland Police Det Superintendent Brian Hay said “investing in these types of businesses is highly risky. Upon closer inspection many of these schemes are just another form of advance fee fraud or mass marketing fraud.”
Det Superintendent Hay said the Queensland Police will continue to work with their partners from ACCC and OFT and other agencies to combat this type of fraudulent activity.
For information about these types of scam, please visit the ACCC website.
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