It's Melbourne Cup time and sweepstakes abound as punters try to pick the winner in the race that stops the nation. While placing a bet can be fun, be very careful of scams involving computerised gambling systems, also known as betting scams.
These software systems promise to accurately predict results, usually of horse races, other sports or even share market movements. Horse racing versions of this software often claim that the predictions are based on weather conditions, the state of the horse, the draw or the condition of the jockey.
But no one can guarantee that you will make money through betting. Ask yourself: If someone has a sure-fire way to win at the races, why would they choose to sell it to other people? These scams are just a ploy to rip you off.
The usual approach is through advertisements presenting computerised gambling software as business opportunities or investments and also by unsolicited emails, letters or phone calls.
Scammers charge a lot of money for this software, ranging from around $1000 up to $15 000 or even more. The software promises huge returns based on past results and trends. However, once purchased the systems do not work as promised and buyers can't get their money back.