A gamble that won’t pay off

29 September 2006

Lately, SCAMwatch has seen a rush of horseracing betting scams . These are scams where a company will offer to send you winning tips every day, or even sell to you computer prediction software that you can use to tip which horse will win a race. They will promise you guaranteed winnings. They may even dress up the offer as an ‘investment’. These offers can cost thousands of dollars. You might also be asked to commit to a long-term contract which is difficult to get out of later on when you realise that their promises are not coming true.

Many people who were enticed by offers like this have been stung, as they have found that either the software doesn’t work, doesn’t work as it should or that the trader who sold them the software has disappeared off the face of the Earth.

If you are approached with an offer of gambling software you should say no, or don’t respond. If you are really interested in the offer you should make sure you get independent advice from a financial planner or solicitor before deciding to agree to the terms and conditions of any contract. You should never give out your banking or credit card details to anybody that you don’t know and trust. And always remember: if it looks too good to be true—it probably is. After all, if these scammers know how to accurately predict winners at the racetrack why would they share the secret with you?

Find out more about computer prediction software.

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