Watch out for Melbourne Cup betting scams
PUNTERS are being warned to be wary of online betting scams today for Melbourne Cup.
Minister for Better Regulation Matt Kean said $1.6 million has been lost this year to betting and sports investment scams Australia-wide.
NSW Fair Trading has received around 70 calls about online gambling and betting agencies since January 2016.
Mr Kean the high number of complaints relating to wagering software was of particular concern.
He said wagering software and computerised gambling schemes are usually advertised as unique business opportunities or investments.
"Often these unscrupulous companies target retirees with funds to invest, and they approach these older consumers with promises of predicting a winner, when the software is nothing but a blatant scam.”
Mr Kean said these would-be investors are often approached out of the blue via email or text message.
"We all love a good punt on the Melbourne Cup, but it's important that consumers protect themselves when looking to place a bet on the big race,” he said.
"Never respond to offers, deals or requests for your personal details and always remember the golden rule: if it seems too good to be true, it probably is.
"Always take the time to assess the situation, and never send money or give your personal details to unsolicited requests.”
If a customer is dissatisfied in their dealings with an online bookmaker or casino, they can lodge a written complaint with Fair Trading at fairtrading.nsw.gov.au, or contact Liquor and Gaming NSW on 1300 024 720.