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AUSTRALIANS INVESTIGATE SPORTS GAMBLING RIP-OFFS
Office of Fair Trading officials in the Australian territory of Queensland are currently investigating the activities of up to thirty sports arbitrage companies, mostly based on the Gold Coast, reports the Courier-Mail newspaper.
Some 650 gamblers have lodged complaints about the operators, who have allegedly been ripping players off with elaborate sports betting scams involving millions of dollars.
It is understood that half of the companies have vanished, after police found only empty land or a post office box as the principal place of business after following up on customer complaints.
Sporting arbitrage involves customers being offered "guaranteed" wins by spreading their bets on all possible outcomes with different bookmakers.
Nine software firms are also believed to be under investigation, and the newspaper names Sports Investment Services, which touts sports betting returns of 56 percent compared with only 6 and 9 percent on the share and property markets. Sports Investment Services director Mark Henderson told Courier-Mail reporters he had had several complaints, but insisted he had done nothing wrong and sold software to help pick winners.
"It gives clients stand-out picks to bet on," he said.
Asked about the claims of 56 percent betting returns on the company's website, Henderson said: "At the time when it was published these figures were correct but they are variable and at different points they can return different things."
The Courier-Mail reports that 650 punters have complained since last August after losing on the intricate betting systems or being unable to contact companies once they paid membership fees of between A$3 000 and A$19 000.
Fair Trading Minister Peter Lawlor told the newspaper that the high number of complaints showed consumers were rarely pocketing any profits.
"They are simply scams which are designed to take the money off unwitting consumers," Lawlor said. "We also found that once these companies start receiving complaints from their clients, they often simply close down and start up again somewhere else under a new name."
Lawlor said some of the companies styled themselves as investment schemes using "financial instruments" and "risk free" to secure the profits. They also often used telemarketers with false names to entice clients into parting with their money, he said.
The Office of Fair Trading would not confirm which companies were in the investigation's sights, but the Courier-Mail names Suncity Equities and Investments and a firm called Profitrunner as being among those investigated.
The money thought to have been lost through the companies, which are often part of a tangled web of other corporates, is believed to be between $4 million and $6 million.
The probe does not involve mainstream betting companies such as UNiTAB or Betfair.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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