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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.



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Lotteriinspektionen released Q2-2015 and H1-2015 market statistics - Sweden's gambling regulator Lotteriinspektionen released Q2-2015 and H1-2015 market statistics this week, reporting overall market NGR in the half-year of SEK 9.92 billion...but around 20 percent of it going to unlicensed offshore operators.

Crownbet Backs Away From InPlay Betting - The debate in Australia around the legality of in-play betting from mobile and desktop devices has prompted one operator - Crownbet - to eschew the lucrative form of betting until the legal position is clearer.

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56 Vietnam Gambling Ring Defendants Sentenced - Operating an online gambling ring in Vietnam can have serious personal consequences, as 56 defendants discovered in a Ho Chi Minh City court this week when sentences ranging from nine months to 8 years imprisonment were handed down.

GVC Wins Bidding War For Party/Bwin - The board of directors for Bwin Party Digital Entertainment decided Thursday night to switch their approval from 888 Holdings to GVC Holdings in the bidding war for the company, according to a report in the respected and usually well-informed Telegraph newspaper.

Fruit Frenzy and Sugar Pop Slot Launch at Slots.LV - We all know that the Slots.lv Casino has a ton of games to choose from, but sometimes we’re looking for something especially sweet to satisfy our cravings. The two delicious slots Fruit Frenzy and Sugar Pop are getting a lot of hype because they both offer refreshing twists on the traditional slot experience.

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