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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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Gambling News :

Pechangas latest lobbying hire too close to Assemlyman Gray for comfort? - Questions have arisen in California over possible relationship conflicts between the latest lobbying hire by the Pechanga tribe and Assemblyman Adam Gray, the main driver of the current online poker legalisation bid presently bogged down on a bad actor clause.

Atlantic City Online Casinos Doing Great - Total casino revenues from all sources, including third party sales, increased from $1,750,124,000 in the first six months of 2015 to $1,776,095 this year, an increase of approximately $26 million, or 1.5 percent over last year.

EagleStrike Fantasy Sports Fantasy Sports Terminals - A spokesman for EagleStrike told media outlets this week that the project only allows fantasy players who are physically located at terminals to enter contests, thus removing the unfair advantage experienced DFS players enjoy on online and mobile platforms.

Playtech Updates in 2016 - The traditional post-interim results media conference by Playtech executives this week provided some interesting insights into the companys future plans and present priorities; among the revelations by chief executive officer Mor Weizer were the following:

Pokerstars and Betstars Now in Romania - The licensing becomes effective from September 1 this year, enabling PokerStars.ro, BetStars.ro and Full Tilt to ditch temporary licensing they have been using to date in the Eastern European country.

New Online Poker Start Up - The Malta-based online poker brand PokerGrant and EvenBet Gaming, a subsidiary of Russian software development group Enterra have partnered up to launch a new start-up focused enterprise providing prospective operators with real-money poker skins on its new network.

Aqua Slot - GVC Holdings has announced the release on an exclusive basis to Danske Spil of a new slot developed by its in-house team and themed on Denmarks most successful ever pop act, Aqua, who shot to fame with their 1997 smash hit and all round ear-worm, Barbie Girl.

TriStar Pictures Releasing Movie on #DFS - The book is reportedly the definitive work on the DFS scandals and enforcement reactions that have featured in mainstream and online media for much of the last eighteen months. It is due to hit booksellers sometime in 2017.

Gambling Companies Starting to offer betting on eSports events - Sky Bettings Smith revealed that the company was devoting more marketing budget to the eSports vertical in order to reach the relatively young male demographic that makes up much of the market.

Newgioco Group continues to expand - Italy-facing online gambling operator Newgioco Group, Inc. (formerly the OTC-listed Empire Global Corp.) has issued an update on its recent achievements, presumably to maintain share price momentum.

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