Betting frauds often focus on horse racing, but could involve betting on any sport. They offer rich seams of inside information or ‘fool-proof’ systems that enable you to make a profit from gambling.
How betting frauds work
You receive a glossy brochure introducing you to an insider in the world of horse racing who is consistently able to provide information that will give your betting decisions a winning edge.
You can pay a subscription fee and have this confidential information sent to you. Alternatively, you can use your own money to place bets on behalf of the ‘expert’ and send him his winnings while also placing your own bets. The stake you place on behalf of the expert acts as your fee.
Why would somebody want to pass on this information?
An obvious question is: why would someone with inside information want to pass it on to others when they could make bigger profits from it by keeping it secret?
The fraudsters have an answer. They will say that they are unable to place their own bets because they are too well known to bookmakers. As a result, the only way to profit from their inside information is by selling it or getting you and others like you to place bets on their behalf.
The fraudsters do not have inside information or unbeatable systems that guarantee winning bets. Nor will you increase your chances of winning through these schemes.
How can I recognise betting fraud?
- Beware of any scheme that guarantees you will win at betting
- It is against horse racing rules for people within the industry to pass on sensitive information. Therefore, it is highly unlikely that anyone who has inside information will advertise the fact. Anyone who does is very likely to be up to no good.
What should I do?
- Break off contact with the fraudster immediately
- If you have reported the fraud to the Action Fraud, keep any brochures, documents and communications as possible evidence
- Be aware that the fraudster may have sold your contact details to other fraudsters, who will target you with other frauds.