Responsible gambling - Consumer Affairs Victoria

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CONTINUED B3 Gambling systems Gambling ‘scam’ websites targeting Victorians Richard Baker and Nick McKenzie, 22 October 2011 - Published with permission by Fairfax Media VICTORIANS are being targeted by gambling schemes that promise huge returns by using computer software to predict the outcome of horse races. The Australian Competition and Consumer Commission has received 500 complaints in the past year about sports betting schemes. Those complainants have lost $2.7 million, with the average amount lost by individual investors being $12,000. The Saturday Age has found a series of links between three Melbourne-based gambling schemes that on the surface appear to be separate operations. The schemes operate under the names of Pro-Trader Technologies, Advanced Trading Strategies and Queenbury Investments. The business people behind them appear to be linked to a company called United Australian Investments. The schemes cold call people and offer ‘’membership’’ or ‘’investment’’ packages that cost up to $15,000. Potential investors are told specialised computer software is used to turn their investment into profits of up to 70 per cent by doing what many others cannot - consistently predicting the winners of horse races and other sports events. However, some investors have found their promised returns did not eventuate and attempts to recover their money have been difficult. At least one of the Melbourne schemes pools its investors’ money with a Vanuatu company. The operators of the schemes appear to be making big money, with job advertisements for staff claiming earnings of up to $200,000 a year. A former sales manager from one scheme told The Saturday Age it was possible to earn more than $12,000 a month. Consumer Affairs Victoria has received 78 complaints this year about horse and sports betting schemes. Consumer Affairs Minister Michael O’Brien has warned Victorians to be wary of investing in such schemes. ‘’The prospect of high returns with little or no risk is as likely as Phar Lap running in this year’s Melbourne Cup. It is impossible for a computer program to predict the outcome of a sporting event, such as a horse race. Any software which is promoted as such may well be a scam,’’ he said. The Gold Coast has been the traditional home of thoroughbred betting schemes, but Melbourne is GAMBLER’S HELP LINE 58 Responsible Gambling | Section B: Gambling as a social activity Consumer Affairs Victoria | consumer.vic.gov.au emerging as a lucrative market for operators. Pro-Trader, Queenbury Investments and Advanced Trading Strategies have set up virtual offices in desirable Melbourne CBD locations. But staff do not usually work from these offices and instead operate from Knoxfield and other suburbs. The Saturday Age is not suggesting any of the schemes or the corporate entities behind them are acting illegally. But it has been contacted by people who have concerns about their operations. Online forums also show hundreds of dissatisfied Australians who lost money by investing in horse betting schemes. Queenbury Investments, Pro-Trader Technologies and Advanced Trading Strategies have similar sales pitches, alerting potential clients to the billions of dollars in tax-free money paid out each year through betting on Australian horse races. They also promote their computer programs used to predict horse races. Advanced Trading Strategies spruiks its ‘’Automated Betting Platform’’ which ‘’collects and processes live race data’’ to ensure ‘’well educated decisions’’. Pro-Trader highlights its ‘’state of the art software’’ and Queenbury claims its program ‘’systematically evaluates each possible trade … to ensure members consistently high returns’’. But the strongest link between them is the United Australian Investments company. United Australian Investments is responsible for marketing Pro-Trader’s betting technology, according to Pro-Trader’s website. The sole director and shareholder of United Australian Investments is Kelly Ross, who is Pro-Trader’s marketing chief. The company was registered with the Australian Securities and Investment Commission in December. Corporate records show controversial Australian former snooker champion, Quinten Hann, was, until last year, a director of Queenbury Pty Ltd, the company behind Queenbury Investments. His mother, Amanda Hann of Knoxfield, was also a former director. Asked to explain the links between the Melbourne gambling schemes, Ms Ross said: ‘’There are many companies in the market that sell similar type products.’’ She said more than 75 per cent of Pro- Trader’s clients were making money. Queenbury and Advanced Trading Strategies did not respond to inquiries from The Saturday Age. 1800 858 858 www.problemgambling.vic.gov.au
CONTINUED B3 Gambling systems GAMBLER’S HELP LINE 59 Responsible Gambling | Section B: Gambling as a social activity Consumer Affairs Victoria | consumer.vic.gov.au 1. Carefully read the article ‘Gambling ‘scam’ websites targeting Victorians’ on the previous page. Then answer the following questions. a) What does the term ‘cold call’ mean? b) What outcome for investors do the promoters of the specialised computer software claim? c) What is the warning given by the Consumer Affairs Minister? d) All three companies referred to have set up ‘virtual offices’. What is a virtual office? e) Using the Internet, have a close look at any one of the three companies listed. What are your feelings about the look and tone of the websites, and the promised returns they mention? 2. Go to the Consumer Affairs Victoria website and test how ‘scam savvy’ you are by playing Scams Quiz. (consumer.vic.gov.au>Resources and education>Scams>Scam quiz) 3. Go to the Consumer Affairs Victoria website and watch Stevie’s Scam School (consumer.vic.gov.au/scamschool) 4. Go to the Consumer Affairs Victoria website and view the video clip, Cyberscam (consumer.vic.gov.au>Resources and education>Teacher resources> Videos for schools>Consuming Clips>Cyberscam). 1800 858 858 www.problemgambling.vic.gov.au
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Responsible gambling Building resil
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Print Managed by Finsbury Green Pub
Page 5 and 6:
Introduction to Responsible Gamblin
Page 7 and 8: Victorian Essential Learning Standa
Page 9 and 10: GAMBLER’S HELP LINE 9 Consumer Af
Page 11 and 12: A SECTION A What’s the big deal?
Page 13 and 14: ACONTINUED SECTION A What’s the b
Page 15 and 16: CONTINUED A1 Wanna bet? Why do peop
Page 23 and 24: A2 What are my chances? Introductio
Page 25 and 26: CONTINUED A2 What are my chances? E
Page 27 and 28: CONTINUED A2 What are my chances? c
Page 29 and 30: A3 Electronic Gaming Machines (EGMS
Page 31 and 32: CONTINUED A3 Electronic Gaming Mach
Page 33 and 34: CONTINUED A4 Scratchies GAMBLER’S
Page 35 and 36: CONTINUED A4 Scratchies a) Why do c
Page 37 and 38: CONTINUED A5 Lotto GAMBLER’S HELP
Page 39 and 40: CONTINUED A5 Lotto GAMBLER’S HELP
Page 41 and 42: BCONTINUED SECTION B Gambling as a
Page 43 and 44: CONTINUED B1 The Melbourne Cup GAMB
Page 45 and 46: CONTINUED B1 The Melbourne Cup Back
Page 47 and 48: CONTINUED B1 The Melbourne Cup GAMB
Page 49 and 50: B2 Understanding the odds GAMBLER
Page 51 and 52: CONTINUED B2 Understanding the odds
Page 53 and 54: CONTINUED B2 Understanding the odds
Page 55 and 56: CONTINUED B3 Gambling systems a) Ho
Page 57: CONTINUED B3 Gambling systems GAMBL
Page 61 and 62: CONTINUED B4 Poker GAMBLER’S HELP
Page 63 and 64: CONTINUED B4 Poker GAMBLER’S HELP
Page 65 and 66: C SECTION C The nature of gambling
Page 67 and 68: C1 What is gambling? GAMBLER’S HE
Page 69 and 70: C2 Building awareness - Who gambles
Page 71 and 72: CONTINUED C2 Building awareness - W
Page 73 and 74: CONTINUED C2 Building awareness - W
Page 75 and 76: CONTINUED C3 GAMBLER’S HELP LINE
Page 77 and 78: CONTINUED C3 GAMBLER’S HELP LINE
Page 79 and 80: D SECTION D What are you gambling w
Page 81 and 82: CONTINUED D1 Consequences for the g
Page 83 and 84: CONTINUED D1 Consequences for the g
Page 85 and 86: D2 A vicious circle Exercise 1 - Pr
Page 87 and 88: CONTINUED D2 A vicious circle GAMBL
Page 89 and 90: CONTINUED D2 A vicious circle Exerc
Page 91 and 92: D3 Consequences for others Exercise
Page 93 and 94: CONTINUED D3 Consequences for other
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CONTINUED E1 Getting the message ou
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CONTINUED E2 Democracy in action GA
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CONTINUED E3 Working it out GAMBLER
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CONTINUED E4 How far should it go?
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CONTINUED F SECTION F All about you
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CONTINUED F1 Getting to know you Ho
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CONTINUED F1 Getting to know you Ze
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CONTINUED F1 Getting to know you GA
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CONTINUED F1 Getting to know you GA
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CONTINUED F2 Relax! GAMBLER’S HEL
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CONTINUED F2 Relax! Exercise 3 - Ho
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CONTINUED F3 Feeling connected Exer
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CONTINUED F3 Feeling connected GAMB
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CONTINUED F4 Problem solving skills
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Resources - Websites and Details Go
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Beat the game Clip 1: Stay in contr
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Responsible gambling - Consumer Affairs Victoria

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