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Betting syndicate scams

26 September 2021

By Kefilwe Modise


The scammer will try and convince you to become member of a betting syndicate. You will need to pay a compulsory fee ( often in excess of $15 000 ) to join and open a sports betting account. You will be required to make ongoing deposits to maintain the balance of the account.

The scammer tells you that they will use funds in your account to place bets on behalf of the syndicate. You, and other syndicate members are promised a percentage of the profits.

Betting and sports investment scams try to convince you to invest in foolproof system and software that can 'guarantee' a profit on sporting events.

These scams are simply a form of gambling camouflage as legitimate investments. Most of the schemes or programs do not work as promised and buyers cannot get their money many cases the supplier simply disappear. The scammer will try to sell you a software program that promises to accurately predicts sporting results, Usually of team sports or horse racing. They will promise huge returns or profits as a result of the program's use.

Team sports betting programs claims to identify opportunities based on historical trends and the different odds offered by various bookmakers. Horse racing software will often claim that predictions are based on weather conditions, the state of the horse, the draw, or the condition of the jockey. They may also claim to track the money that has been placed on a race by professional betters.

Often the information used in these programs can be obtained from the betting pages of your local newspaper at very little cost.

Warning Signs of scam

You approached to invest in a money making opportunity that promises huge returns and risk free profits.

The sales pitch is accompanied by glossy promotional materials showing extraordinary returns.

The seller uses financial or technical terms to try and sell their products scheme.

You are told places are strictly limited and you need to buy now in order to secure the software package, or your spot in the scheme.

You are frequently called by salespeople trying to pressure you into buying the product or joining the scheme.



Content created and supplied by: Newsflash (via Opera News )

Kefilwe Modise


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