Issue Date:  -  Friday, 7 March 1997

Gambling 'system' odds on to lose you money

The Ministry of Fair Trading has warned punters not to be seduced by computerised gambling schemes which claim to generate big profits.

The Ministry's Albany spokesman, David Hansen, said a scheme recently advertised in the town promised easy money for little work, betting on horse racing.

"The scheme offers punters access to computer software that will make betting on the horses a profitable business," Mr Hansen said.

"These schemes rely on the mystique of computers to enhance their appeal to the public, but don't usually stand up to statistical or mathematical scrutiny," he said.

One such scheme claims annual profits of more than $80,000 from an annual outlay of just $500.

"Any investment opportunity which guarantees such profits should be scrutinised very carefully," Mr Hansen said.

Mr Hansen said consumers needed to be aware that if the company operated in another state, there could be difficulties checking its credentials, or sorting out any problems that arose.

"Ask yourself: Why would someone sell me a system to make money, when they could benefit from it themselves?"

Mr Hansen said people would be well advised to contact their accountant or the Ministry of Fair Trading for advice about gambling schemes before they send off money.

Media contact

David Hansen
Tel: 098 411 437

Neil Stanbury
Tel: (08) 9282 0613