AusLeisure

As many Australians prepare to have a punt on the Melbourne Cup today, authorities are warning people to look out for scams.

The Australian Competition and Consumer Commission's Scamwatch has received more than 180 reports of scams related to betting and sports investments this year.

Scams have included fake websites, bogus tipsters and gambling clubs that claim to offer guaranteed returns and bogus gambling syndicates and schemes.

As a result, Federal Small Business Minister Michael McCormack warns of betting sites located offshore and out of reach of Australian regulation, and scammers promising a sure bet.

Minister McCormack explains "they try to sell people software which promises to accurately predict sporting results, for example, the Melbourne Cup winner."

Professor Mark Button from the Centre for Counter Fraud Studies at the University of Portsmouth in the UK has been investigating the scams.

Professor Button told the ABC "fraudsters are very ingenious and entrepreneurial (while) gamblers, by their very nature, are people prepared to take a risk."

Jack Anderson, Professor of Sports Law at the University of Melbourne, said there is a danger of vulnerable people getting caught up with offshore, illegal and unregulated companies offering bets on the Australian market.

Professor Anderson explained "there are scam artists out there who are offering online platforms to unsuspecting gamblers.

"And that is an issue in terms of consumer fraud, but it's also an issue in terms of tax revenue for Australian governments."

Professor Anderson is urging people to stick to the major bookies and online services if they choose to gamble today.

Minister McCormack concludes "bet with the people you know, either the TAB or on course tote or bookmakers.

"And if you're an amateur gambler and you really don't know what you're doing, just take part in an office sweep."

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