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So how does that betting scheme work that was in the paper today???
West Australian Racing
lick
305 posts
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If the winnings are there in the bank they can be traced/found
If the betting transactions were real then they are on Betfair for investigators to see
In these cases the money can be paid to investors.
If it was all made up then they've done their dough
Falc is right, all the info not there.
Surely money has changed hands electronically for these purposes. Bank statements and Betfair statements should be able to tell the story.
If not well say bye bye
Only people to receive anything out of this are the partners at KPMG
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I remember years ago on another forum, EZboard I think. There was a horseracing forum similar to this and they had a Punters Club. I didn't go in it so cannot remember the buy in.
It was interesting to watch to say the least. There was one guy holding the money on behalf of all these blokes, only known through the internet forum. From memory they had a fair bank, around 10K I think.
If my memory serves me, the way it worked was that there would be turns as we did on here and someone would pick a horse and have an amount on, bet by the one bloke. Anyway a few months go by and they are up and down and then suddenly they are on this win streak. Everyone is gagging at the winning streak. Everyone is happy. Each week, another winner. One bloke backs a $60 winner. Unbelievable stuff. They are up quite a lot.
This Punters Club goes on for about 12 months. Everyone is sweet but a few are happy and want to cash out.
Said person who holds the money and bets says yep yep, all good, send details etc. Other people think this is a great idea so it's decided to cash out.
Nek minit, bloke has disappeared. Off the grid. Gone. No trace. The forum blew up.
Some on here may have been on this forum years back and I might have it wrong. But I recall the bloke actually resurfaced a while later and claimed he never put any of the bets on........his problem was that people kept picking winners and got too deep....pretty sure the money was never recovered. If the Punters Club just died a natural death by backing losers, nobody would have raised an eyebrow....
Anyone on here frequent that EZboard horseracing forum. Probably circa 2003
If the above is completely wrong, we'll never let the truth get in the way of a good story.
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That was even with our 1908 Model T Ford driving resident - aka Falcon, whining for 161 of those weeks about how people chose to bet.
Bring it back Chrisso - let the multi live once more!
Keen if we can get around a $200 000 000 kitty.
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Not that hard but unsurprising considering how often you have NFI about things you have an opinion on.
:-@ 8-}
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there was a good movie about Bernie. Certain market guru’s knew that his returns, although not massive but were always constant, were complete bullshit. They went to the authorities to report it. The reply, “its Bernie Madoff. Dont be stupid”.......
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