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06-366 Sure thing? Sure ********! ASIC warns spring racing punters

Wednesday 18 October 2006

With the Melbourne Spring Racing Carnival in full swing, ASIC has urged punters gearing up for their annual splurge to be wary of illegal horse racing ‘investments'.

‘While horse racing investments can be a legitimate option, consumers should be careful of investing a substantial amount of money in return for computerised horse racing systems offering several years’ access to horse race betting information’, said ASIC’s Executive Director of Consumer Protection, Mr Greg Tanzer.

‘This information is often supplied as a pre-packaged product such as software to load onto your computer or a weekly tip service with the message sent to your mobile phone.

‘These systems are not financial products or investments, and generally fall outside ASIC’s power when things go wrong so it’s important consumers are extra careful’, Mr Tanzer said.

‘Punters often find ‘tips’ are not received as planned and if they were received, they’re unreliable and fail to earn the profits promised.’

Mr Tanzer said ASIC had also received reports from punters who’d demanded a refund only to discover that the companies selling the ‘investments’ and issuing the ‘tips’ were no longer contactable.

‘Schemes of this nature should be viewed for what they are – high-risk schemes. It’s easy to be swept away by the excitement and promise of spring racing, but always remember that if an investment opportunity sounds too good to be true, it probably is’, Mr Tanzer said.