Punters have been urged to be wary of betting scams ahead of Tuesday's Melbourne Cup.
Minister for Small Business Michael McCormack said Scamwatch had already received 184 complaints this year, with more than $1.5 million lost by punters.
"Unfortunately, sports investment scams are very successful with half of the reports to Scamwatch from people who have already lost money," Mr McCormack said.
The three main ways of targeting punters are computer prediction software, betting syndicates and sports investment.
"Do not believe anyone who says they have foolproof systems that can 'guarantee' a profit through betting. If someone can accurately predict gambling results, why would they need to sell it to you to make money?" Mr McCormack said.
THREE MAIN TYPES OF BETTING SCAMS
* Computer prediction software - scammers selling software they claim will accurately predict sports results.
* Betting syndicates - people are forced to pay exorbitant fees ($15,000 and higher) to join a betting syndicate, with the scammer pocketing the funds.
* Sports investment - promoted as business opportunities, they are nothing more than a con to get people to invest money in nonexistent ventures.
