Asking on behalf of someone else who has been approached to create multiple betting accounts and a banking account for an online gambler.
Basically they want to take advantage of the incentives offered to newbies. They provide the money and give a few hundred for the effort.
Is this a scam/ what could go wrong?
Thanks
Yup
Money laundering, đź’Ż
Completely wrong.
Sounds like an opportunity for a reverse scam. Take the money, close the account and profit. Give it a go and report back when the money arrives đź‘Ť
Why would you want to defraud someone?
Arbitrage gambling? I think you get banned after a while if you make too much money so you will need someone's account to continue gambling.
Yep, this is spot on.
They're bet matching and they're doing something that I've done before. Eventually most accounts for a bet matcher get promo banned and they'll need to make accounts under friend's names to get promos again.
Worst case scenario is if your accounts do get flagged as a winner/promo abuser, the bookie will ask you to sign a statutory declaration to confirm that it's you betting (this is the part where you may not be honest). If you say it's not you they'll take away all the winnings from the account.
What is bet matching?
Utilising promos to create positive EV (expected variance). Imagine flipping a coin and you'd double your money each time it lands on heads. In an infinite number of flips you would break even because odds are 50/50. Promos give the edge to the player. One of the more popular forms of bet matching is horse racing (typically it's $50 bonus bet back if your horse runs 2nd or 3rd). You lose roughly around $5-$10 for each bet but you would make more money over time when you hit promos. It's pretty confusing at first and sounds like a scam in itself but you should take a look into it. It's a good way to make some side money. BonusBank is one of the most popular ones to get started with.
EV = expected value
The incentives on new accounts are only paid out once the money is turned over.
This is presuming wins that may never eventuate, in which case neither will the few hundred.
So, when it doesn't are you going to pursue them and risk being prosecuted. Nah.
Risk being prosecuted? For what? Gambling syndicates are perfectly legal.
Some people I know do this, however, they were fairly lazy with replying so I didn't go ahead with it at the time.
The rule with gambling is never put down more than you can afford to lose. Though in terms of gambling, this is one of your safest bets.
Oh good. You wouldn’t mind taking my boogie board to Bali for me then.
Only if it comes with its own boogie board bag, them I'm in.
Green organic boogie board bag?
What could go wrong? You mean apart from you “friend” being on the hook for money laundering?
Christ, this is how people fall for scams. They see a few $$’s in it and think “you know what, (fropanity) it, I’ll give it a stab…”
No it’s generally for winning punters who have been limited by unscrupulous bookies
Re-read what you've written and think to yourself: is this too good to be true?
Lol
This is not a scam and actually done by lot of Match Batters, they call using other people account Bowling. Having said that your friend accounts will make Match Betting guy few thousand profit even after paying your friend few 100s. Edit- I should come clean that I have actually done this in past with family members and friends and gave them $1000 to use their accounts but i have never approached a random stranger to do this. My Matched betting days are over now as all my Accounts and friends/family account got banned but it was a good side hustle for 4 years
How did you go about transferring money from your friends/family accounts to yourself?
I'm thinking about doing this, but don't want to raise flags with the ATO if I'm sending thousands of dollars to myself every month from random bank accounts
I never had any issues with ATO. I guess i was never worried about it as i only did for family members but still I usually kept the amounts small.
The ATO doesn't give a shit, the bookies pay their taxes. Gambling winnings are not taxable in Australia - don't take my word for it, google it. All you need is the permission of the person whose name the account is opened in (so that there can be no accusation of identity theft) and you've formed yourself a syndicate with that person - do up a contract and get them to sign it if you want to be the safest.
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