A joint operation involving police, the Office of Fair Trading and the Australian Competition and Consumer Commission (ACCC) is cracking down on sport betting scams in Queensland.
Authorities say Australians have lost up to $20 million because of fraudulent or misleading sport betting companies over the past two years.
Peter Kell from the ACCC says people should beware of schemes that seem to be good to be true.
"The climate is unfortunately ripe for scams and consumer losses in this area we've seen more and more consumers engaging in online trading," he said.
"We've also seen obviously a loss of confidence in the mainstream investment markets."
Authorities say the Gold Coast is a haven for the scams.
Detective Superintendent Brian Hay says 39 Gold Coast companies were targeted last month, but most were no longer at their registered address.
"Unfortunately what we're seeing is hundreds of people being ensnared, some large sums of money are involved and unfortunately a lot of people's dreams are going to be shattered and their lives changed forever," he said.
Detective Superintendant Hay says some of the companies have failed to honour unrealistic odds, while others have simply disappeared with the money bet.
"You are not going to get a quick turnaround on an investment to the volume that they've been promoted by these professional products... they certainly look professional these glossy brochures these slick talking advertising marketing people that telephone you," he said.
"It's fraught with danger: don't get excited, get advice." (Credit: ABC)
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