If you have good reason to think you have been a victim of fraud in this case..which can mean deception, lies, lost money, get in touch with us and also contact Qld Fraud Squad:
Spoke to a guy at ukhomebusiness today by the name of Michael Pollard. He was going on about something called Percentage Betting and how it is the way the bookmakers make money. I couldnt quite follow what he was saying, and it is the first I have heard of it, or at least the way he explains it. He showed me a clients betting account at thelayexchange.com. Looked impressive but there is something funny about it..
Where there is a client loss, it adds to the total, and when there is a client win, still represented by a negative figure, it takes away from the total. He explains that, as his actual client is the bookmaker…the total amount, and his client is taking these other bets from some punter. I asked him whether this was lay betting then but he said that this was not lay betting, yet in the screenshot you can see that it says Lay Series at the top of the table. Not sure what is going on here and will take a bit of digging…or a trial..they offer a $500 free trial where you put that amount in an account for them to trade with. Maybe theyll run off with the money. Maybe they will bet it, and if it does well, try to get you onboard for the $9,999 or $14,999 licence (!). If it doesnt go well, they will either move onto the next client and give you your money back, or move on to the next client and keep your money. I have heard from someone who is trying to get a refund. Waiting to hear…
Update: the person who was tryingto get the refund did receive it, and had also made a profit during the trial. At least I can report that they are honest enough to return the investment, plus any profits. I still think that $10,000 is way too much to just buy in to the program, and you still have to supply a bank after that. Theres just no guarantee. I would rather try to negotiate profit share or something like that than pay any upfront fee.
Opinion: treat with a fair amount of caution and refuse to invest those sums of money for upfront fees.
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Update 20/11/13: Another company running a very similar scheme has popped up:
Trading Capital Partners.Similarly you deposit $500 for a four day trial where you are guaranteed to get your money back, probably plus profit. Again you are taking some kind of part in a bookmaker’s licence. Whether it works long term or not you won’t know until you have parted with at least $9,999, and that is unlikely to be guaranteed !
15/2/14: now it is for sure that they are linked. They have both shared the bookmaker website thelayexchange,com, and the bank account WCT Operations P/L
Treat with Extreme caution!