Don’t be taken for a ride this Melbourne Cup (NAT)

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Australia/NZ

NATIONAL:  Punters are being warned to watch out for betting and sports investment scams which falsely promise high odds and big returns on Cup Day, Minister for Small Business Michael McCormack says.

Mr McCormack said already this year Scamwatch has received 184 reports of betting and sports investment scams, with nearly $1.6 million lost and men overwhelmingly likely to be affected by these scams, making three out of every four reports to the Australian Competition and Consumer Commission.