Skip to main content

'Betfair king' turns out to be just another conman

Well, blow me down with a feather. The bloke who boasted to the News of the World a few years back that he was making millions out of Betfair was actually just a conman stealing money from 'investors' and blowing it on his own ego and an extravagant lifestyle.

The call went out quickly back in June 2009 when it first came out that it was utter tripe, but unfortunately there are always gullible people who will believe any old story told to them about get rich quick schemes, and they've done their money. The crook, Elliott Short, is currently on trial for 13 counts of fraud.

I was hoping for a slightly more reputable publication to post the story but instead I'll have to use the Daily Mail...

Gambler, 26, who called himself the 'Betfair King' conned friends out of £600,000 with betting scam to pay for designer clothes

A gambler who allegedly conned family friends out of £620,000 through a bogus betting scheme spent thousands of pounds shopping for designer clothes at Harrods and Ralph Lauren.

Elliott Short, 26, who lived in Chelsea, central London, was said to have claimed he was able to place successful bets on races and make large sums of money using a layered betting scheme.

But the horse racing expert lost more than £1million of his own money and cash given by investors through unsuccessful gambling and lavish lifestyle, Southwark Crown Court heard.

Christopher Antoniou allegedly invested £200,000 in Short’s betting system, hoping for huge profits - but he never saw the cash again and began to become suspicious after reading an article about the scheme in a newspaper.


I do love the concluding paragraphs in the original myth-busting article in the Guardian, it's very apt.

The most charitable explanation of how this baloney came to end up in a national newspaper is that the journalist in question was having his chain yanked. As the late Rocky Ryan proved so frequently, there are no end of "stories" that fall into the category of too good to check. A tale of £20m won for very little effort will not be the last of those.

But it is a reminder, too, of the complete ignorance that persists in much of the mainstream media when it comes to the business of betting. Something that many followers of racing take for granted, often on a daily basis, is still regarded with a mixture of awe, puzzlement and deep suspicion in the "outside" world.


Comments

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

Racing has a Ponzi scheme - and the fallout will be enormous

When the term 'Ponzi scheme' is mentioned these days, the names Bernard Madoff and Allen Stanford instantly spring to mind. The pair of them ran multi-billion dollar frauds (US$60bn and $8bn respectively) that destroyed the lives of thousands of investors who had put their life savings into a 'wonderful' investment strategy. How so many people were sucked into the scheme is baffling to those on the outside. The lifestyle, the sales pitch, the success stories of the early investors - I suppose it all adds up.

So where does this link to racing you ask? A prominent Australian 'racing identity' this week has been reported to have lost access to a bank account with punters' club funds of $194m in it. Firstly - is there a worse term for anyone to be labelled with that 'racing identity'? It ALWAYS ends up meaning shonky crook! Secondly - who the hell has a punters' club with an active bankroll in the tens of millions? It simply can't be done.

The…

damage control when trading goals

When trades go bad, some people will say cut your losses immediately, others will recommend having a bit of patience as events tend to level out (i.e. games with two goals in the first 10 mins never end up with 18 goals in 90 minutes). This is something I like to do on certain matches.

Background:
1. You've backed Under 2.5 goals, trying to nick a few ticks at a time as the clock ticks.
2. You've been caught out by a goal.
3. The market has gone sharply against you.

On this particular match from a couple of weeks ago, there was an early goal (sixth minute) before I got involved. The period immediately after an early goal regularly shows a sharp drop in the Under price, so I was trying to capitalise on that. But Watford then scored again after 14 minutes. The Back price I took (3.95) was now out to 12 - I could close out for a big loss (not my style) or wait and wait for the price to come back to somewhere I could close out for minimal damage. But at 2-0 after 15 minutes, it w…