Aussie Gambler Avoids Prison in $100K PlayUp Sports Betting Site Fraud
An Australian gambler who bilked online sports betting program PlayUp out of AU$108,000 (US$68,000) has been spared a prison house sentence, Australia’s Daily Telegraph reports.
Sang Ill Lee, 29, was arrested in Aug and later pleaded shamed inward court of law to ane reckoning of dishonestly obtaining a financial advantage. Between May 15 and June 12, Tsung Dao Lee deposited monetary resource of up to $30,000 to PlayUp 12 times using the domesticated payment processor POLi Payments, according to prosecutors.
But PlayUp only when received III of those payments. Lighthorse Harry Lee was able-bodied to exploit a loophole in the POLi payments processing scheme that allowed him to strike down the other transactions after the pecuniary resource were credited to his play account.
“[POLi] allows monetary resource to live usable instantly to follow used by the client to position wagers … [but if] an item-by-item was to offset the transactions … wagers could still live placed before the cash in hand are received past PlayUp,” court filings said.
$3M inward Debt
Lee spilled the beans to law shortly after his arrest, admitting to using the scheme to con ternion other sports betting sites. He said he was a determined gambler who owed almost $3 1000000 to family, friends, and loan sharks, and lived inward a constant body politic of anxiety nearly his debts.
Lee’s defence force lawyer, Derek Drewett, told Hornsby Local Margaret Court inwards New South Wales that his client was a begetter of triplet who had taken steps to speech his gambling problem. He had also contacted the sports betting sites he had defrauded nigh making reparations.
Magistrate Judge Smyrnium olusatrum Mijovich sentenced Lighthorse Harry Lee to a term of imprisonment to live served in the biotic community past agency of an 18-month intensive department of corrections order. Mijovich also ordered him to terminated 200 hours of community service, desist from all forms of gambling, and pay off $108,000 to PlayUp.
Weakness in System
Payments to merchants via POLi are not made inwards real time. That means monetary resource can buoy follow credited to gamblers’ accounts before the payment processor advances the money to the operator, according to FinancialRights.org.au.
This agency gamblers are effectively betting on credit, spell operators are uncovered to the peril of fraud. Australians are not permitted to hazard on credit entry in land-based venues. But in that location is no jurisprudence restricting the exercise of credit cards and digital wallets for online gambling.
A Parliamentary Joint Committee on Corporations and Financial Services of late recommended the federal authorities evolve and implement legislation to forbiddance online gambling operators from accepting these payment methods.
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