A Federal court injunction has been served to the promoters of a horse-race betting program, after they allegedlyclaimed its software had up to a 95 per cent success rate.
The interim injunction prohibits the promoters - Solutions Software and two companies formerly known as Acepark andOfftrack Investments - from claiming the program could attain a success rate beyond 58 per cent.
The Australian Competition and Consumer Commission, which instigated proceedings, claims the promoters earned up to$8000 a month from the program, with buyers paying up to $12,500 for a copy. The ACCC also alleges that thepromoters were saying the program was affiliated with the TAB.
The main concern, however, is that the program may have been promoted as an "investment program" with minimal risk,rather than a gambling system. The ACCC also alleges that the promoters said the program "should be bought urgentlyto avoid imminent price rises".
According to the consumer watchdog, the program claimed to follow and analyse the fluctuations of dividends paid andtrack money bet on horse races, highlighting where professional punters were placing their money at the last minute,and recommending which horses to back.
A further hearing will be held in late September with the ACCC hoping to seek a permanent injunction, as well asconsumer refunds, corrective advertising and costs.