Unfortunately scam artists are in every type of industry.
In sports trading one type of scam that is used to lure in potential victims is called “wallet management.”
What is wallet management?
“Wallet management” is a concept that really makes no sense at all.
Lets take a look at my exchanges with a so called “professional trader” that offers “wallet management”.
Betfair Scam
Basically a “Professional Trader” will approach showing you lots of nice winning screenshots and green screens. They will tell you that they are a profitable trader and are willing to offer their services.
The scam artist will ask you to transfer money to their account or platform. The scammer will then claim to use the account to make money via trading. Promising you a high percentage of the profits for doing this.
Scam artists will target someone that is interested in sports trading. They do this via social media such platforms like Twitter and Facebook. Forums and email messages are also places where scam artists might try to contact someone.
Most people will realize that any professional trader that is consistently making money from the betting exchanges won’t need any type of investment. A profitable trader can reuse their own winnings and scale up their betting. By paying out a large commission on somebodies investment they are taking that money out of their own pocket.
There is no reason for any real trader to offer a service such as the one detailed above. If anyone does approach you offering this service then be aware that it is a scam.