How the Sydney man blew $ 8 million on gambling apps after being ‘targeted’ by ruthless gambling companies
A financial planner who has gambled millions on sports betting has shed tears cleaning his family about his shameful secret.
Father of two Gavin Fineff, 41, from North Shore in Sydney, gambled away over $ 8 million in four years and admitted he had used some client money.
Mr. Fineff has made his story public to highlight the tactic he claims sports betting uses to trick gamblers into gambling.
He also claims that he was poached by two other online gambling companies after his Tabcorp betting account was frozen.
The father of two admitted to being ashamed of the addiction that destroyed his life, and
“I had to tell my family that there is a part of me they have no idea about,” he told ABC’s 7:30.
The segment showed a distraught Mr. Fineff making the agonizing phone call to his mother to reveal his devastating confession.
“It’s pretty bad, Mom,” he admitted.
She replied, “If I could take your place, I would. If I could take all this pain from you and do what you need to do for you, I would. ‘
Mr. Fineff said to her, “I have to make it up to you.”
His gambling started with a few drinks with friends at the pub, usually on horse racing, he explained.
The problems started when he opened a TAB account for mobile and online betting, where he quickly gained VIP status.
He got incentives to continue betting, ranging from bonus bets, lunches and dinners to tickets to sporting events and other enticing rewards.
Father of two Gavin Fineff has been forced to reveal the extent of his addiction to loved ones
Fineff claims that Tabcorp did not question his gambling losses, even when he lost $ 130,000 – his annual salary – in just a few days.
“I knew I was losing money, but it would quickly turn into focus, determination, optimism to fix it and get it back. And in my mind there was a plan to do that, ”he said.
He would also have started betting with others people’s money, something that ‘keeps him awake at night’.
“I feel it when I wake up at night. I feel it when I wake up in the morning. And all I want to do is make it right. I hope I get a chance to do that, ”said a repentant Mr. Fineff.
By the time his Tabcorp account was frozen in 2018 when they asked him about his proof of income, he had lost $ 3.9 million, including $ 1.5 million in just six months.
The former financial advisor (pictured) was in tears when he shared the news of his dark secret to his mother
It wasn’t long before Mr. Fineff gambled again after he was allegedly approached by a Ladbrokes representative and offered bumper bonus money, despite never being a customer.
“I didn’t have an account with Ladbrokes,” he said.
“I know he worked at TAB. He contacted me and offered thousands of dollars in bonus money to give them a shot. How could I say no to that? ‘
He claims that Ladbrokes had created an account for him under a different last name before losing nearly $ 700,000 in twenty months.
Within months of contacting Ladbrokes, he claimed to have received a call from BetEasy with a similar deal, but eventually lost another $ 3.6 million.
The federal government agency AUSTRAC has notified the gambling offices and reminded them of their obligation to audit customers and report suspected crime proceeds.
“Betting companies need to know their customers and perform appropriate identity verification processes to ensure that the customers they deal with are who they say they are,” said Peter Soros, deputy director of AUSTRAC.
Mr. Fineff estimates he lost $ 3.9 million at Tabcorp in two years before his account was frozen in 2018 (stock image)
Mr. Fineff claims that Ladbrokes or BetEasy never asked him for proof of income.
TabCorp declined to comment on Mr. Fineffs’s claims, citing privacy and confidentiality concerns.
“More generally, Tabcorp has systems to monitor betting activity and acts where necessary to prevent misuse of our systems and products,” a spokesperson told Daily Mail Australia.
“Tabcorp is subject to and complies with a series of reporting and other obligations under the supervision of various regulators, including AUSTRAC.”
Tabcorp employees are bound by strict obligations regarding customer information and confidentiality.
Sports betting agencies have been notified after Mr Fineff went public with his addiction
“These obligations go beyond the employment of an employee with us. Employees are reminded of this upon departure and any possible infringement is taken very seriously.
BetEasy would also not comment on Mr. Fineff’s claims, but says it takes legal and responsible gambling obligations seriously and devotes significant resources to ensuring they are met.
Ladbrokes declined to comment.
Mr. Fineff ended up in a rehab clinic awaiting his fate.
He called for sports betting to take more responsibility for gambling addiction.
“I take responsibility for this. I’ll do my best to do that. And that is not the case. And they have to. There is still a duty of care. And if not, there must be one, ”he said.
If you or someone you know needs help, call Lifeline on 13 11 14, Get help with online gambling at 1800 858 858 or Beyond Blue at 1300 22 46 36.