NSW Police launch probe into Michael Pryde and Simply the Bets

NSW detectives have begun investigating professional gambler Michael Pryde and his site Simply The Bets as frustrated punters reveal the reasons he has given for not yet paying them their millions.

Detectives have begun investigating professional gambler Michael Pryde and his betting site Simply The Bets as The Daily Telegraph can reveal the reasons he has given for leaving punters millions out of pocket.

Over the past 12 months, Pryde has told investors, most of them wealthy individuals from Sydney’s eastern suburbs, that their money has not been paid because he has been in hospital with the flu, been dealing with an “acute private situation”, a slow recovery from Covid and problems with financial regulator Austrac.

Pryde, 31, has also claimed to have had daily withdrawal limits imposed by his bank, problems with accessing “large quantities of cash” and “tax issues” as he made countless promises to pay within days or weeks, which have not eventuated.

One punter who relied on Pryde’s “unique betting system” based on what he claimed were foolproof algorithms has lost the $1.5 million he invested.

“He has been buying time and people have been willing to wait because they are desperate to get their money back but they have not seen their money,” a source said.

Michael Pryde, 31, used his old school network from exclusive St Joseph’s College Hunters Hill to recruit clients to invest in his system he called Simply the Bets.

Police were alerted when a number of investors last week walked into two police stations across Sydney’s east to report that he has not paid them either the profits he “guaranteed” nor returned their original investments.

Pryde, a former student at St Joseph’s Hunters Hill, recruited investors through the old boy network.

NSW Police are now investigating. Picture: Gaye Gerard

Early investors who made profits recommended him to friends and family.

Pryde’s finances have been frozen by the Supreme Court toprotect $1.36 million allegedly owed to two businessmen who have begun civil

action against him to recoup their money.

A third businessman has been paid after a District Court judgment.

Bank statements filed in the court proceedings show that between May 2021 and August 2022, around $4 million was paid by some of 100 investors into Pryde’s Simply The Bets account.

Businessmen, their wives and lawyers are among the eastern suburbs elite who have allegedly lost millions to Pryde’s ”unique” betting system.

Usually within hours, most of the money was transferred into his personal account, the bank statements reveal.

They show that some of that was placed with betting sites including Sportsbet but the lion’s share was paid into accounts held by relatives and a friend.

The amounts range from a few hundred dollars to $10,000, $15,000 and $17,000.

Pryde confirmed that he has recently paid one relative $289,493 and another $118,050 but told The Daily Telegraph they had nothing to do with his betting business.

There is no suggestion of any wrongdoing on the part of the relatives or the friend.

Pryde and Simply the Bets owe investors millions.

On May 6, 2022, Pryde, who it is understood has moved from Paddington to Dubbo, wrote a group message to all his investors.

“Hi all, Hope you are all well. I am out of hospital now and back home, ready to get this payout finalised.”

“I would suggest to those who are pro-vaccination to go get your influenza shot as this year’s strain seems particularly nasty. The PEXA (sic) was finalised late Friday last week and I will be organising the rollout this afternoon.”

The money allegedly never rolled out.

He told punters that their money was split between a number of betting accounts including horse racing, NBA or golf.

Pryde did not reply to a request for comment.

A police spokesman said: “NSW Police are currently assessing an alleged fraud matter that has been reported.”