Michael Charles Pryde of Simply the Bets Pty Ltd granted bail after extradition from Queensland

A Sydney bankrupt extradited by police from Queensland “genuinely believed” in his sports betting scheme which saw alleged victims lose hundreds of thousands of dollars, a court heard.

A Sydney bankrupt extradited by police from Queensland “genuinely believed” in his sports betting scheme which saw alleged victims lose hundreds of thousands of dollars, a court heard.

Michael Charles Pryde appeared by video link at Downing Centre Local Court on Friday as his lawyer John Sutton applied for bail after he was escorted from Queensland to NSW on Thursday night.

He has been charged with 18 counts of dishonestly obtain financial advantage etc by deception, use false document to obtain financial advantage and threat/cause injury/harm to prevent information to police.

Court documents reveal the 32-year-old’s alleged offending took place between August 13 2015 and March 2023 in Paddington where at least 20 complainants deposited hundreds of thousands of dollars into either his NBA/MLB, Horse Racing or PGA fund.

A NSW Police statement said Strike Force Hand was established to investigate an alleged sports betting ponzi-style scheme.

Michael Pryde (right) was released on strict bail on Friday. Picture: Facebook

After extensive inquiries, Queensland Police officers arrested a 32-year-old man by virtue of an outstanding arrest warrant before NSW detectives flew to Brisbane where he was extradited to NSW and taken to Mascot police station.

Police will allege in court the man’s sports betting ponzi-style scheme defrauded more than 100 victims out of approximately $4 million.

In addressing his client’s threat charge, Mr Sutton said it was “merely a statement of fact” that if he couldn’t continue working, he couldn’t repay the money.

He told the court that was going to be “hotly disputed”.

Mr Sutton said Pryde was living in the eastern suburbs and continued to bump into people who knew of the alleged scheme, and ultimately moved to Brisbane.

The court heard the 32-year-old “gained employment” at a warehouse and his bankruptcy trustee – Bruce Gleeson – was aware of his move, saying “this wasn’t a runaway or a hiding”.

A screenshot from Pryde’s old Simply the Bets Twitter account.

Mr Sutton said this was “one scheme” in Pryde’s life which he “genuinely believed in” and it wasn’t made “to just deprive people”.

While referencing the facts, Magistrate Jennifer Atkinson said “he was [allegedly] aware” his scheme was unravelling “and he was still taking money”, Mr Sutton said it was a case of Pryde hoping “if he continued to chase the rabbit or leprechaun, there’d be a pot of gold” at the end.

“[It was] more the case of a gambling addict … than a Rene Rivkin [type] fraud,” he said.

In response, the prosecutor opposed bail, saying Pryde “left [Sydney] because complications [were] arising because of his Ponzi scheme [going] wrong”.

“He’s run into trouble … [said] this is a bit too much for me … I’m going up to Queensland,” the prosecutor said.

He alleged Pryde lied and baited people in order to “bring more people and more money into his scheme”.

In granting the 32-year-old bail, Ms Atkinson said any surety given up by his retired-pediatrician father had to be “significant enough” so he could realise his family would have to pay a price if he were to breach his bail conditions.

A $50,000 surety was ultimately agreed with Pryde required to report once a week to Waratah police station, live in Newcastle and adhere to strict phone and banking conditions.

The matter will return on December 8.