How Michael Pryde’s ‘foolproof’ betting firm which lost Sydney’s elite millions worked

Michael Pryde’s pitch to highrolling investors was that he took the emotion out of gambling. The former Joey’s schoolboy instead allegedly cost celebrities, businessmen and lawyers millions.

Punter Michael Pryde’s pitch to investors was that he took the emotion out of gambling.

He told them that he had poured thousands of hours into studying losing and winning odds to come up with a scientific mathematical equation and “realised there was a pattern”.

“I had finally created a guaranteed way of winning profits back from sports betting,” Pryde, 31, boasted in documents promoting his company Simply The Bets.

But the Supreme Court has issued a freezing order against Pryde to protect $1,357,304 allegedly owed to two businessmen who have begun civil action against him to recoup their money. Other cases are being prepared, lawyers have told The Daily Telegraph. Pryde has not been charged with any criminal wrongdoing.

‘GUARANTEED WAY’

It remains unclear specifically what that “guaranteed way”, was but he offered investors a choice of betting routes including a “golf fund” an “NBA” fund, and in 2021 a “racing fund”. Some were advertised as funds with only a limited number of members on a “first in first serve” offer basis.

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. Picture: Twitter

He also published some betting tips, which an investor has told The Daily Telegraph came up good four out of five times.

He regularly sent detailed betting statements to his growing army of punters stating how much they had won.

“Follow our tips; place your bets exactly as we tell you (even if you disagree) and watch the profits roll in. It’s that simple.” he told investors.

“The longer you use our foolproof system, the more money you are guaranteed to make. The best part of all is that you don’t have to do any work. We do it all for you.”

Businessmen, their wives and lawyers are among the eastern suburbs elite who have allegedly lost millions to a ”unique” betting system run by Michael Pryde. Picture: Supplied

But among the claims is that he mixed his clients’ funds with his own personal funds and falsified betting accounts.

“I strongly deny any betting summary to be false,” he told a lawyer for two investors in a documents seen by The Daily Telegraph.

The former St Josephs Hunters Hill student said his three main interests when growing up were maths, sports and gambling and created Simply The Bets as his “dream job”.

“You’re probably wondering why I’m sharing this remarkable sports betting system with you,” he wrote.

“Why wouldn’t I keep it for myself and make big profits? Well that’s just not who I am.

“It is a dream for me to be the very best at what I do, and want to share this with you.”

The Supreme Court has made a freezing order over Pryde’s finances in a civil application brought by the two investors. He is not accused of any criminal wrongdoing.