Michael Pryde sends sorry email to investors of Simply The Bets

Furious investors who put their money and their trust in a former private schoolboy who turned professional punter have been given the news they feared: their millions have gone.

Furious investors who put their money and their trust in a former private schoolboy who turned professional punter have been given the news they feared. He has told them their millions have gone.

The email from Michael Pryde followed months of excuses from the boss of Simply The Bets to investors stating that their money had not been paid because he had been in hospital with the flu, been dealing with an “acute private situation”, a slow recovery from Covid and problems with financial regulator Austral.

He has now admitted that around $4 million has gone.

“Most regrettably, I anticipate there will be very few assets to pay out my creditors, so I sincerely apologise for the significant financial loss you will no doubt incur due to my actions,” Pryde, 31, wrote in the email late on Wednesday.

It was sent the day after The Daily Telegraph revealed Pryde, who used his exclusive St Josephs Hunters Hill old boy network to attract investors, had filed for bankruptcy.

Michael Pryde has emailed the investors whose money he has blown.

Pryde, whose investors included wealthy eastern suburbs businessmen, their wives and lawyers as well as tradies, said he was sorry for the “pain” he had caused.

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.

“I know that I have caused pain to many people,” Pryde wrote from whereabouts unknown.

He has left his rented Paddington unit and the ritzy North Sydney address he gave to financial regulators as his business premises does not exist. Bank records show he bought a ticket to LA the day before the story broke but it is not known if he used it to leave the country.

“The reality will haunt me, now and even more so over the coming months and years, perhaps for the rest of my life,” he wrote.

Michael Pryde claimed on official ASSC documents that his business address for Simply The Bets was an apartment in the prestigious McLaren Apartments at The Rocks but the apartment does not exist.

“I should have sought help, but I failed to do so. I am embarrassed about the way I have handled communications with you and all of my clients.

“I am truly sorry for the outcome of this matter.”

Investors on Thursday could not control their anger. One called Pryde an “arsehole”.

He told them he had closed the “sports betting service” and filed for personal bankruptcy. Bankruptcy trustee Bruce Gleeson will also deal with the fallout from Simply the Bets, he said.

His mea culpa comes after his finances were frozen in a Supreme Court civil action late last year to protect the $1.3 million owed to two businessmen.

Bank statements filed in the court proceedings show that between May 2021 and August 2022, most of the $4m paid by some of the 100 investors into Simply The Bets account was moved within hours into his personal account.

Michael Pryde used his old school network from exclusive St Joseph’s College Hunters Hill to recruit clients.

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, $17,000.

Pryde confirmed he had 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.

“I have provided your email details to the bankruptcy trustee. The bankruptcy trustee will be contacting you in relation to your debt and will also be reporting on their findings and ultimately paying out proceeds, if any, after the costs of bankruptcy are met, pro rata to creditors,” Pryde wrote in his email.

Simply The Bets.

“I understand there may be questions from this email, however I will need to go through the process with the trustee and I will be fully co-operative as I enter bankruptcy, and beyond, so I can provide the transparency needed to resolve this matter quickly.

“I have caused enough damage already, I don’t want to cause any more.”

A TYPICAL EMAIL PRYDE SENT TO POTENETIAL INVESTORS

“G’day

Hope you are well. This is basically the rundown I give to prospective customers, have a read and let me know if you have any questions and/or interest and I’ll get it sorted.

Essentially, I bet on two major sports in the U.S (NBA & MLB). All betting is based on mathematical modelling using statistics and a conservative staking plan which allows for solid returns. I have attached the results from the last full season of NBA as well as the historical results for the two sports up until the break for COVID in March this year, but overall, I have returned 856.97 units since 2013 (over 113 units per calendar year). The sports are up 28.99 units since the resumption from the COVID break (betting started back up on the 6th of August). A unit is the equivalent to a percentage of profit.

EmaiL sent out from Michael Pryde Simply The Bets to devastated investors.

Basically, the way this works is investor’s deposit money with me directly which I in turn bet on a daily basis. Investors can withdraw at any time and once a withdrawal is requested, I then take a 20% cut of the profit made. I will update investors on a weekly/monthly basis, depending on the individual preferences of the investor. Also, if investors wish to receive daily updates on the active bets this is also possible.

For an investment of $100,000:

- Had you started 12 months ago:

Initial Investment: $100,000

Units P/L: +134.57 Units

Profit/Loss: $134,571

Total Investment: $234,571

20% Performance Fee: $26,914

Total Return: $207,657

- For an average 12 month period:

Initial Investment: $100,000

Units P/L: +125.05 Units

Profit/Loss: $125,052

Total Investment: $225,052

20% Performance Fee: $25,010

Total Return: $200,042

I have had investments from $10,000 up to $750,000 and can withdraw up to $100,000 per transaction (per day). Withdrawals usually take around 4-5 weeks to come through. I currently manage just over $3.3 million AUD and have returned $2.85 million in the last 2 years and just short of $4 million since I started the investing.

Since the coronavirus dramas have shut down the NBA and delayed the MLB, I have been lucky to have been asked to help out with a huge horse racing operation (2nd largest gambling group in the world) until the rest of the calendar year. Three of their team has had to go back to London in the last few weeks due to COVID-19 so they are in need of a few blokes who can fill that void. My payment from the job will be a small casual wage plus access to the bets for my own (as long as I bet after they do which is no dramas for me).

What this means for my betting fund is as follows. I will be following these guys, using a very conservative staking plan, one that will be in line with the volatility of the sports betting. These guys return at a crazy 23.5% ROI, comparing that to mine which is around the 8.6%. In anticipation of the new opportunity, I am hoping to maximise the investment opportunities. This will allow the fund to operate without affecting the market and our opportunities to get on with the stakes we desire. I also have brought in 2 people to assist the operation on Saturday’s. The racing is up 87.66 units since its inception back in April.

I have also sent through an example of a weekly update. Just let me know if you have any further questions.

Regards,

Michael Pryde”