Simply The Bets investors call for police probe into dud betting site

Devastated investors left almost $4 million out of pocket by gambling “rainman” Michael Pryde have called for a swift police investigation after he declared himself bankrupt with no assets.

Devastated investors left almost $4 million out of pocket by gambling “rainman” Michael Pryde have called for a swift police investigation after he declared himself bankrupt with no assets.

NSW Police are investigating complaints made by some investors who bet with Pryde’s online company Simply The Bets which “guaranteed” profits in what he claimed was a unique betting system based on “foolproof algorithms”. No charges have been laid.

One investor who asked to remain anonymous said $4m was an enormous amount for one person to lose.

Pryde, 31, told his 100 investors in a group email last week that he anticipated “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”.

The former St Joseph’s Hunters Hill private schoolboy had recently told some investors they had made six-figure profits – which they will never now see.

Michael Pryde’s investors have called for a police investigation after he declared bankruptcy.

“Within the last 12 months he had reported to investors that they had made incredible profits on their investments,” the investor told The Daily Telegraph.

“Pryde declaring bankruptcy raises suspicion of whether he ever held profits or was profitable at any stage.

“The declaration of bankruptcy is mixed as he has admitted to losing client’s money – and likely means clients won’t receive any return on investment.”

Most of Pryde’s investors came from Sydney’s eastern suburbs.

The only court action against him has been two civil proceedings including one late last year brought by two businessmen who invested $1.3m. As a result, Pryde’s bank accounts were frozen.

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

Pryde allegedly convinced eastern suburbs investors they had made six-figure profits.

He had been appearing on an online sports betting show where he was introduced as their betting “rainman”.

Pryde’s trustee in bankruptcy, Bruce Gleeson, has said his priority is to find out what happened to the money.

“Michael Pryde hasn’t had a job for around 12 years. The money invested with him by his clients has been his only source ofincome for that entire time,” the investor told the Telegraph.

“Some of these clients have been waiting for withdrawals for the last two years or more. Investors have emailed and chasedup payment from Mr Pryde. These emails have been met with excuses.”