That’s a lesson hard-learned by about 600 people in Yarrawonga who have lost $73 million after the collapse of a colossal punting club, known as The Edge.

Yarrawonga might be described as “ground zero” for the club set up by fallen racing identity Bill Vlahos, which involved up to 1000 members in total.

It has been claimed Vlahos would back horses in Melbourne and Sydney each week through an overseas middleman promising high returns.

And the returns were high. In the early days punters got about 21 per cent a quarter but in the last quarter of last year, the club paid out 46.4 per cent.

Evidently that boom result led to many clients wanting to take the money and run, leading to the club’s collapse.

Alan Tripp, whose betting empire had its beginnings in Yarrawonga, said it best when describing such schemes yesterday.

Quite simply, he said, “you will do your dough”.

Anyone who has asked his advice about such syndicates in the past 20 years has been told the same thing — don’t even think about it.

The advice comes too late but one would suspect for many, it would have fallen on deaf ears anyway.