Punters are being warned of a scam ahead of Melbourne Cup day which has already netted at least $1 million this year alone.

It’s said to be a mug’s game, but these scams have seen punters lose more than expected.

Known as ‘sports investment’, the con artists encourage victims to invest thousands into technology that supposedly helps them pick winners.

ScamWatch has issued the warning ahead of the biggest day on the punting calendar.

The known losses from the scam total about $1 million so far this year – an average loss per punter of about $10,000.

The ACCC says con artists market the technology as ‘fool proof’ and use pushy sales techniques to get victims to hand over account details.