Dozens of AFL footballers are among investors feared to have lost up to $1 million in betting syndicates run by a horse racing industry figure.

The Herald Sun says some of the biggest names in the game are furious after ploughing money into the punting schemes.

As many as 50 players have been hit, including possibly a dozen each from St Kilda and West Coast owed money.

The biggest creditor, a star among the games elite performers, is said to be down $200,000.

Players and coaches nationwide are becoming increasingly frustrated by a lack of returns after being lured by the Queensland-based operator's promises.

Those to sink in money in the schemes were players from St Kilda, Melbourne, West Coast, Gold Coast, Brisbane, Adelaide and Fremantle.

The scheme's operator moved to reassure investors, some of whom believe bets were never laid on their behalf, generating speculation they were the victims of a scam.

Players say the operator has for months refused to answer calls, promising returns on specific dates then failing to deliver.

The operator told the newspaper he was confident everyone could get their money by next week.

He said the situation hasn't been ideal, but he had inherited the situation from principals previously involved.