New Customer Offer
$100million gambler ditches Aussie betting as taxes have worsened odds
14th December, 02:43He cited taxes and levies as the reason for his exit from the Aussie market
An anonymous gambling mastermind who placed an estimated $100million worth of bets on Australian racing each year has pulled out of the market, with higher taxes on bookmakers being blamed.
The taxes, which are passed onto the punters via diminished odds, have now triggered the departure of the gambler called 'Dr Nick', who was responsible for an estimated six per cent of all wagering on the horses.
The unknown man, who withdrew from the market on Wednesday, lives in the Channel Islands off the coast of France, but is rumoured to originally come from Adelaide.
The Australian newspaper reported that the wealthy gambler has blamed taxes and levies for his exit from the racing industry, and he was reportedly turning his attention and millions to the less-taxed U.K racing industry.
Mystery man: Few know the identity of the anonymous punter 'Dr Nick' whose organisation injects an estimated six per cent of turnover into the market each year
The anonymous Australian mastermind Dr Nick pulled the plug on his extraordinarily successful gambling syndicate on Wednesday as percentages no longer favoured the punter
A new consumption tax levied on bookmakers had been the source of much complaint in the industry, both from the bookies themselves and the punters who are now finding it very hard to make a profit.
The big hit on gaming turnover by the withdrawal of 'Dr. Nick' and other major punters who have exited for overseas markets and sports betting, will flow onto racing with reduced prizemoney which in turn will result in fewer trainers and owners.
Dr Nick was known to bet $2 million per week, and rivalled Zeljko Ranogajec as Australia's biggest punter, with the two wagering billions between them.
He had employed a team of trusted agents to organise plunges with huge bets in the last few minutes before a race.
This affected TAB, bookmakers and the Betfair exchange, with his interventions drastically changing odds for horses in the last few minutes before a race.
Dr Nick's syndicate had worked with a highly successful rating system for about twenty years which allowed them to influence the odds minutes before a race started
The syndicate blossomed after developing a highly successful rating system about 20 years ago.
All betting was done through agents and very few knew Dr Nick's true identity.
High-profile bookmaker Rob Waterhouse said Dr Nick employed a 'vast staff' that included 'everyone in smart in racing'.
'I imagine all of those people are looking for jobs now,' Mr Waterhouse told RaceNet this week.
'It must lead to a drop in prizemoney.
'The real problem though is that it is a symptom of a disease, the taxes are just too high.'