‘Dr Nick’ walks away
An gambling mastermind known as ‘Dr Nick’, who was known to bet $1.38m (AUS$2m) a week on Australian racing, has reportedly pulled out of the Aussie market due to increased taxes.
The Australian was in charge of a syndicate that placed over AU$100m (US$69m) worth of bets each year. The relatively unknown man was responsible for an estimated 6% of all wagering on horses in the country.
in charge of a syndicate that placed over AU$100m (US$69m) worth of bets each year
His cited increased taxes and levies recently imposed on bookmakers, which has sparked complaints from the industry, as being the reason behind his withdrawal from the Australian market.
New betting tax
The increased taxes that have been pushed on bookmakers are then passed on to customers via diminished odds. It’s this increase which has impacted how lucrative the market is for ‘Dr Nick’ and other wealthy gamblers like Zeliko Ranogaiec.
The Betting Operations Tax Act 2018 was passed last September and came into operation on the January 1 this year. It has been heavily criticized by those operating in the industry. It means that betting operators are liable to pay 15% of net betting revenue in excess of AU$150k (US$104k) each financial year.
Not much is known about ‘Dr Nick’, although it has been reported that he is originally from Adelaide and now lives in the Channel Islands, off the coast of France. Still, his departure from the world of Australian racing will be felt keenly, as he had employed a trusted team to oversee his bets.
While the effects may have been widespread, this technique was used secretively with the plunge performed through agents who likely never even knew the legendary gambler’s real name.
Staff will be looking for new jobs
According to Rob Waterhouse, a high-profile bookmaker, the mastermind’s team included ‘everyone smart in racing’. He went on to say:
I imagine all those people are looking for jobs now.”
For Waterhouse and other bookies, they believe that the movement of big gamblers like ‘Dr Nick’ will ultimately lead to a drop in prize money, with taxes being the biggest issue.
As for ‘Dr Nick’, it has been reported he now plans to turn his attention to the UK horse racing market.