A gambling mastermind known only by his nickname “Dr. Nick” has pulled out of the Australian market because of the rise in taxes.
The elusive man has gained quite a reputation for betting $1.38m (AUS$2m) a week on Australian racing. The Australian was actually in charge of a syndicate that placed over AU$100m (or US$69m) worth of bets each and every year. The relatively unknown man was responsible for an estimated 6% of all wagering on horses in the country.
He explained that the rise in taxes and levies that have been recently imposed on bookmakers, which has generated lots of complaints from the industry, as being the reason behind his withdrawal from the Australian market.
The increased taxes that have been imposed on bookmakers are then passed on to customers through diminished odds. It is this change that has greatly impacted how lucrative the market is for “Dr. Nick” and other loaded gamblers like Zeliko Ranogaiec.
The Betting Operations Tax Act 2018 was passed last September and came into force in January 1 this year. It was met by lots of criticisms from 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 a lot of information is out there regarding “Dr. Nick” although it has been said that he is originally from Adelaide and now resides in the Channel Islands, off the coast of France. Still, his departure from the world of Australian racing would leave a massive hole, as he had employed a trusted team to oversee his bets.
His various strategies included waiting until the very last few minutes before a race to organize a plunge of huge bets. Such a ploy could easily knock out the exchange that bookmakers were utilizing. This resulted in the odds for horses getting changed in the last few moments before the field was set to race.
While the effects may have been extensive, this method was used surreptitiously with the plunge done through agents who likely never even knew the legendary gambler’s real name.
According to Rob Waterhouse, who is a high-profile bookmaker, the mastermind’s team included “everyone smart in racing.” He also said:
“I imagine all those people are looking for jobs now.”
For Waterhouse and other bookies, they believe that the movement of big gamblers such as “Dr. Nick” would eventually lead to a drop in prize money, with taxes being the biggest issue.
Reports have stated that “Dr. Nick” would now be shifting his focus to the horse racing market in the UK.