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Do you have a question about betting, totes, odds or recent racing result
Then this is the place to ask them.

Someone explain this....page  1 2 

Simon Milgate
Australia
(Verified User)
Posts 1558
Dogs 4 / Races 0

26 Jul 2012 04:50


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Peter Gurry wrote:

Interesting to note that bloke from Tasmania challenging the tax Department trying to say his betting is a hobby and doesn't want to cough up 38 mil in tax. Him and his syndicate have fleeced the pools of TAB's with their no loose computer program for the past decade. You can witness it most weekends the amount they place just as they jump the program calculates how much to put on each runner to get a win out of the pool. They form a syndicate so they don't cross each others path so the computer program knows how much to the final pool will be worth. The TAB's don't care as they take 15% or so regardless who wins. They had a bit on him crying poor on lateline last night ( they didn't detail the above but basically thats what they do)then has the cheek to hide behind a musuem he has set up oh what a good boy am I no sympathy from me mate pay up as I do with my hobby A Term deposit can't hide that from the tax man.

Intresting read "The Gambler" on the "Financial Review' website sounds like Tote Tasmania had a fair bit to do with their own downfall but as the article says they gamble in all totes in Australia so it effects us all.


Simon Milgate
Australia
(Verified User)
Posts 1558
Dogs 4 / Races 0

26 Jul 2012 04:54


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Peter Gurry wrote:

Interesting to note that bloke from Tasmania challenging the tax Department trying to say his betting is a hobby and doesn't want to cough up 38 mil in tax. Him and his syndicate have fleeced the pools of TAB's with their no loose computer program for the past decade. You can witness it most weekends the amount they place just as they jump the program calculates how much to put on each runner to get a win out of the pool. They form a syndicate so they don't cross each others path so the computer program knows how much to the final pool will be worth. The TAB's don't care as they take 15% or so regardless who wins. They had a bit on him crying poor on lateline last night ( they didn't detail the above but basically thats what they do)then has the cheek to hide behind a musuem he has set up oh what a good boy am I no sympathy from me mate pay up as I do with my hobby A Term deposit can't hide that from the tax man.

Intresting read "The Gambler" on the "Financial Review' website sounds like Tote Tasmania had a fair bit to do with their own downfall but as the article says they gamble in all totes in Australia so it effects us all.Also says the guy who opened the museum in Hobart did it to get chicks what happened to cruisin in a holden panelvan? worked for me....not



Peter Gurry
Australia
(Verified User)
Posts 7240
Dogs 15 / Races 25

26 Jul 2012 04:56


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Hence the term Dave were all mug punters. I bet they wouldn't take on the corporate bookies as you have to pick the horse and then they determine how much they will lay. No doubt included in the 6% TAB sweetner is a direct line to place for their bets, no waiting for your ISP to balls things up. Mind you the system only works on win and place. Apparently these blokes are card counters at casinos and been warned off, mathematicians and very computer savvy.


Peter Hooper
Australia
(Verified User)
Posts 269
Dogs 1 / Races 0

26 Jul 2012 05:00


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yeah they get a rebate,had a mate who is a pro and he gets a %rebate on turnover,but i think he was on between 3-5%...



Peter Hooper
Australia
(Verified User)
Posts 269
Dogs 1 / Races 0

26 Jul 2012 05:03


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not too many corperates like pro dog punters,you won't last long with them if they see you are winning on a regular basis..even tab fixed odds will ban you....


David Plumridge
Australia
(Verified User)
Posts 332
Dogs 551 / Races 115

26 Jul 2012 07:32


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EXTERNAL LINK
the lateline interview with david walsh (MONA)- Interesting.


Jarrad Dale
Australia
(Verified User)
Posts 2073
Dogs 27 / Races 81

02 Aug 2012 09:15


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Turned over $2.453 billion in one year!

From racenet today:

The world’s biggest punter Zeljko Ranogajec is in a fight with the Australian Taxation Office over alleged massive earnings from an exclusive "punters club”.

The Sydney Morning Herald revealed on Thursday that court documents filed in the Federal Court this week "show that the club's turnover increased from $555 million in 2004 to $2.453 billion in 2006”.

The ATO alleges "Ranogajec, a 20.79 percent shareholder, made $36,033,599 from the punters club over the three years from 2004 to 2006, but did not declare any of it as taxable income”.

Ranogajec is appealing the ATO’s assessment of his income on the basis that the punters club is a hobby and therefore profits do not need to be declared as taxable income.

He declared income of $736,000 for the period, none of which it’s alleged was derived from the punters club.

Ranogajec is the biggest stakeholder in the 17 member club that was set up by a group of ex-maths students from the University of Tasmania. The operation operates 24 hours a day, seven days a week betting on sporting and racing events across the globe.

The ATO says Ranogajec is a central administrative figure of the operation that liaises with wagering operators, and negotiates "rebates" paid to the club by betting agencies due to the volume of bets placed by the punters club.

During a commercial dispute in the Federal Court in 2008, Ranogajec, aka John Wilson, described himself as an "investor” in the punters club before giving evidence that the more money you turnover, the more money that comes back to you in rebates.

"If you bet $100 and lost $5, but you get a 10 percent rebate, you still make 5 percent,” he said.

Court documents back in that case revealed 15 percent of what the syndicate earned from US racing over that 3½-year period was from selecting the right horses.

Ranogajec’s old university pal David Walsh, who owns the $180 million Museum of Old and New Art (MONA) outside Hobart, is another member of the punters club.

Walsh’s personal introduction to his book Monanisms reads, "I invent a gambling system. Make a money mine. Turns out it ain’t so great getting rich using someone else’s idea. Particularly before he had it. What to do? Better build a museum; make myself famous. That will get the chicks”.

The Tax Office is pursuing members of the club as most are Australian citizens.




Alex Taylor
Australia
(Verified User)
Posts 1607
Dogs 6 / Races 38

16 Sep 2012 09:26


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I'm sure I haven't seen this before...... https://www.tab.com.au/#/vic/racing/race-results-details/SINGAPORE/Races/1/16-Sep-2012 the place divi of the second horse.

Looks like it didn't do the link thing...... The second runner paid $1.02 for the place.


Robert Morris
Australia
(Verified User)
Posts 688
Dogs 0 / Races 0

16 Sep 2012 10:48


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Large place bets are put on certainies for place just so syndicates can receive the rebates. When this dog runs a place then dividends are reduced after the race for the other two placegetters.

Mug punters have been ripped off for years to pay for the rebates paid to theses professional syndicates.

posts 29page  1 2