Australian "Punter’s Club" Online Sports Betting Made Millions – Online

Taxes are the issue for many of the world’s governments when it comes to the profits derived from online punting. Efforts are being made to calculate the funds owed by individuals who play and win but don’t declare the money they make when playing online.

The latest revelations by ‘The Land’ an Australian news source indicate there are those out in the cyber world profiting handsomely from their wagering ways and not giving a share to the taxman. The report said the head of a secretive “Punters Club” used sophisticated software to make thousands of calculated online bets around the world every day and allegedly made more than $36 million over three years from the venture but did not declare a single dime to the Australian Taxation Office, court documents have disclosed. Zeljko Ranogajec is being chased by the Australian Taxation Office who now is thought to be living in London England. He is allegedly part of a 17-member club that between 2004 and 2006 made millions of Australian dollars during the operation.

The group formed in 1987 by mostly ex-maths students from the University of Tasmania. The club used complex algorithms to calculate the odds in thousands of horse and greyhound races, the ATO revealed. Among those thought to be part of the group is David Walsh. the owner of Tasmania’s Museum of Old and New Art. Court documents detail the groups turnover increased from $555 million in 2004 to $2.453 billion in 2006 and that it made a $66 million profit in 2006 and it is expected that these profits continued to grow in subsequent years.

The Australian Tax Office claims Mr Ranogajec made $36,033,599 with the Punters Club over the three years from 2004 to 2006, and did not declare any of it as taxable income. He did however declare $736,000 for the period, none of which was derived from his involvement in the Punters Club. He is appealing the assessment claiming that his ‘Punters Club’ profits should not be declared as taxable income.

Article source: http://www.online-casinos.com/news/news0211541.asp

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