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Zeljko Ranogajec |
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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Posted: 12 Feb 2012 at 6:31pm |
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Read this elsewhere does anyone have this article and if so could they please post it here for a read?
I've got the article in print format. (Weekend AFR is $3 and not a bad read). Earned $44 million over 3.5 years from an initial outlay of $200,000 betting on US tracks. He stated this in court (trying to get back $8.5 million in rebates off a bookie). Of $52 million profit, $44 million was earned in rebates. The US Race clubs proceeded to blackball the bookie's company through which the rebates were paid. Article mentions the Tasmanian Tote (TT) disaster as previously reported on this forum i.e. In spite of nearly $1 billion in turnover in 3 years, made only $1.5 million last year. Tatts paid $103 million for TT when it became a basket case. A Macquaries Equity report said that the average rebate was 10.5% to "punters like Ranogajec". Dick McIlwain stated "The ordinary punter is subsidising these guys". Article starts on page 44 if anyone buys the AFR. Well worth a read |
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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Of $52 million profit, $44 million was earned in rebates wow
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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There's an old saying in gambling...
" to make millions on the punt, you need to start with millions " An apt paraphrase for our beloved Z. |
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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He started with nothing and made millions so there goes that saying
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djebel
Premium Joined: 07 Mar 2007 Status: Offline Points: 53960 |
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LAUNDRY
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reductio ad absurdum
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skinny
Champion Joined: 01 Jul 2010 Status: Offline Points: 703 |
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Djebel you really dont know much about anything do you.
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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yes you finally make sense and i agree |
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djebel
Premium Joined: 07 Mar 2007 Status: Offline Points: 53960 |
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Why dont you tell us the story ? |
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reductio ad absurdum
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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Not quite Mr punting extraordinaire... Before he came into or was even interested in the gee gee's..he had jagged a rather large KENO jackpot, and was a very successful black jack player. |
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max manewer
Champion Joined: 31 Jan 2010 Status: Offline Points: 32947 |
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My understanding is his name was fished out of the same bowl of alphabet soup as Quetzacotl's.
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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Your wrong he played horse before he played Keno The relative, from the side of his late father, Mirko, claims he had started to work part-time at Wrest Point while studying for a commerce/law degree. The relative says he met his wife and "first love", Shelley Wilson, while she was also working there. But the more successful he became at blackjack, the more his studies started to take a back seat. His skills as a blackjack player saw him feared by casinos around the world. His business was "politely declined" first at Wrest Point, and Queensland's Jupiters Casino in the mid-1980s. But he did not give up playing the casinos, and moved to greener pastures overseas. The relative from his father's side recalls him coming home after being too successful on the blackjack tables in the US: "He was in Chicago, I think. They stopped him, and he had to come back." He increasingly turned his attention to horse racing, as well as other games such as Keno. He once won a then-world record $7.5 million Keno jackpot at Sydney's North Ryde RSL Club in 1994. |
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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ROFL... I don't even try an pronounce those eastern block names..fair dinkum they're worse then those 45 letter indian/Lankan one namers.. |
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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Thanks for confirming my statement oddson..
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oddsonbet
Champion Joined: 04 Feb 2012 Status: Offline Points: 594 |
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Your a Donk Quezacotl you said the above and i showed you this you really a a dill The relative, from the side of his late father, Mirko, claims he had started to work part-time at Wrest Point while studying for a commerce/law degree. The relative says he met his wife and "first love", Shelley Wilson, while she was also working there. But the more successful he became at blackjack, the more his studies started to take a back seat. |
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djebel
Premium Joined: 07 Mar 2007 Status: Offline Points: 53960 |
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reductio ad absurdum
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max manewer
Champion Joined: 31 Jan 2010 Status: Offline Points: 32947 |
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The real losers are not the mugs sitting in the TAB "guessing", as Dick Mc Ilwain makes out, it is the skilled punters who were winners, or maybe losing marginally, but have been attrited by a non-level playing field of heavy rebates. They have been reduced to the mug standard in a lot of cases. Skilled players would never accept tote odds of $4 about a horse the bookies were offering $5, but the uninformed betting blind would, except now they might get $4.50, though overall they would be no better or worse off, because they would also place bets on horses whose odds had been reduced by rebate players.Another example of deregulation screwing things up. Dick was right about the pollies being dimwits, or maybe that is kind.
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Luva Punt
Champion Joined: 21 Apr 2007 Location: Australia Status: Offline Points: 2425 |
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Does anyone else think that these rebates should be 100% counted as income, and taxable, whether they are paid to Zeljko or a Corporate Bookmaker? This is a rebate on all losing bets, which in effect is a cash rebate that no other punters in the marketplace receive. It has no relevance to the winning bets placed, and is clearly an income stream paid for losing bets that all ordinary punters do not receive. Medicare rebates are part of your income. All other rebates are income for tax purposes, so surely a cash rebate paid from one company to another for doing business should be classed as an income stream, and as such, taxable ??. |
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subastral
Champion Joined: 28 Jul 2011 Location: Melbourne Status: Offline Points: 34887 |
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No, they aren't mate.
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Baghdad Bob
Champion Joined: 10 Feb 2010 Location: Victoria Status: Offline Points: 13676 |
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LuvaPunt wrote...
"This is a rebate on all losing bets, which in effect is a cash rebate that no other punters in the marketplace receive."
Not quite correct, the rebates are given on turnover, that is, on both losing and winning bets.
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Luva Punt
Champion Joined: 21 Apr 2007 Location: Australia Status: Offline Points: 2425 |
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Ok BB, So the rebates are paid on turnover. The rebate is not a part of the wager. It is an additional payment for placing a bet. Is this not a form of income paid as a commission? What is it if it is not income? |
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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Correct me if Im wrong on this, but some of these rebates could be actually being paid out to tote owned bookmakers..example ..TAB pays out big kickbacks to Luxbet, Luxbet owned by Tabcorp..just giving themselves kickbacks aren't they..?
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lotto7
Champion Joined: 14 Jan 2009 Status: Offline Points: 1138 |
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Surely the rebates would not apply to Black Caviar. Back her at $1.04 and receive $1.14? Load up forever if that was the case.
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The Ear
Champion Joined: 26 May 2008 Status: Offline Points: 971 |
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Even better on the place
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J.M
Weanling Joined: 24 Mar 2011 Location: Brisbane Status: Offline Points: 88 |
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If he is business is professional punting than all income would be assessable winnings and rebates
of course he would be able to claim deductions for his losses and other costs
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HarmersHaven
Yearling Joined: 14 Feb 2012 Status: Offline Points: 151 |
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Long-time reader, first-time poster. Betting on the Asian Exchanges allows you to do just this. Your $5 win ticket can cost anywhere between $3.80 and $4.50 (10% to 24% discount in real terms) so backing BC becomes an option when you're in effect getting $1.15/$1.20ish win and place. In actuality, tickets are available all the way up to face value ($5), but the majority of trading is done between the margins quoted earlier. God Bless them. |
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Without data, you're just another person with an opinion.
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max manewer
Champion Joined: 31 Jan 2010 Status: Offline Points: 32947 |
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Quezacotl
Champion Joined: 04 Jul 2011 Status: Offline Points: 14993 |
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Surely at some point there will be competing betting exchanges everywhere .. If they allow licences to one..(Betfair)..then surely they have to allow competitors a licence, to eliminate any monopoly of the punting turnover in that area.
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MannyG
Champion Joined: 11 Mar 2009 Status: Offline Points: 1841 |
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Betdaq has been around for a while. Bugger all liquidity though.
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Muss
Champion Joined: 14 Aug 2007 Status: Offline Points: 1379 |
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Keyboard Warrior
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maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
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Shows what little chance the average punter has. Been happening for generations. I remember the on course hi rollers rooms, only too well. Discount on turnover. Will only get worse as Governments eye the prizemoney and wealth in the Industry. I can see a tobacco type tax , ravaging the gambling dollar . It has started already in some States. |
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