Best Odds with Top Tote+ and Bet Back Offers!
Register at Australia's #1 Online Bookmaker!
Watch Live Racing FREE!
Sign-up now and Watch every Race Live and Free on your Phone!
Back A Winner!
Sign-Up to Australia's Fastest Growing Online Bookmaker!
Back Yourself!
Sign-up and start betting with Ladbrokes in 2 minutes!
Best Of The Best Odds!
Bet With Palmerbet and get Paid Top Fluc or Top Tote!!
*Conditions Apply. Excl VIC, NSW, SA & WA. Gamble Responsibly
Image: AAP
Bill Vlahos built an elaborate betting system for horse racing and it was a multi-million dollar lie

Bill Vlahos built an elaborate betting system for horse racing and it was a multi-million dollar lie.

The Melbourne racing identity used fake betting and results sheets and even invented an international betting expert called “Max” to make sure his 71 victims kept handing over money.

From 2008 until 2013, they thought they were making “spectacular” returns through Vlahos’ punting club The Edge.

Instead Vlahos spent their money on business class flights, credit cards, luxury accommodation and cars, a jacuzzi and other failing business ventures.

His winning betting formula was a fiction. Bets were either not placed or had no resemblance to what Vlahos said he was doing.

The fraudster covered his tracks by pairing his fake figures and manufactured results with actual races and legitimate race information, as well as falsifying bank documents.

International betting agent Daniel Maxwell or “Max”, who Vlahos said he brought on board to increase the club’s access to offshore funds, also did not exist.

The sham collapsed in 2013 before Vlahos was hit with 347 charges totalling more than $120 million in fraudulently obtained funds.

The 54-year-old eventually cut a plea deal. Last year he admitted in the County Court of Victoria to two counts of obtaining financial advantage by deception worth $17,520,225.

His victims have been left financially shattered, with some forced to sell their homes and suffering marriage breakdowns.

“We have to start again as we have lost our house,” one said in a statement to the court.

“We worked hard to get where we were and the financial impact financially has shattered us and changed us from the fun-loving couple who have been married for 30 years to sad, miserable and bitter.”

Another victim likened the moment when he learned Vlahos’ scheme was a sham to “getting pushed off a tall building and while I spiralled downwards, watching the last 25 years of hard work sucked out of my lungs”.

Even as Vlahos’ lies were bringing him undone, he was trying to obtain loans for new business ventures while $80,000 in personal debt.

His lawyer Justin Wheelahan on Tuesday emphasised Vlahos had saved the court significant time by confessing.

His original charges would have had to be split into nine different trials.

Vlahos has been remanded in custody and his plea hearing is expected to continue before Judge Douglas Trapnell on Wednesday.

 
*Existing customers only. 2nd Racing bet. Excl SA & WA. T’s & C’s apply. Gamble responsibly.
Tags:
Featured News

Free Racing Bonus Bets and Offers

We take a look at the BIGGEST and BEST Free Daily Racing Offers and Betting Promotions from Australia’s leading online...

Racing Victoria cuts prizemoney

Racing Victoria will cut prize money and stand down staff in a bid to reduce expenditure during the coronavirus pandemic....

Doncaster Mile

The Doncaster Mile is one of the feature mile races in Australia for all horses, it is held at Randwick racecourse each year...

TJ Smith Stakes

The TJ Smith Stakes also referred to as the TJ Smith is one of the feature WFA sprint races each year in Australia the race...

Watch: Star horse unearthed in the US

American racing fans may have unearthed something to get them all through the global crisis. At beautiful Gulfstream Park today,...

The Championships prizemoney slashed by over $9 million

Racing NSW has announced a major reduction in prizemoney for The Championships less than a week out from the opening...

Verry Elleegant far too good in G1 Tancred Stakes

The talented but sometimes fizzy Verry Elleegant has shown a new-found maturity to win the Group One Tancred Stakes at...

Mark Zahra opens up about coronavirus test

Mark Zahra says he has never received so many congratulatory text messages as he did after receiving the news of...

US Hall of Fame jockey tests positive for coronavirus

United States Hall of Fame jockey Javier Castellano has tested positive for the coronavirus and is self-isolating. Castellano tested positive...

Anti-horse racing activists send “fraudulent” text message

Anti-horse racing activists have sent out “fraudulent” text message appear to be from Queensland Health calling for Prime Minister Scott...

Watch: Unbelievable win by first starter

Racing fans will be hard pressed to see a more impressive win than that of Befana at the Sunshine Coast...

Alligator Blood returns positive to prohibited substance

Caloundra trainer David Vandyke has denied the illegal substance altrenogest has been administered to star galloper Alligator Blood who has...

Australian Bookmaker Reviews

Which bookmaker should you bet with? We Review each of the leading online Australian Bookmakers and rate them in order...

 
 
Copyright © 2020 Just Horse Racing.
All rights reserved - Privacy Policy

Gamble Responsibly 18+
*State exclusions apply to some offers. Please check T&Cs of each offer with the bookmaker. All Offers Exclude NSW residents.