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.
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...

Black Caviar Lightning Stakes results and replay – 2020

View the results and replay for the 2020 Black Caviar Lightning Stakes. The Black Caviar Lightning Stakes was raced at...

Alligator Blood wins thrilling battle with Catalyst

The clash between Queensland star Alligator Blood and New Zealander Catalyst has lived up to the hype with the pair...

Fans flock to see champion Black Caviar

Black Caviar has dragged the Flemington crowd from the grandstands at her first race track appearance since her retirement after...

Peter Moody

Peter Moody set for training return

Peter Moody says he has learned a lot during his absence from training and will be taking a different approach...

Horse scratched because the owner thought it was dead

We have lost the big million dollar races at Warwick Farm this afternoon, but we have NOT lost high stakes...

Trainer charged over Melbourne Cup day stomach-tubing

Victorian trainer Richard Laming and two stablehands have been charged for stomach-tubing a horse on race day. Racing Victoria stewards...

Melbourne Cup winning trainer’s torture case moved

Melbourne Cup-winning trainer Darren Weir and others accused of torturing horses and corrupt betting have won a bid to move...

Bill Vlahos and his 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...

The Everest winner Yes Yes Yes retired

Star colt Yes Yes Yes has been retired with a tendon injury ending his career. The winner of the $14...

Talented sprinter suffers fatal fall at Randwick

Talented sprinter from the Gary Portelli yard Ronstar has sadly suffered a fatal fall at Randwick. Ronstar clipped heels near...

Boom horse sold cheap in online auction

One of the biggest boom horses in recent years Royal Symphony has been sold cheap in an online auction and...

Danny Nikolic denied Queensland jockey’s licence

Controversial former jockey Danny Nikolic has lost his bid for a riding licence in Queensland. The Queensland Racing Integrity Commission...

Peter Moody

Peter Moody confirms plans to train again

Peter Moody has confirmed his plans to return to the Victorian training ranks with a boutique stable at Pakenham. Moody...

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.