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They are the mathematical geniuses who have beaten the odds on the world’s racecourses and poker tables, making tens of millions of dollars to fund lavish lifestyles.
Some of the fortunes of the mysterious Punters’ Club have been spent on creating personal art museums and installing sushi bars and tenpin bowling alleys in their palatial homes.
The Herald Sun today can lift the lid on the secretive group, identifying all 19 members who collectively make a reported $50 million profit from $2 billion worth of bets placed annually.
The success of the Punters’ Club has come to the attention of the Australian Tax Office, which claims the professional nature of the group means the usual rule that gambling winnings are tax-exempt does not apply. In fact, it says, the club is liable for $900 million in unpaid tax.
Three Punters’ Club members have vowed to fight the claim, insisting they have nothing to hide.
Early last month, Tasmanian gambler David Walsh quietly contested his $37 million tax bill in the Federal Court after he was slapped with a revised assessment for 2004, 2005 and 2006.
Next, Tasmanian poker player and businessman George Mamacas followed suit. And on June 29, the king of the Punters’ Club, another former Tasmanian, Zeljko Ranogajec, put his head above the parapet.
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