A HIGH-LEVEL gambler who claimed to have a system that let him win at baccarat 95 per cent of the time has failed to convince a tribunal he should not have to pay the Tax Office $1.15 million.
The man held the highest "black" membership at The Star casino and records revealed he bet more than $2.4 million on 228 days in 2007-08.
The punter told the Administrative Appeals Tribunal that all his unexplained financial deposits for those years were from gambling wins and he should not have to pay $1.15 million in tax and penalties.
The tribunal heard that since coming to Australia from Vietnam in 1991 the man, now in his early 50s, had made only a modest income through businesses.
He claimed his fortunes changed in late 2006 when he and a friend discovered a system for winning at baccarat 95 times out of 100 while on a trip to Vietnam. After two months of research they began gambling using the system, winning more than $US4 million in a six-month period in Vietnam and Cambodia, he claimed.
From that time until late 2010 the gambler claimed he regularly used this system, playing baccarat at The Star casino, winning more than $10,000 on some days.
The gambler told the tribunal he became afraid the casino would not let him play so he restricted himself to winning less than $10,000 at a time. "I remember I could win about one to two million that year ... I remember once my ex-partner told me ... every minute we making $24," he said.
The Star casino records showed he had overall losses of $25,657, $43,733 and $168,791 in 2005, 2006 and 2007, net winnings of $464,156 in 2008 and received 41 cheques between June 2007 and November 2008. A casino manager told the tribunal he only could think of a couple of other patrons with such a high level of net winnings.
But tribunal deputy president Stephen Frost said casino records showed his winnings were nowhere near what he claimed and he dismissed the "inherently improbable" claim about his baccarat winning system.
"He claims their system is based on mathematical science, but it seems to me that one needs more than mathematical science to turn the sow's ear of complete randomness into the silk purse of virtual certainty," Mr Frost said.
Mr Frost confirmed the Tax Commissioner's decision.
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