According to a report, a court has determined that a punter’s consistent, heavy wagering on horse races over a five-year period constituted a ‘continuous action to make a profit.’ In turn, the handicapper was able to reduce a US$7.7 million back-tax bill into a relatively meager US$635,000.
Particulars of the decision have come courtesy of an article by Rocket News 24, which explains that the Osaka, Japan-based gambler had made roughly 3.51 billion yen (US$33.2 million) worth of wagers using horse-racing-odds software.
The report goes on to state that the punter had won 3.665 billion yen (US$34.7 million) off of the wagers, which worked out to a profit of 155 million yen (US$1.47 million), roughly one fifth of what the tax office was looking to collect off of him.
The article states that the taxes had only been applied to the punter’s winnings, but the court ultimately sided with the handicapper.
The report states that the government is intending on appealing the ruling to the Supreme Court of Japan.
(With files from the Rocket News 24)