Victor Chandler
Victor Chandler | |
|---|---|
 | |
| Born | 1951 |
| Education | Millfield School |
| Occupation(s) | Bookmaker, Chairman, Victor Chandler International |
| Website | Victor Chandler |
Victor Chandler is a bookmaker and chairman of the company that bears his name, Victor Chandler International.
Frequently styled ‘The Gentleman Bookmaker’[1], in 2006 The Racing Post described Chandler as "arguably the most famous bookmaker in the world. He's the Indiana Jones of bookmaking, the fearless, swashbuckling rails layer who lit up Britain's racecourses for two decades....the gold prospector who excavated rich new revenue seams internationally, the visionary, the dashing pioneer who turned the industry inside out by upping and moving to Gibraltar in 1998."[2] Outside of the business arena, Chandler was described in The Mail on Sunday on 22 April 2007 as '...about as far as you can get from the traditional image of a bookie. Charming, modest and a gracious host, he has the air of an archetypal middle-aged English company chairman, and not a trilby in sight.'[3]
Off-shore Bookmaking & Gibraltar
Victor Chandler is often credited as the first bookmaker to recognise the importance of online gambling, particularly online casinos and poker, as well as being the first to move his gaming business offshore.
In the early 1990s, Victor began to accept football wagers from far-eastern clients and, in doing so, he recognised the potential growth in foreign markets. He opened up an office in Antigua to enable these clients to bet without the need to pay UK tax.
In the UK, punters were required to pay a 9% betting tax but, in 1996, Chandler obtained a betting licence in Gibraltar and in 1999 moved his entire business there, employing 350 people and becoming the largest employer on the Rock. Victor Chandler was now able to offer sports betting free from UK tax.[4]
In common with most bookmakers, his bookmaking business employs tactics designed to stop it losing money to winning or shrewd customers. These tactics include offering non-existent prices, shortening prices once a marked account has indicated an interest in a price, restricting stakes, and barring winners completely.
In short Victor Chandler doesn't want you as a customer unless you have the word "MUG" clearly tattoed on your forehead.
Wealth
In the 2009 Sunday Times rich list Chandler was ranked 362nd with a fortune estimated at £150 million[5], falling from the previous year's estimation of £365 million. [6]
In an article in The Observer in June 2008 Victor spoke of his friendship with the artist Lucien Freud [7], including the portrait of Victor which Freud completed which was sold for £4.5m in 2006 [8].
References
- ^ McDowell, Steve (2007) To the Victor the spoils London: Square Mile Magazine
- ^ http://midas.picdar.co.uk/cgi-bin/RP?MatchIndex=1&urn=718521033&Random=1288392024&FFAC=WM0000022791&searchid=2
- ^ Farmer, Duncan (2007) What's the odds on my £5m estate in Spain selling very quickly?. London: Mail on Sunday
- ^ http://www.victorchandler.com/vcbet/en-gb/page/about-us
- ^ http://business.timesonline.co.uk/tol/business/specials/rich_list/rich_list_search/?l=27&list_name=Rich+List+2009&advsearch=1&t=1&n=chandler&k=&x=0&y=0&a=&r=&g=&i=&new=#searchtop
- ^ Victor Chandler: The man who calls the odds - Telegraph
- ^ To Victor the spoils | Sport | The Observer
- ^ BBC NEWS | Entertainment | Freud portrait could sell for £4m