The betting firm spearheaded by the son of a racing dynasty, Tom Waterhouse Pty Ltd, has been fined for rewarding Victorian punters for opening betting accounts.
The company pleaded guilty to offering to match the initial deposits into the accounts of new members up to the value of $200.
Tow Waterhouse business cards detailing the inducement were handed out at Caulfield Racecourse on February 26, 2011, in breach of the state's gambling regulation act.
Alex Fitzpatrick, for the Victorian Commission for Gambling and Liquor Regulation, told the Melbourne Magistrates Court on Monday such offers were legal in other states but outlawed in Victoria.
Defence barrister Paul Holdenson QC said the company, which is registered in the Northern Territory, had since taken measures to prevent a repeat.
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"This was a slip-up and there aren't any more slip-ups," he said.
"The court can be absolutely satisfied that this breach will not be repeated in this jurisdiction or any other."
Mr Holdenson urged Magistrate Frank Jones not to impose a conviction to avoid a disproportionate punishment for the company.
Mr Jones said he classified the breach as fitting on "the lower end of the scale".
He fined Tom Waterhouse Pty Ltd $1000 without conviction and ordered the company pay $800 in court costs.
Waterhouse, the son of Melbourne Cup winning trainer Gai Waterhouse, sold his online betting business to British bookmaker William Hill for $34 million in August.
He remains managing director of the business.
