Max Eddine, 40, has lodged a lawsuit in the Federal Court claiming he is entitled to recover his mammoth gambling losses because the gambling giant broke consumer law.
Mr Eddine's claims are yet to be tested in court.
In the two years to November 2024, Mr Eddine placed $20.6 million worth of bets with the gambling giant at an average stake of $1382 a bet, his statement of claim says.
"Between November 2022 and November 2024, Mr Eddine's deposit activity exhibited signs of loss-chasing behaviour," his claim statement reads.
In the last 20 full months, he deposited money at least 49 times a month and laid at least 140 bets a month, the claim states.
"Mr Eddine used to stop betting only when his account balance was zero … Mr Eddine could not afford the net losses he was incurring on his Sportsbet account."
Sportsbet, which has until September 21 to file a defence to Mr Eddine's claims, said gambling was one of Australia's most highly regulated sectors.
"While we cannot discuss the circumstances of individuals ... we are deeply committed to meeting our legal and regulatory obligations," a Sportsbet spokesman said.
The high value of Mr Eddine's bets and deposits led to him being assigned a "VIP manager" in December 2022, he claims.
When the company started to ask questions about whether Mr Eddine could afford his gambling habits, the VIP manager allegedly coached him on how to avoid suspicion.
"It is a standard call," the manager allegedly said to Mr Eddine.
"They are very lenient with this stuff; they just want to hear the right answers.
"They will ask you if you can afford the gambling you are undertaking. Just say 'yes'."
Revelations about the activities of VIP managers rose to prominence after former NRL player Luke Bateman gave evidence to a Senate committee about the inducements he said he was offered to keep gambling, including free drugs and alcohol.
Mr Eddine said the behaviour of Sportsbet and its staff was an "insidious cancer" on his life.
"Sportsbet's VIP manager ... took advantage of me without ever considering the consequences their actions had on me and my family," he told AAP.
"Their conduct was predatory and without compassion."
The 40-year-old said his problem gambling, encouraged by Sportsbet, prompted him to become separated from his wife and lose access to his sons in November 2024.
His losses were so large, he was forced to dip into his company's revenue to fund his repeated deposits, he alleges.
Subcontractors were not paid on time and Mr Eddine was forced to borrow money from family and friends, the claim states.
"An appropriate interaction in all the circumstances was for Sportsbet to lock Mr Eddine's account," the statement of claim alleges.
National Gambling Helpline 1800 858 858
