Fallen Victorian racing identity Bill Vlahos has admitted to defrauding punters of almost $18 million in a complex betting ring fraud.

The former BC3 Thoroughbreds chairman pleaded guilty in the County Count on Monday to two charges of obtaining financial advantage by deception totalling $17,520,225.

He is accused of defrauding of investors through his betting syndicate between 2008 and 2013.

Credit: AAP