New research has presented the most comprehensive picture yet of gamblers who regularly bet on horse and dog racing in Australia — and it is not pretty.

Substantial numbers of regular race bettors gambled more than they can afford to lose, a study by the Australian Gambling Research Centre (AGRC) revealed.

For the most severely affected, gambling caused physical or mental health problems.

"Among regular gamblers overall, the rate of problems is between 16 and 17 per cent," said Andrew Armstrong, a researcher with the AGRC.

"The rate among regular race bettors is double."

In fact, it is more than double.

Forty-one per cent of race bettors experienced problems — with half of them spending anywhere from $4,300 to more than $8,000 a year.

The AGRC analysed data from more than 14,000 people questioned as part of the 2015 Household, Income, and Labour Dynamics in Australia Survey and found there were 975,000 people who regularly bet on horse or dog races.

"Initially, it was just a couple of little bets. And the beast grew from there," said Mario Bird, a former punter who nearly lost his marriage and his landscape and paving business due to gambling.

"Towards the end, I was betting nearly $1,000 a week," Mr Bird said.

He said he kicked his habit cold turkey several years ago.

"The sinking ship finally went under. I didn't really have a choice."

Glamour of race carnival disguises gambling risks

He believes the publicity and the glitz and glamour associated with the Spring Racing Carnival allows race betting to escape some of the criticism that is usually focused on the pokies.

"I think horse racing definitely flies under the radar," he said.

"The glamour of the Spring Carnival and all that overshadows the problem."

The AGRC research found that for 10 per cent of race punters, their addiction had caused physical or mental health problems.

And for the very worst, lives can be virtually destroyed.

Gambler Ken Wolfe knows that better than most.

Ken Wolfe started betting on horse racing when he was just 16. ( ABC News: Norman Hermant )

"I had all the hallmarks of an addicted gambler," Mr Wolfe said.

"Borrowing money to gamble, hiding gambling, telling lies about my gambling."

Mr Wolfe started betting on horse racing when he was 16. By his mid-twenties, he was working as a police officer in Victoria.

He placed racing bets every chance he could.

"What I found was, losses don't count. It was the next one," Mr Wolfe said.

"I lost all my money today. Thank goodness I can bet tomorrow."

Finally, after decades of hiding his gambling addiction, Mr Wolfe was exposed in spectacular fashion.

In 2010, while working as a planning enforcement coordinator for a local council, he was charged with taking bribes from illegal brothel operators.

He was convicted and spent 20 months in prison. He said he still cannot believe how much he took in bribes — $134,000.

Almost all of it went on the horses.

"They said $134,000. I felt sick," Mr Wolfe said.

"I racked my brains, what have I got to show for $134,000? And I've got nothing. I've got absolutely nothing."

Since his release from prison, Mr Wolfe helps counsel problem gamblers. And he agrees the Spring Racing Carnival promotion of fashion and fun distracts from the potential dangers of race betting.

"Absolutely it does," he said.

"The bottom line of racing ... is gambling, and the bottom line is betting, and the bottom line is winning money. The glamour is peripheral to all of that."