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Bill Waterhouse, one of Australia's best known bookmakers and head of the famous Waterhouse clan, has passed away aged 97 years.

"Bill Waterhouse was a true racing character who had presence, charisma and charm.'' said Peter V'landys AM, Racing NSW chief executive, said.

"He was both fearless and controversial and added atmosphere and colour to any betting ring.

"Our thoughts are with the Waterhouse family on the sad loss of the Patriarch of the family.''

Australian Turf Club Chief Executive Jamie Barkley said: "Bill Waterhouse was a towering figure in the betting rings of Sydney racecourses for several decades.

"He was amongst the biggest and most competitive in his trade of anywhere in the world during a halcyon period of on-course bookmaking.

"We send our sincere condolences to all of his family on his passing.''

Mr Waterhouse was educated at Greenwood Primary School and North Sydney Boys High before completing an Arts/Law degree at Sydney Uni.

Bill had been a bookmaker's clerk since 1938 with his father, who was first licensed as a bookmaker in 1898.

He became a barrister before making bookmaking his full-time career.

At 80 years of age, Mr Waterhouse announced he was returning to train his grandson, Tom Waterhouse, as a fourth-generation Waterhouse bookmaker.

They became Australia's largest on-course bookmakers in 2007 and 2008.

Mr Waterhouse retired from bookmaking in 2010.