A gambling addict found with a stash of guns and cocaine has been ordered to pay back just £1 of the money he made from his crimes.

Graham Calvert once tried to sue William Hill bookmakers for £2m claiming they were negligent in continuing to take bets from him after he had excluded himself from their shops.

The 31-year-old lost his case at The High Court and was later jailed for two years for possession of illegal weapons and cocaine.

At Newcastle Crown Court in October 2008 Calvert admitted possession of a prohibited handgun, possession of a shotgun without a certificate, carrying a knife and possession of 28g cocaine with intent to supply.

Calvert was pursued by prosecutors under the proceeds of crime act for the £1,260 value of the cocaine found during a raid on his £350,000 home at Sedgletch Farm in Houghton-le-Spring in September 2007.

But during a hearing at Newcastle Crown Court yesterday Calvert, who was released from jail last year but did not attend court, was ordered to pay back just £1.

The court heard Calvert, who made a fortune as one of the country’s top greyhound trainers, now had no realisable assets.

During his court case in 2008 the court was told Calvert had gambled away his entire fortune.

Yesterdays hearing had been expected to last two days but prosecutor Gavin Doig told the court that to proceed would be a “waste of public money.”

Mr Doig said: “We take the view that it would be a waste of public money in this case.

“The expense of having the two-day hearing would far outweigh the recoverable sums in the case.

“The market value of the cocaine with which he was found was £1,260.

“The defendant has not assets which can be attributed to him.”

Mr Doig said prosecutors requested a £1 confiscation order, which Judge Esmond Faulks agreed to.

Judge Faulks said: "I commend the prosecution on a realistic attitude.”

Calvert claimed in 2008 that he had the deadly stash of weapons to protect himself from loansharks.

The court heard the handgun was an antique revolver for which bullets are no longer manufactured and are now impossible to get hold of.

The cocaine stash found at the farm was valued at over £1,000 at the time but the court heard it could have been cut and sold for double that amount on the streets.

Christopher Knox said Calvert's problems started when he gambled away his savings by placing bets such as a quarter of a million pounds on the Ryder cup, which he lost.

He then borrowed "huge sums" of money from friends of his father but continued to gamble until he found himself "hopelessly addicted" with mounting creditors.

It was then he decided to exclude himself from William Hill, who continued to take bets from him.