Millionaire Patrick Veitch, 49, had been accused of causing death by dangerous driving following an incident in which his Porsche Panemera hit a stationery car.
-> Driver aged just 13 caught behind the wheel during 100mph police chase in YorkshireHe was also charged with causing serious injury to another child and a man - neither of whom can be named for legal reasons.
But the case against Veitch - who won £10m gambling over an eight year period - was thrown out as prosecutors offered no evidence against him.
The 11-year-old boy died and the two others were injured following a crash on the A64 near York on August 15, 2016.
During a previous hearing, York Crown Court heard two cars had collided around 488m in front of Veitch as he travelled at 70mph.
Prosecutors had originally alleged that Veitch had sufficient time to avoid the collision.
However, the prosecution, headed by James Macron QC, today (Sep 24) offered no evidence against Veitch after instructed experts concluded the crash was "inevitable".
Veitch, dressed in a grey suit and black tie, was instructed by judge Andrew Stubbs QC to enter pleas of not guilty to one count of causing death by dangerous driving and two counts of causing serious injury by dangerous driving.
Prosecutor Mr Macron QC said: "From an evidential point of view, the police expert has reviewed his opinion.
"The prosecution have instructed a second police expert and the position is five experts agreed by the time a reasonable driver would perceive the vehicles as stationery, there would not be a reasonable time to stop.
"The crown can not prove the defendant was driving carelessly or dangerously."
-> Knives on children as young as 10 on Leeds streetsJudge Andrew Stubbs QC said: "The evidence shows this tragic accident was an accident.
"In these circumstances the only verdicts are ones of not guilty."
Veitch stood to answer not guilty pleas to all three counts.
The judge concluded the 15 minute hearing by addressing Veitch: "I have formally entered not guilty verdicts on all counts faced and you can now leave the dock."
Veitch, from Fulwood, York, became one of the most successful punters of the 21st century after setting up 'The Professional' telephone tipping service when he was a student at Cambridge University in the 1990s.
His betting exploits, which he detailed in his autobiography Enemy Number One, were said to have netted him more than £10 million in profit between 1996 and 2006.
He enjoyed a lifestyle to pay for a large house, fast cars, a helicopter and a string of racehorses.
Veitch, who was dubbed 'The Baby-Faced Assassin of the Betting Ring', enjoyed one of his biggest wins on one of his own horses Exponential, who was backed from 100-1 to 8-1 to win a Nottingham maiden in August 2004, which is believed to have netted him £500,000.