Wallace made his first appearance at the World Championship in 1995, losing a first-round match to Raymond van Barneveld.
In 2000, Wallace lost to Ritchie Davies in the first round; he did not qualify to play at the World Championship afterwards.
Wallace's private life was a major contributor to his withdrawal from the full-time darts circuit.
He gained a two-year PDC tour card after finishing 23rd in the Q School Order of Merit.
After a 1996 court appearance, he was fined £210 and banned for 12 months for driving with excess alcohol, having no insurance, and failing to stop.
Wallace owed the money to Southampton City Council for failing to pay for the period 1 April 1997 (the year in which he won £38,000 for winning the World Championship) to 31 May 2000.