Racing Victoria (RV),
the body responsible for regulating horse racing in the Australian state of
Victoria, has announced new terms under which bookmakers can offer odds on
thoroughbred race fields which will begin from next month (July 1st).
The new controls, or
race fields policy, are to be introduced following a detailed review of RV’s
current policy, aided by extensive consultations with wagering service
providers and other industry stakeholders.
RV says that its race
fields policy will remain broadly similar to its previous incarnation, but with
a number of changes that will come into force from July 1st, expiring on June
The threshold at which
operators must pay tax of 1 per cent of turnover will be reduced from AUD$15m
to $5m, bringing Victoria into line with other Australian jurisdictions. Funds
raised through this change will be reduced to bookmakers in the form of incentives
and promotions to boost the state’s thoroughbred racing sector.
measures will also be implemented to help protect the sector’s integrity.
The tax rate for
exchange betting will be changed from a scaled percentage of turnover to a flat
40 per cent gross revenue tax on all Victorian meets, with a minimum bet limit
introduced “as soon as practically possible,” with a target date of October 1st
RV will hold a meeting
later this month, at which it is to consider amending fees applied to
pari-mutuel and fixed-odds bets, introducing a minimum bet limit as part of
changes to the base terms of the race fields policy.
The body’s chief
executive Bernard Saundry said RV will work directly with bookmakers to ensure
details are finalised and the policy is ready to be implemented from July 1st.
values its relationships with wagering service providers and we will continue
to work with them to provide the best sport and wagering product we can for our
mutual customers, the punters,” Saundry explained.
Once the new policy is
implemented RV will prioritise a process of further consultation with wagering
operators and customers on the introduction of the minimum bet policy.
“The minimum bet
policy must be effective and appropriate for all stakeholders to ensure that
Victorian thoroughbred racing remains an attractive product for all,” Saundry