New Race Fields Charges in Victoria favours Punters.

[Chief Stipe]

Punters' win in new RV fields policy

www.racing.com

Racing Victoria says it expects punters both on-course and online to benefit from its overhauled race fields policy, which was revealed to bookies this week.

In a significant shift from the current policy, RV confirmed a raft of changes which should leave punters better off.

RV hopes the changes will see punters benefit from better prices on Victorian races, both on-course and on the exchange.

It is also hoped that it will lead to more generous investment from WSPs on Victorian racing, especially on metro race days.

RV also said it expected the total race field income generated to remain broadly the same year-on-year on a net basis.

As part of the changes, RV confirmed:

• There will be a simplified race fields model, which will replace the 'greater of' monthly calculation on turnover and revenue;

• The removal of all race field fees charged on free bet turnover;

• Movement to a single race field fee rate for all meetings, plus applying an increase to pari-mutuel rates to remove the historic discount linked to VicTAB;

• Rates for on-course bookmaker activity set at 0.5 per cent;

• Replacement of the current threshold discount structure with new, more graduated structure; and

• There will be increased support for sophisticated punters, which will include stopping WSPs restricting MBL access when operating more than one brand and requiring WSPs to demonstrate genuine risk when applying robotic betting MBL exclusion.

CEO Aaron Morrison said the changes come following a comprehensive review.

"The enhancements are being made in line with the commencement of our new funding model here in Victoria and the initial feedback has been positive across different sections of the market," Morrison said.

"Wagering operators expressed a desire for a more predictable fee model, one which ultimately provides greater incentives for them to promote Victorian thoroughbred racing to their customers, particularly on feature race days.

"This new model provides greater certainty for wagering operators and a stronger incentive to provide punters with value and with it we expect punters to benefit from an uplift in WSP promotional activity on our racing."

Morrison said punters were at the forefront of RV's mind when making the changes.

"We've also sought to unlock enhanced value for sophisticated punters through a specific fee discount for Betfair on activity sourced from high volume customers," he said. 

"The new model also provides further support for on-course bookmakers because they're an important part of our rich heritage and add to the race-day experience.

"Through fee reductions, they are encouraged to continue offering a highly competitive market that rewards those punters who head trackside.

"We want to see Victorian thoroughbred racing remain the primary product of choice for both wagering operators and punters and this revamped race fields model is designed to foster that, whilst maintaining critical funding to support returns to owners and participants."