Following a comprehensive review of wagering revenue and an analysis of racing product trends, Harness Racing Victoria (HRV) recently determined revisions to its race fields’ policy, which have taken effect from September 1, 2016, in line with the new racing season.
Under the terms of the policy, HRV has determined non pari-mutuel bet types be separated into tote derivative and fixed odds bets – with the former to be subject to a new fee of 3 per cent (on Assessable Turnover exceeding $100,000 per calendar month). Tote derivative bets are any bet made with a corporate bookmaker that is derived from a tote price.
The race field fees applicable for fixed odds and pari-mutuel bet types remain principally unchanged.
“With wagering revenue accounting for more than 70 per cent of our overall revenue stream, it was vitally important to ensure HRV outlined a policy which provided benefit for the industry and its participants, while also ensuring HRV was not disadvantaged in the current wagering environment,” HRV Chairman Dale Monteith said.
“Needless to say, wagering revenues are critical to HRV in order to implement prizemoney initiatives, infrastructure and other key projects, and a workable race fields’ policy is central to this.”
This new policy will be in place until August 31, 2017.
The policy also outlines new reporting guidelines for wagering service providers, which will provide HRV with more detailed data to allow for more in-depth analysis of current wagering trends.
HRV continues to review and model a Minimum Bet Limit framework, which has been recently implemented in selected thoroughbred racing jurisdictions, however further data and analysis is required in this area given the difference in wagering pool sizes and operator yields across Victorian harness racing.
In the interim, HRV will continue to engage and share data with wagering service providers to help improve racing product and to ensure that the policy is best placed to serve Victorian trots into the future.
Media enquiries:
Cody Winnell (HRV Media/Communications Manager)
t: 03 8378 0288 | e: cwinnell@hrv.org.au | tw: @codywinnell
