Victorian Wagering Review Final Report
The final report of the Victorian Wagering Review conducted by leading international consulting firm, PwC and chaired by highly respected business advisor and former Publishing and Broadcasting Limited (PBL) Chief Executive, Peter Yates was presented to the Board of Racing Victoria Limited on Thursday 12 May, 2011 and is now available for public release. The highly detailed report reaffirmed the methodology of charging based on a percentage of gross revenue rather than turnover and recommended an increase to the current product fee.
The recommendation is to increase the current standard rate from 10% to 13% of gross revenue and to increase the premium rate from 15% to 18% during the Spring Racing Carnival months of October and November.
A key feature of the new model will be the introduction of a minimum payment of 0.5% of turnover per month. In any month where the percentage of gross revenue of any wagering service provider is less than 0.5% of that provider's turnover a minimum fee of 0.5% of turnover will apply.
The RV Board has accepted the recommendations of the final report in principle and intends to implement the new regime from August 2012, to coincide with the commencement of the new Victorian wagering Licence.