Betfair and Racing Victoria wake up......finally. But don't expect Petey in NSW to do so.West Australian Racing

bookielover

Betfair have announced that they will remove the turnover charge from Victorian Racing from July 1 2013.

RV recently announced that it would assess turnover for a betting exchange as "net customer winnings" rather than the aggregate of all bets taken on the "backers side" of the exchange. RV described it as a "more appropriate measure of the volume of customer transactions".

Betfair said that they were hopeful that "other jurisdictions would follow suit".

I posted yesterday about the iniquitous turnover tax that Racing NSW is introducing to bookies in NSW for amounts under 5 million that will cost bookies up to $50,000 a year depending on their turnover.

So it's pretty fair to say that the likelihood of RNSW following suit is virtually zero.

I also want to add that when the turnover model was introduced by Betfair and I was having hundreds taken out of my account each week, I contacted Betfair and told the bloke who handled my account, that I would be curtailing my betting with them to a major degree.

Without giving figures, my turnover with them dropped by 90% on the punting side, and I used the Fair for laying only which was NOT subject to the tax. RV got nothing, and the Fair lost out on the commission I was paying on the punting side, which was substantial even though I was on a low rate.

Obviously, I wasn't an orphan, and when RV did their figures, they realised how much money they were losing compared to what they were getting with the old model.

I will give RV credit. At least they woke up and have gone back to the old model.

Does anyone think that Petey will follow suit?

I-)

AndrewCarter

Wouldn't have thought so, he still hasn't been held to account for his monumental brain dead blunder in over riding all expert advice and allowing them to open Randwick for trackwork during the EI saga when every other track in Australia was closed.
Pete as always thought knew better than anyone else and just for good measure when they didn't come down with it on the first day he ensured that they contracted it when they opened Randwick again the following day, at last count how much did that cost the NSW racing and breeding industry again?
I'm still waiting waiting for one of the Sydney sycophant journalists to challenge their lovechild on that one. I won't be holding my breathe waiting for that to happen any time soon.

bookielover

Sorry Andrew, just saw your post today.

Pete has got a great record hasn't he? Let's see. In charge at Harold Park and harness racing, both gone. Yes they got a lot of money for HP, but does anyone at all go to Menangle unless it's the Miracle mile or the Inter Dominion?

I can't think of one area that Pete's been involved in in racing, that has been the better for Pete's involvement rather than the worse.

His latest, is to tax bookies completely out of existence.

Good one Pete.

:(|) :(|)