RACING Victoria chief executive Rob Hines yesterday struck back at critics of his handling of the tax to wagering operators by claiming Victoria's gross revenue scheme had performed as well as the turnover tax model over the past 12 months, reports The Age.It says: RVL yesterday released figures claiming that in the 12 months from November 2009, the turnover on Victorian racing by interstate wagering operators was $3130.8 million, which returned $45.1 million to RVL under its gross profit model,
RACING Victoria chief executive Rob Hines yesterday struck back at critics of his handling of the tax to wagering operators by claiming Victoria's gross revenue scheme had performed as well as the turnover tax model over the past 12 months, reports The Age.
It says: RVL yesterday released figures claiming that in the 12 months from November 2009, the turnover on Victorian racing by interstate wagering operators was $3130.8 million, which returned $45.1 million to RVL under its gross profit model, or the equivalent of 1.44 per cent of turnover.
RVL has been attacked by some shareholders in the wake of the Federal Court decision last week in Sydney to permit Racing NSW to charge wagering operators 1.5 per cent of turnover. Racing NSW claimed this is a major win for the state.
Under the gross revenue scheme, which RVL earlier this year signed onto until August 2012, RVL charges out-of-state wagering operators such as totes, bookmakers and betting exchanges 10 per cent of gross revenue on bets taken on Victorian thoroughbred racing, rising to 15 per cent during the spring.
Hines said yesterday that the introduction of corporate bookmakers onto the gambling scene had stimulated thoroughbred gambling.
''It should be noted that turnover on Victorian thoroughbred racing has increased substantially since the introduction of corporate bookmakers,'' he said. ''Having these lower-margin operators in the market has stimulated wagering and improved returns to the industry by attracting price-sensitive customers to racing.
''In the absence of these customers it is likely that total turnover would have been lower with a consequential reduction in revenues to Victorian racing.''