RVL and Sportsbet reach fee agreement
Corporate bookmaker Sportsbet.com.au has reached a formal settlement with Racing Victoria (RVL) on a gross profit product fee structure.
Darwin-based Sportsbet.com.au will pay RVL 10 per cent of gross revenue on Victorian thoroughbred racing for two years, from August 1 this year until August 15, 2012, rising to a Spring Racing Carnival premium of 15 per cent during October and November each year.
The agreement also sees Sportsbet.com.au making a significant contribution in funding to the Victorian thoroughbred racing industry retrospectively from September 1, 2006 to July 31 this year.
Sportsbet.com.au chief executive Matthew Tripp said the settlement of litigation against RVL provided certainty over the future Victorian thoroughbred racing product fee structure.
“This agreement is a win for the Victorian thoroughbred racing industry and I call upon all other controlling bodies around Australia to adopt this landmark product fee structure,” Tripp said.
“We have always said we are happy to pay our way to racing authorities and we’re delighted to agree with RVL on a fair and reasonable structure.
“We want to play a part in Victorian racing and our financial contribution shows how committed we are in assuring that Victoria remains Australia’s strongest thoroughbred racing state.”
The agreement sees Sportsbet.com.au withdrawing all Federal Court proceedings against RVL and the state of Victoria.
Sportsbet.com.au has received full approval under Victorian legislation over the next two years and will have use and publication rights of race field information pursuant to Racing Victoria’s existing race fields policies.