PwC to Review Aussie Horse Racing Board Wager
VICTORIA, Australia – Accounting and consultancy firm PricewaterhouseCoopers took the task of independently reviewing the wager of Racing Victoria Limited (RVL) board and would present product fee recommendations based on the review, which is expected to culminate in the next six months.
RVL acting chief executive Paul Bittar said appointees from PwC will make sure the review results in a decision that gives “the best long-term funding and customer outcomes” for the horse racing industry of Victoria.
PwC team will consist of Jeremy Thorpe, a partner at the firm, with a team of economic analysts, Bittar said. Peter Yates, former Publishing and Broadcasting Limited (PBL) chief executive, will serve as chairman of the committee that will review RVL’s wagering.
Yates has been an independent consultant of the Victorian and NSW racing industries when the Victorian and NSW TABs were being privatized, according to Bittar.
The PwC team will be guided by Yates by coordinating and facilitating inputs into its review of the wagering. The review involves all stakeholders in the thoroughbred racing industry.
At present, RVL generates its income from the charged product fees in the racing sector, but some of its members believe a revenue-based model is much better. PwC team will include in the review the written recommendations from participants in the industry and wagering operators permitted by RVL.