Racing Victoria hikes fees for bookmakers

    Racing Victoria has hiked fees it will charge to bookmakers from July 1st this year. In an Australian Stock Exchange filing, Tabcorp said that without mitigating strategies the fee changes would have knocked $4 million from its net profit after tax had they been in place during the 2014 fiscal year. Online bookmakers will have to pay the higher of 1.5 percent of turnover, or 15 percent of gross revenue for 440 standard race meetings in Victoria. For the 45 group and listed meetings the charges rise to the higher of 2 percent of turnover, or 20 percent of gross revenue, while for the 10 premium group one meetings, including the Melbourne Cup, the fees are increased to 2.5 percent, or 30 percent of gross revenue. Australian media reports say that New South Wales and Queensland are also likely to raise fees.