Replacement of Australian Prices Network “Official Price” in Western Australia
12 June, 2017
Thoroughbred
In August 2016, Racing Victoria (RV) announced a new method for the collection and dissemination of the Victorian Official Price (VOP) with effect from 1 September 2016.
The VOP incorporates the official price fluctuations for thoroughbred races in Victoria and is assessed from a spread of prices being offered by Wagering Service Providers (WSP).
The VOP represents the best price available at any one time from six WSPs and replaced the previous process provided through the Australian Prices Network (APN) which assessed prices from on-course bookmakers exclusively.
Since that time other States have also migrated from the APN method to similar methods for the determination of the “Official Price”.
RWWA was advised by APN on 25 May 2017 that “further to a review of the Business, the decision has been made for APN to close and cease to provide services effective as of 31 May 2017, i.e. the last date of services provided will be 30 May 2017”.
As a result of this withdrawal of service there was an impact on wagering customers and on-course bookmakers that offered “Top Fluc” and “Starting Price Guarantee”.
Accordingly in order to support the operations of on-course bookmakers and provide continuity of service to punters, (including reciprocal pricing information from other jurisdictions) RWWA was required to find an alternative to the APN.
After consideration of available alternatives, commerciality and the desire for national consistency, it was, with the support of the Western Australian Bookmakers Association (WABA) determined to similarly introduce the “WA Official Price” (WOP) based on the same method of assessed spread of prices being offered by WSP’s.
Relevant rule amendments to the RWWA Rules of Wagering in order to re-establish an official price within those rules that enables “Top Fluc” & “Starting Price Guarantee” wagers is being progressed through the Department of Racing, Gaming and Liquor.
The costs of establishing and providing for this service are being met fully by RWWA as part of its commitment to supporting the Western Australian racing industry, wagering and the race day experience of patrons and customers of race clubs.
RWWA and Perth Racing will be progressing to install this service for on-course patrons as soon as possible as part of the commitments to on-course patrons.
Media Contact:
Denis Borovica – Acting General Manager Racing
Ph: 9445 5427
denis.borovica@rwwa.com.au