- The VOP will now be the fourth-highest price available from corporate bookmakers, rather than the sixth.
- Yet to be announced if other states will follow suit.
Following a review of the existing calculation method, Racing Victoria has announced changes to the make-up of the Victorian Official Price (VOP) from August 1st.
Introduced in 2016 in conjunction with Dynamic Odds, the VOP replaced the previous APN (on-course) prices as the official price measurement for Victorian racing. Reflecting the shift to online betting, the VOP is calculated using prices from corporate bookmakers.
Price were taken from ten leading corporate bookmakers, with the median (typically the sixth highest of the ten) presented as the VOP.
The official price calculation has since been replicated by the other racing jurisdictions across Australia. As the official SP, the price is used in the ‘Best Tote / SP’ dividends offered by most corporate bookmakers.
There had been some feedback that the official price calculation was flawed, with the sixth-highest price in the market not reflective of what was actually available to most punters.
VOP is a flawed product/service to punters. Takes the 6th price from the corporates = almost worst fluctuation https://t.co/LchkLAiEaN
— Mike Symons (@SomeAreBent) February 15, 2019
Now, following a review which included a survey of over 700 punters, Racing Victoria has announced the following changes to the calculation of the VOP:
- The number of bookmakers used in the calculation will be reduced from ten to seven, in light of the consolidation in the wagering market. The seven bookmaker prices to be used are Bet365, BetEasy, Ladbrokes, PointsBet, Sportsbet, TAB and TopSport.
- The median price of these seven bookmakers (ie, the fourth-highest) will be the VOP
- A reduction in the time required for a bookie’s price to be included in the VOP. Previously, a bookmaker’s price had to be displayed for 40 seconds before it was taken into account in the VOP price. This has been reduced to 30 seconds.
Racing Victoria CEO Giles Thompson said the changes would make the official price more relevant.
“Victoria was the first jurisdiction to introduce the new official price technology and after allowing it to consolidate we’ve now conducted an extensive review to ensure that it remains a valuable asset for a range of stakeholders,” Giles told racingvictoria.com.au.
“The enhancements announced to the calculation of the VOP from 1 August will ensure that the price communicated for each horse is even more relevant and more accurate which is a positive for punters.”
It’s not yet known whether the changes will be replicated by other racing jurisdictions. Champion Bets will update punters with any further announcements regarding this.