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Racing Victoria has announced a new method for the collection and dissemination of the Victorian Official Price from September 1.

The VOP incorporates the official price fluctuations for thoroughbred races in Victoria and will be assessed from a spread of prices being offered by a minimum 10 leading off-course Wagering Service Providers (WSP).

It will represent the best price available at any one time from six WSPs and replace the previous process which assessed prices from on-course bookmakers exclusively.

RV has engaged Dynamic IT Group, the team behind DynamicOdds.com, to deliver the VOP. The prices will be displayed in a new format at all Victorian race meetings for the last 30 minutes of betting on a race.

On-course punters will see an enhanced display screen which will deliver fluctuations in real time and incorporate line graphs for visual recognition. Off-course punters subscribing to DynamicOdds.com can view the VOP alongside prices from a variety of WSPs.

RV Chief Executive, Bernard Saundry, said the change would benefit both punters and bookmakers and comes following a detailed review and consultation period.

“On average, 98 per cent of wagering on a Victorian race meeting is now conducted off-course, so we think an official price drawn from a collection of leading off-course wagering operators is more reflective of the true betting market,” Mr Saundry said.

“In addition to delivering a more accurate view of the overall betting market, the new service will also be timelier and deliver important cost efficiencies to the industry.

“This change has the full support of the Victorian Bookmakers Association and we see it as a positive for both punters and on-course bookmakers, who remain an important part of the fabric of Victorian racing.”

Prices from interstate thoroughbred meetings will also be displayed in the new format at Victorian racecourses. While the price displayed for interstate race meetings will not be the official price of the respective state, it will be calculated using the same methodology as that for Victorian races to provide an accurate view of market trends.