Interesting the history of Giles Thompson, CEO of Racing Victoria Limited.
Qualified as a chartered accountant in London with Deloitte & Touche, then worked at senior executive level for the Financial Times Group in the London, New York and Hong Kong.
Moved to Australia in 2004 and worked at APN Regional Newspapers in Queensland.
Relocated to Melbourne to take up a start-up role with Betfair Australia as CFO.
Nine years at Betfair, the last three as CEO provided him great insight and experience into wagering and racing.
He joined Racing Victoria in 2015 as CFO and was appointed to his current role as CEO of Racing Victoria in April 2017.
His major contribution to horse race wagering has been:
Increase Turnover Tax so that online bookmakers are required to contribute more to racing and Introduce the Point Of Consumption Tax so that Racing, TABCORP and the State Goverment share the profits made from these taxes.
Allow Corporate Bookmakers free rein to ban or restrict winning punters.
Create a Wagering Environment where these taxes have resulted in higher market percentages.
Actively change the wagering model, so that the main driver for horse race wagering is not profit via turnover, but now guaranteed profit via taxes.
Create a wagering environment where PUNTERS are now expected to fund racing and expected to lose and not win.
Of more interest, given his resignation, is what role he is planning to take on in his next position, after July 1st.
Would he be a nice fit for a major media operator looking to transition into horse race wagering?