Racing Victoria will appoint a consultant to compare its current gross revenue model for charging product fees to a turnover-based structure.The RVL board on Monday approved what was a management recommendation.The process for the review would encourage shareholders and stakeholders to submit their views, along with relevant supporting data they may have to back their contentions.The consultant is expected to be appointed before the end of the year.The terms of reference for the review, when it

Racing Victoria will appoint a consultant to compare its current gross revenue model for charging product fees to a turnover-based structure.

The RVL board on Monday approved what was a management recommendation.

The process for the review would encourage shareholders and stakeholders to submit their views, along with relevant supporting data they may have to back their contentions.

The consultant is expected to be appointed before the end of the year.

The terms of reference for the review, when it will be completed and other details will be made available to all interested parties by the consultant following their appointment.

Melbourne Racing Club chairman Mike Symons said his club fully supported RVL's preferred gross revenue model in relation to product fees levied on interstate totes, corporate bookmakers and Betfair.

"The MRC, whilst fully supportive of further independent analysis being undertaken, believes this will validate earlier and ongoing analysis undertaken by both RVL and the Productivity Commission," Symons said.

"Whilst it is absolutely critical that RVL makes the right decision and communicates this succinctly to all stakeholders, the MRC remains supportive of the gross revenue model as the funding mechanism that should optimise long-term funding of the Victorian racing industry.

"The wagering landscape for thoroughbreds needs to promote competition and embrace the lower margin operators that have successfully grown the overall size of the wagering pie in recent years.

"Ideally, it would be preferable to have a national solution for product fees and perhaps the further analysis being undertaken will be a step forward to convincing others as to the longer term merits of the gross revenue model."

Victoria Racing Club chief executive Dale Monteith said his club believed independent analysis should be sought to identify the optimum model for Victoria whether it be a turnover, gross revenue or a hybrid model.

Monteith said analysis needed to be fully transparent and give all stakeholders a chance to be heard.

The Thoroughbred Racehorse Owners' Association has been critical of RVL, claiming corporate bookmakers would have paid RVL $18 million instead of $5 million in product fees in the past year if the NSW 1.5 per cent of turnover model had been used.

However RVL chief executive Rob Hines last week defended its gross revenue model which charges corporate bookmakers 10 per cent - 15 per cent over the spring carnival - of their gross revenue on Victorian races.

Hines said the wagering market in Australia had grown because low margin operators existed.

"Without them the turnover would be lower," he said.