Kicking off the meeting, the newly elected joint VBA Chairman Paddy O'Brien announced that for the first time in the Association's history, joint chairmen had been elected to serve for the next 12 months.

After reading out apologies from those unable to attend the AGM, the VBA's Executive Officer John Clancy asked for a minute's silence as tribute to members who had passed away during the year:

Bill Conway
Eric Stormont
Warwick McKay
Alec Glass
Jack Turley
Clarrie Stickland
Reg Lancaster

Bookmaking partnerships were discussed - the Sampieri family the first to be registered and a policy paper on the issue soon to be made available online. In regards to Internet betting, Hsu told the meeting that "we have been making progress" with KPMG employed as an external consultant on the matter.

Investigating Internet betting had, said Hsu, been more complicated than first thought - "it is a difficult task that is taking longer than we initially envisaged," he said.

The subject of betting exchanges was next on the AGM agenda, Gavin Marantelli saying that "the VBA has taken a position in complete opposition to betting exchanges in Australia."

He added that the VBA assisted the Australian Bookmakers Association with submissions to a Betting Exchange Taskforce set up by Racing Ministers Australia wide.

Marantelli listed the recommendations:

* that Ministers should approach the Federal Government seeking an amendment to the Interactive Gambling Act that would prohibit overseas betting

Lyndon Hsu will join Paddy O'Brien in the dual roles and both were keen to pay credit to the excellent job done by former Chairman Gavin Marantelli over the past nine years.

"He has, through his untiring efforts, given us a voice within the industry," said O'Brien, "and for that Gavin we thank you."

Both new chairmen are looking forward to the challenges ahead, Hsu saying that "we feel very honoured to be given the privilege of being joint chairmen and we intend to be as proactive as possible."

Paddy O'Brien then welcomed new members to the VBA:

Steven Lynn
Paul Johnson

Following confirmation of the 2002 AGM minutes, the 2003 annual report was discussed in great detail - bookmakers keen to have their views heard. Issues raised included:

* INTERNET BETTING
* PARTNERSHIPS AND CORPORATIONS
* TELEPHONE BETTING
* BETTING EXCHANGES

exchanges operating in Australia.
* that Ministers accept that if a smaller state wanted to regulate a betting exchange that it would not be able to bet on racing in other states without permission from that state.

The VBA's reasons for its opposition to betting exchanges were then discussed:

* Integrity Issues - regarding the access of stewards to bets for the policing of the industry and the fact that betting exchanges allow any person to lay or bet without being regulated as are bookmakers.
* Revenue - betting exchanges do not provide the racing industry with the same level of return as do bookmakers and TAB's.

Assisting the chairmen in their duties will be the chairmen of the VBA's sub-committees who were also announced at the AGM:

MAJOR PORTFOLIOS
Public Relations & Media
Darren Gilham
Finance & Guarantee Fund
Lyndon Hsu
Bookmakers Development Fund
Alex Bell
National & State Regulatory Affairs
Gavin Marantelli

WAGERING PORTFOLIOS
Sports & Futures
Norm Short
Country Racing
Paddy O'Brien
Harness & Greyhounds
John Bull
Metropolitan Racing
Alan Eskander

"We are pleased to be able to announce that we have been able to achieve some
very significant reforms in these areas," Lyndon Hsu told the meeting - pointing out that an agreement has been reached with Racing Victoria in regards to the application of partnerships and incorporation and
telephone betting.

The 2003 annual general meeting was brought to a close by Paddy O'Brien thanking all those in attendance, telling them to expect a busy and productive 12 months.

"It is a time of change," he said, "and we are acutely aware of that."