Top jockey Damien Oliver has been formally charged over his current betting scandal and has been indefinitely stood down from racing.
The 97 times Group 1 winning jockey will face the disciplinary board at 10am on November 20 2012, and will be prohibited from riding until that point.
Oliver has admitted to placing a bet of $10,000 on a rival horse in a race at Moonee Valley Racecourse on October 1, 2010.
The bet, which was placed on race winner Miss Octopussy, earned Oliver $23,000 in winnings.
His mount in the race, Europa Point, finished in sixth position.
In a statement issued by Racing Victoria earlier today, they confirm that Oliver will be banned from riding until the investigation is closed and a penalty is issued.
“On the basis of those admissions and the subsequent charges, Mr Oliver has been stood down from riding under Australian Rule of Racing (AR) 193 pending a hearing before a stewards’ panel on Tuesday, 20 November 2012,” the statement read.
“The admission and charges follow an investigation by stewards into allegations that Mr Oliver bet on favourite and race winner Miss Octopussy at Moonee Valley on 1 October 2010, a race in which he finished sixth on second favourite Europa Point.”
While Oliver’s career is currently in jeopardy, industry insiders are expecting a lenient sentence to be given to the champion jockey.
Jockey Blake Shinn was found to have wagered over $580,000 in less than 24 months on thoroughbred horses and was handed down a ban of 15 months, while Peter Robl was given a six month ban for betting and another six months for providing false evidence.
With Oliver said to have admitted to all charges and be co-operating with stewards, it is unlikely that he would face such a lengthy ban.
Oliver has been dominant throughout the recent spring racing carnival, winning the Group 1 Thousand Guineas with Commanding Jewel, the $1.5 million Victoria Derby with Fiveandahalfstar and last weekend’s Emirates Stakes aboard Happy Trails.