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The 40-year-old, who admitted to the wager, was stood down from the sport immediately pending a hearing on November 20, Racing Victoria (RV) said on its website.
"The admission and charges follow an investigation by stewards into allegations 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," the statement read.
Allegations that Oliver had placed the bet surfaced in local newspapers on the day of last week's Melbourne Cup, Australia's richest and most celebrated thoroughbred horse race.
The reports said the jockey placed an $A10,000 bet on Miss Octopussy but RV officials on Tuesday did not specify the size of the wager.
Oliver finished 11th on 2010 winner Americain in last week's Melbourne Cup.