The review Panel, Kevin McCann AM (sitting president), Hamish Douglass and Catherine Brenner declined to make a declaration of unacceptable circumstances in relation to the affairs of IAS. The review Panel agreed with the conclusion of the initial Panel that the term of the standstill arrangement appeared commercially justifiable and that Centrebet had not established that it should be released from the standstill provisions of the Confidentiality Deed.

The sitting Panel, Teresa Handicott (sitting president), Irene Lee and Andrew Sisson, declined to make a declaration of unacceptable circumstances in relation to the affairs of IAS. The Panel was prepared to accept the term of the standstill covenant (putting the covenant regarding use of confidential information to one side) as commercially justifiable in this case, having regard to the information intended to be, and actually, provided. The Panel was not satisfied that the information provided had ceased to be price-sensitive such that it should release Centrebet from its agreement.