Racing participants in Queensland will reap the rewards of a multi-billion dollar, 30 year wagering agreement struck between the State Government, Racing Queensland and Tatts Group.
Racing in Queensland has been secured with a 30 year waging agreement.
Racing Queensland chairman Kevin Dixon said the 30-year deal guaranteed the industry’s sustainability in Queensland and provided the industry’s 30,000 participants with confidence in their future.
“This deal sees Tatts Group contribute an additional $850 million to the racing industry, including a share of fixed-price sports betting revenue, which will deliver increased returns to participants as soon as the start of the new racing season ” Mr Dixon said.
“But the clincher is the longevity of the deal. A 30-year agreement is an unparalleled commitment to racing’s future in the state.
“We are in the unique position of being able to deliver sustainability for the life of the agreement, making the industry an attractive long-term investment proposition for current and future participants.
“This has been a complex negotiation that has resulted in the signing of an outstanding deal which will see Racing Queensland and Tatts Group working together as partners.”
Mr Dixon said now the negotiation had been completed, Racing Queensland would allocate funding based on the key priorities of the industry.
“What I will say is there will be an increase in returns to participants; there will be improved industry infrastructure; and there will be money allocated to make Queensland’s racing product more compelling than it has ever been before,” he said.
“Today’s announcement marks a new era for racing in Queensland which will be defined by significant investment in the industry, innovation and collaboration.”