Racing Queensland has announced changes to its race information fees structure, effective from today. The organisation said it was critical the industry received a return on the significant investment it makes in hosting meetings.
“In recent years we have seen the amount of money wagered increasing but revenues back to the industry have been declining, which is simply not sustainable,” commented CEO Darren Condon. “As a result, Racing Queensland conducted a review of its current fee structure and consulted with the wagering industry before deciding on the rate increases to be introduced from July 1.”
He added: “Initial estimates show the new model will net a return of between AUS$7 million and $8 million (£3.9m-£4.4m), which will flow back to racing industry participants across the state.”
Under the new structure, the rate for fixed-price wagering models will increase to 2 per cent for standard meetings and 3 per cent for premium meetings. The rate for derivative and bet matching products will also increase to 2.5 per cent on standard meetings and 3.5 per cent on premium meetings, while Totalisator wagering models will remain at 1.5 per cent for standard meetings and 2 per cent for premium meetings.
Condon believes additional revenue will allow Racing Queensland to deliver on its commitment to improve returns for participants and provide a more compelling racing product.
“The racing industry in Queensland is going through a period of transition at the moment, which should give our participants the confidence that we have a sustainable future ahead of us. Increased revenue to the industry means better outcomes for participants and gives us the ability to further invest in improving infrastructure and our racing product.”