Racing Queensland has commenced its final stakeholder engagement process in relation to its Race Field Fees including the establishment of a Minimum Bet Limit for greyhounds and harness racing.
Earlier this week, RQ provided Wagering Service Providers with its proposed changes to the general conditions for the use of race information that will take effect from 1 July 2019 at the expiry of the current authority period.
RQ is seeking feedback on a number of amendments that would impact WSPs including inter-state TABs.
The proposed amendments, including fee rates, form part of a significant reform agenda for RQ designed to support its commercial and strategic objectives for a more sustainable racing industry in Queensland.
At present, RQ receives 60% of its wagering revenue via Queensland TAB, with 20% received from inter-state TABs and a further 20% from corporate bookmakers.
The amendments include:
* The introduction of Minimum Bet Limits across greyhounds and harness racing after this was introduced for thoroughbreds in 2017. This would require WSPs to accept a fixed-odds bet on all codes in Queensland to lose a specified minimum amount at odds that they display;
* The implementation of tote derivative fees for WSPs who provide bet types derived from pari-mutuel dividends and odds. This is consistent with those imposed by other Principal Racing Authorities across Australia; and
* An increase on the fixed-odds fee structure for thoroughbred and harness racing.
RQ Chief Executive Officer Brendan Parnell said the organisation would use the coming weeks to engage with stakeholders on the general conditions for the use of race information.
“As an organisation, it is imperative that we operate in a more commercial manner,” Mr Parnell said.
“We’ve identified that commercial reform is essential to supporting critical club funding, as well as repairs and maintenance and driving innovation.
“At the same time, we believe the introduction of Minimum Bet Limits for greyhounds and harness racing will be warmly received by punters just as it was when it was introduced for thoroughbreds in 2017.
“While I am sure our WSPs will provide feedback on these changes, we aim to remain competitive with our product pricing particularly in the biggest betting states of Victoria and New South Wales.”
Feedback on the proposed amendments to the general conditions for the use of race information will be open until Friday, April 26.