Queensland’s racing industry will be the big winner from an exclusive wagering deal with gambling giant Tatts Bet, the state government says.
Queensland’s racing industry will receive a $4.5 billion boost after signing an exclusive wagering deal with gambling giant Tatts Bet.
The 30-year deal will provide an extra $850 million in funding in addition to the current $130 million a year in revenue the industry currently receives.
As part of the deal Tatts will invest more than $74 million in marketing activities and expanding its retail network.
The deal includes $97 million for infrastructure development.
Treasurer Tim Nicholls said it would restore confidence and growth in the Queensland racing sector, which employs 30,000 people.
Racing Queensland Chairman Kevin Dixon said the deal should be celebrated across the racing industry.
He said a Supreme Court case against Tatts Bet involving fielding fees would now be abandoned.