The TBQA would like to congratulate the State Government and Racing Queensland for securing the future of the Queensland Racing industry with the announcement to increase the betting tax.
The Queensland Government is putting a 5% levy onto the current betting tax for online bookmakers, to replace the existing Racing Queensland / Tabcorp partnership that was brokered in 2014. ‘Bonus bets’ and ‘Free bets’ will now also come under the Point of Consumption tax.
What’s great news is that 80% of the tax revenue will come back into the racing industry compared to the 35% that we previously received. That means more money coming back to improve infrastructure in race clubs and for prizemoney. It’s long overdue, terrific for the industry, and we will see the benefits in the sales ring with more people keen to invest in racehorses as the returns grow.
TBQA President, Basil Nolan said Racing Minister, Grace Grace, Treasurer Cameron Dick and Brendan Parnell and Steve Wilson from Racing Queensland should be applauded for their support of the industry and ensuring it maintains a strong growth.
Mr Nolan said while the corporate bookmakers won't be happy, the stakeholders who matter most, that is the grassroot industry participants will benefit enormously from this decision.