There will be a major shake-up of Queensland race clubs come 1 December, as major clubs prepare to announce new sponsorship arrangements with corporate bookmakers.
With Tabcorp’s exclusive on-course deal concluding on the first day of December, following the recent passing of legislation in Queensland parliament, Queensland racing clubs now have the power to negotiate deals with corporate bookies such as foreign-owned Ladbrokes and Sportsbet for signage, branding and on-course activations.
Negotiations with corporate bookmakers are already well underway at some of Queensland’s top racing clubs. Industry sentiment suggests that the added competition and increase in sponsorship dollars will open up opportunities for clubs to work closer with wagering operators and better engage with punters and members.
The start of December also marks the start of the new Point of Consumption Tax, which will see the rate hiked from 15 to 20 per cent.
The Queensland Government believes the changes will ensure all participants in the wagering industry in Queensland pay their fair share, aiding the underfunded racing industry. The expected increase in revenue following the increase is expected to result in significant changes relating to prize money across the state.