Queensland racing review set to drop as bookmakers wait nervously
The Queensland racing industry is sweating on the Matt McGrath racing review recommendations and the State Government’s response which is now set to be announced on Saturday.
If at first you don’t succeed, try again.
The Matt McGrath review into the Queensland racing industry is set to drop on Saturday morning at the Doomben races, almost two months after its initial intended release date.
There was a public event scheduled for its release in October but that was mothballed.
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A key reason for the delay has centred around a review recommendation to reduce the point of consumption tax (POCT) paid by bookmakers from 20 per cent to 15 per cent in Queensland.
But senior Queensland Government figures weren’t convinced and now corporate bookmakers are waiting nervously – and are mostly in the dark – about how the review recommendations could impact.
If there is no reduction in the POCT of 20 per cent, the highest of major states, some corporate bookmakers may decide to significantly reduce their products and offerings in Queensland.
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When the POCT has risen in the past, some bookmakers have chosen to remove various products from their “next to jump” betting tickers and place some top level meetings underneath second tier country meetings from rival states on their websites.
There are many other key threads of the review which the state’s racing industry is hanging on.
For instance, it seems likely the Government’s response to the review will include some form of funding model for Eagle Farm’s ageing John Power grandstand which is set to be closed in August next year.
A replacement of the major spectator facility at Eagle Farm could potentially cost upwards of $100m.
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McGrath review recommendations and Queensland Racing Minister Tim Mander’s responses to them could also impact the Racing Queensland structure, country racing funding, prizemoney levels and the Queensland Racing Integrity Commission.
Big ticket items, such as infrastructure projects, have largely been in limbo while the review has been ongoing but at least there will be more certainty after it is announced on Saturday.
The announcement of the review recommendations and the State Government’s response will be at 9am Saturday in the Vo Rogue room at Doomben.
Originally published as Queensland racing review set to drop as bookmakers wait nervously
