Tatts Group will pump an additional $850 million into the racing industry over a 30 year period, with the length of time a big factor in the deal going through.
Racing Queensland officials believe the length of the agreement guarantees the 30,000 people involved in the industry a bright future.
The two parties and the Queensland state government facilitated the deal, which includes Racing Queensland getting a share of fixed-price sports betting revenue.
“This deal sees Tatts Group contribute an additional $850 million to the racing industry, including a share of fixed-price sports betting revenue, which will deliver increased returns to participants as soon as the start of the new racing season ” Racing Queensland chairman Kevin Dixon said.
“But the clincher is the longevity of the deal. A 30-year agreement is an unparalleled commitment to racing’s future in the state.
“We are in the unique position of being able to deliver sustainability for the life of the agreement, making the industry an attractive long-term investment proposition for current and future participants.
“This has been a complex negotiation that has resulted in the signing of an outstanding deal which will see Racing Queensland and Tatts Group working together as partners.”