Prizemoney takes hit in racing loss

RACING prizemoney is on the chopping block in Queensland as the state’s industry body comes to terms with a surprise projected loss of $ 28 million this financial year.

That’s $ 7 million worse off than Premier Annastacia Palaszczuk predicted last month, when a report was handed down into animal cruelty in the state’s greyhound industry.

But Racing Minister Bill Byrne in parliament yesterday pointed to several factors that has caused the anticipated revenue gap to be “far worse than we thought”.

“Revenue assumptions were simply wrong, while expenditure grew unsustainably,” Mr Byrne said.

He said Racing Queensland budgeted for revenue growth from wagering that didn’t materialise, particularly involving a 30- year, $ 4.5 billion deal last year with gambling giant TattsBet, now called UBET.