Prize­money takes hit in rac­ing loss

Townsville Bulletin - - NEWS -

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.