Racing Queensland to Introduce New Minimum Bet Limit
After been given the green light by Racing Minister Grace Grace, Queensland Racing will introduce a new minimum bet limit. The decision has been widely commended by punting groups as well as the racing industry in general. Queensland will now join Victoria and New South Wales who both amended legislation to introduce a minimum bet limit for thoroughbred horseracing.
When Racing Queensland released its latest Race Information Fee schedule, most people expected to see a new limit on the schedule. When it was omitted from the sheet, the control body came under fire from local punters and other organisations. The harshest criticism in fact came from Fair Wagering Australia. After the announcement of the impending bet limit, Fair Wagering Australia were among the first to commend the decision.
A Decision that Will Benefit the Industry as a Whole
Speaking to the press, Richard Irvine form Fair Wagering Australia said that Queensland horseracing is set to become one of the most vibrant gambling markets in the country and the world. He went on to say that the decision will only benefit the industry. After consulting with wagering operators, racing authorities and stakeholders, Racing Queensland voted to approve the minimum bet limit.
Racing minister Grace Grace said that the new bet limit will bring Queensland into line with all the other major racing jurisdictions. The decision to approve the new limit is also a sign of a stronger focus on the commercial racing industry. According to Racing Victoria’s chief executive, Elliot Forbes, the recommendation followed as a result of consultation and a wider review of race fees as well as the monitoring of frameworks in place.
The framework recommended by the RQ Board includes minimum bet amounts of $2,000 for metropolitan thoroughbred meetings. For non-metropolitan thoroughbred race meeting, the minim bet amounts will bet set at $1,000. These limits will apply from 9am on the morning of the race. The limit will exclude retail cash betting as well as bets from commission agents or any other wagering operator. The new minimum bet limit will be set to take effect in July this year.
Meanwhile the Brisbane Racing Club has convened a meeting with stakeholders to discuss reasons why the Eagle Farm’s new surface is continuing to underperform. It is thought that the track performed well in November and December but according to BRC chairman Neville Bell, February and March has seen a serious decline.