Betting taxes to be slashed but greyhound industry must wait
BETTING taxes will be slashed by more than half in New South Wales - but the controversy-plagued greyhound industry will not see any payback until the completion of an inquiry into live baiting.
The State Government's take from each bet has always exceeded those of Victoria and Queensland, and is now more than double.
NSW punters are paying the government $3.22 for every $100 they bet, compared to $1.28 in Victoria.
Racing Minister Troy Grant said NSW's racing taxes would be gradually lowered to $1.28 over five years to be brought in line with Victoria.
"The industry is worth $3.3 billion per year to NSW and employs almost 56,000 people - we want to secure its future for the economy and the race-going public," Mr Grant said.
"Such an important industry needs to be able to compete on a level playing field; otherwise we're sending jobs and investment interstate."
Over the five years $235 million will return to the racing industry across the state for racing events, funding apprenticeships and strengthening regional clubs.
The greyhound industry's money will be quarantined until the current live-baiting inquiry has run its course.