BORDER Park secretary manager Stephen McGrath has labelled the New South Wales Government's decision to ditch its ban on greyhound racing as a win for common sense.

After a two-hour Cabinet meeting earlier today, Premier Mike Baird officially reversed the ban announced in July, admitting he had "got it wrong”.

Mr McGrath, also secretary of the Tweed Heads Coursing Club, welcomed the decision.

"Common sense has finally prevailed,” he said.

"I commend the Baird Government for having the intestinal fortitude to see that the decision they made was wrong, and for having the strength to rectify it.

"Now it is up the industry to recognise the opportunity and to justify the faith that has been shown in us.”

The ban, which was due to take effect on July 1, 2017, came after a Special Commission of Inquiry report revealed widespread animal cruelty in the industry.

The report found that 68,000 greyhounds had been euthanised in the past 12 years and nearly one in five trainers used live animal baits.

Mr Baird said yesterday that while the community was rightly horrified by the findings, they also wanted the industry to be given a chance.

"It's clear in hindsight as we reflect on this we got it wrong,” he said.

"I got it wrong, the Cabinet got it wrong, the Government got it wrong.”

While the ban has been overturned, an oversight body will be established to draw up a new governance and regulatory structure for the industry.

Mr McGrath said it was expected the Government proposal would include tough guidelines with a greater emphasis on animal welfare and dealing with cruelty.

"There is going to be a special commision set up to monitor what the Government wants in the way of reform and I welcome that,” he said.

"This hase been a big scare.

"A lot of people livelivhoods were at risk and if they don't understand that reform is needed in several areas, then they don't deserve the faith that has been show in them.”

Some of the policies are expected to mirror those already proposed by the greyhound industry, including capping breeding to 2000, reducing the number of tracks and events and a suite of tougher animal welfare measures.