Tabcorp has welcomed the approval of the Racing Administration Amendment (Publication of Race Fields) Regulation 2008, which will ensure that appropriate product fees are paid to the NSW racing industry.

The regulation will allow for the NSW racing industry to be paid for its product by wagering operators who bet on NSW thoroughbred, greyhound or harness racing.

Tabcorp believes the application of a non-discriminatory and uniform fee, set by racing’s governing bodies, will commence addressing distortions in the wagering market caused by corporate bookmakers and betting exchanges who utilise NSW racing data without paying for the raw product.

Tabcorp commends the NSW Government for taking this course of action and believes it is important that such laws are enforced.

Until now, commercial operators, such as corporate bookmakers and betting exchanges, have not made any contribution to the NSW racing industry, despite it forming a large part of their product offering.

Tabcorp believes the appropriate product fees should be between 1.5% and 2% of wagering turnover and therefore expects the racing codes in NSW to levy fees at the upper end of the 1.5% cap set by the NSW Government.

Tabcorp also confirmed today that it is willing to work with the NSW racing industry to negotiate changes to the Racing Distribution Agreement to ensure the product fee regime is non-discriminatory.

”The racing industry deserves to be paid for its product by all wagering operators who financially benefit from it,” said Tabcorp’s Managing Director of Wagering, Robert Nason.

Tabcorp returned $225 million to the three codes of the NSW racing industry in 2006/07. TAB wagering proceeds are the NSW racing industry’s primary source of funding.

Tabcorp confirmed that its proposed Northern Territory corporate bookmaking business would fully comply with the regulation and expects it to be applied to all bookmakers on a national basis.