In a show of support for Racing Queensland, Betfair Exchange will lower its commission rates on all Queensland racing codes.
It will now be cheaper for Betfair Exchange customers to wager on Queensland racing which will lead to a significant increase in the level of wagering activity on Queensland thoroughbred, harness and greyhound racing.
A 6% market base rate will now apply to all thoroughbred, harness and greyhound racing events in Queensland from Wednesday the 11th of January, down from the existing 8% market base rate.
This outcome has been achieved by working closely with Racing Queensland, and the CEO of Racing Queensland, Dr Eliot Forbes. Racing Queensland understand the unique customers that Betfair services and the beneficial impact to the wider wagering eco-system that increased activity with Betfair can achieve for Queensland wagering.
The lowering of the market base rate for Queensland thoroughbred, harness and greyhound racing will bring them in line with Victorian thoroughbred and harness racing codes, Greyhound Racing NSW, all Tasmanian racing codes and South Australian thoroughbreds as a 6% product.
Betfair Exchange will continue to work with all racing codes across Australia to ensure there is a fairly priced, legal exchange wagering option for Australian customers. Having a viable exchange not only provides a growing contribution to racing industry participants but also discourages the flow of money to offshore illegal operators.
No one wins when Australians punt with illegal offshore operators. Punting with illegal operators hurts all participants in our racing industry and is a significant threat to the integrity of our racing codes. That is why Betfair Exchange is pleased to work with codes such as Racing Queensland to ensure that our product is competitive with offshore illegal operators who contribute nothing in the way of race field fees or information sharing.