The Brisbane Racing Club (BRC) have entered partnerships with betting company, Ladbrokes, and casino operator, Star Entertainment Group.

The announcement follows Racing Queensland’s decision to ease legislation on gambling and double the prize money of Queensland’s standout race, the Stradbroke Handicap, from $1.5 million to $3 million.

Overall, the Queensland racing industry will receive an extra $17 million in prize money, while 80% of betting tax revenue will be allocated to the racing industry, compared to 35% previously.

Ladbrokes, Entain Group’s Australian subsidiary, have agreed a seven-year deal with the BRC, becoming the club’s primary wagering partner at Eagle Farm and Doomben.

The sponsorship follows their recent renewal with the Mooney Valley Racing Club in Victoria.

Ladbrokes acquired the naming rights to three Group 1 races: the Queensland Derby, the Doomben 10,000 and the JJ Atkins, and will also have ‘Ladbrokes Lounges’ viewing areas at both racecourses.

Praising the partnership, Ladbrokes CEO, Dean Shannon, commented: “We are thrilled Ladbrokes will become a major partner of the Brisbane Racing Club.”

“The Eagle Farm and Doomben circuits are iconic venues, and we look forward to partnering with the BRC for at least the next seven years.”

“We look forward to working with the BRC Committee and executive team to continue the growth of the industry through collaboration and innovation,” he said.

BRC also acquired the Star as a principal partner and their official entertainment partner.

This builds on the BRC’s 20-year affiliation with the Star through its former holding, Treasury.

Under the deal, the Star will have naming rights to the Stradbroke Handicap and the entire Stradbroke Season carnival.

Discussing the sponsorship, Star CEO, Robbie Cooke, said: “The Stradbroke Season is Australia’s premier winter racing carnival headlined by the prestige and history of The Stradbroke Handicap.”

“It continually attracts the finest horses, jockeys and trainers, as well as a large visitor economy and we are thrilled to expand our decades-long partnership with racing in Brisbane and play our part in further promoting the carnival as a drawcard for Queensland tourism and entertainment,” he stated.

On the growth of Queensland racing, BRC chief executive, Tony Partridge, declared: “The Stradbroke is Queensland’s signature race, our iconic race, a race attainable by all Queensland trainers to compete with the best from around Australia.”

“It’s only fitting that it should go to $3 million when the industry is doing so well following the industry reform announcements,” he concluded.

The announcement is latest for racing in Queensland after TAB partnered with four racing clubs earlier this week.

The investment from betting companies comes as prize money in the state will increase by AUD$31 million.

Commenting on the boost in funding, Queensland Racing Minister, Grace Grace, said: “From today, 80 per cent of revenue generated by the betting tax will go straight back to the industry, up from 35 per cent, creating greater funding certainty for country racing in Queensland.”

“The change in the funding model has allowed Racing Queensland to bolster prizemoney, and I’m pleased to announce there will be a $31 million increase in prize money across all codes next year.

“That’s an extra $17 million for thoroughbreds, $9 million for greyhounds and almost $5 million for harness racing,” she said.

Additionally, Saturday metropolitan prize money will be boosted from AUD$75,000 to AUD$85,000, while mid-week maiden races will increase from AUD$37,000 to AUD$40,000.