Greyhound Racing Victoria (GRV) has welcomed the implementation of the new Joint Venture Agreement between Tabcorp and the Victorian Racing Industry (VRI) which commences officially today. 

The new agreement was signed at a ceremony in December 2011 and will be in place for the next 12 years, with GRV receiving a guaranteed 14.75 per cent on half of all VRI revenue from the Joint Venture, compared to the 9 per cent under the previous 18 year agreement.

The other half of VRI revenue, will be distributed to each of the VRI codes based on their market shares of wagering revenue (this includes pari-mutuel, fixed odds and on-course), with  GRV