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Racing Queensland will ask the state government for additional funds to help with prize money after a decision to direct Point of Consumption tax elsewhere.

Racing Queensland boss Brendan Parnell has pledged to continue the fight for better prize money funding despite the disappointment of the recently announced Point of Consumption tax distribution.

The state government's 15 per cent POC came into existence on Monday and is set on all bets in Queensland on racing and sports.

The government announced the tax would include ongoing financial support to RQ to ensure that the introduction of the POC tax didn't negatively impact Queensland's racing industry.

The government will also pay a $17.8 million historical debt owed to government and make a one-off payment of $20 million for investment in new greyhound and harness racing facilities.

Parnell said he understood the Queensland racing industry was disappointed the government did not follow NSW and Victoria and allocate POC funds for prize money.

"One thing the industry is united in is calls for all racing receipts raised by the tax to be directed back to support racing in Queensland," Parnell said.

He said it was a fact that Queensland's prize money was getting further and further behind the southern states.

Parnell said the announcement disappointed many participants and could also cause them to question what it meant for future returns to industry.

But he said RQ was committed to chasing more prize money in the coming months.

"The ink isn't dry on the agreement yet and RQ will continue to engage with the government and our commercial partners for a plan to improve the industry in Queensland, " he said.

"Again I will repeat that is particularly comparative to the NSW and Victorian industries that continue to announce significant prize money increases."