Queensland racing authorities have instigated a process which would mean the end of the TattsBet monopoly on wagering in the state.

Racing Queensland has been working on a new wagering deal as an existing contract with TattsBet (formerly Unitab and the Queensland TAB) expires at the end of June.

It is a complicated process with TattsBet holding two licences to bet in Queensland.

The first is a 99-year licence which expires in 2098 which means TattsBet holds exclusive rights to wagering in Queensland.

The second is a 15-year licence for retailing exclusivity which expires in June.

In other words other wagering companies have the chance to operate in Queensland which could lead to corporate bookmakers having a presence on Queensland racetracks or off-course betting shops.

The door is open for fresh blood but TattsBet can either make a bid to remain the only Queensland based operator or it can continue with a new player or players in the market.

RQ boss Darren Condon agreed it was a confusing situation but is confident it can be resolved for the benefit of Queensland's racing industry which employs 35,000 people.

"Yes, I know it is like having two drivers' licences but I am certain that we can resolve things to everyone's satisfaction," Condon said.

Condon said RQ had distributed an expression of interest prospectus to TAB operators and leading corporate bookmakers seeking their innovations and ideas.

"The information prospectus seeks expressions of interest from innovative wagering operators for the development of a model that will lead a new world of wagering," he said.

"That might be TattsBet saying we want to be remain the exclusive Queensland operator so here is our deal, or someone else might put a revolutionary idea on the table."

He said RQ had operated under the traditional model whereby the funding was derived from a single race wagering operator.

"This is an opportunity where a new race wagering licence offers the chance to look at the current landscape where wagering is changing significantly. It can turn the gambling landscape upside down," he said.

Submissions close on February 28.

A statement from Tatts on Monday said it remained in talks with RQ.