Racing NSW chief executive Peter V'landys says there are contingency plans in place to combat any loss of revenue to the thoroughbred code from the demise of greyhound racing in the state.

Under the Racing Distribution Agreement, thoroughbred racing, harness racing and greyhound racing receive funds from the TAB's wagering revenue on the three codes.

Greyhound Racing NSW had been lobbying for a change to the 99-year RDA agreement, saying it contributed 22 per cent of the wagering market share while receiving 13 per cent of the revenue.

Premier Mike Baird announced on Thursday greyhound racing would cease to exist in NSW next year in the wake of a Special Commission conducted by High Court judge Michael McHugh.

"We have strategies to counteract loss of revenue so I'm not concerned on that level," V'landys said.

"While other states continue to conduct greyhound racing, the New South Wales TAB will continue to bet on them so we'll continue to get that revenue."

V'landys said he would not comment on the report until he had read it in full.

GRNSW has immediately suspended all greyhound racing for seven days.