The Deputy Prime Minister is confident that the racing industry can be salvaged.

Winston Peters' Racing Reform Bill passed its third reading last night and will come into effect in 10 days.

It's touted to revitalise racing in New Zealand, as well as benefit the regions, communities and our economy.

Racing Minister Winston Peters told Mike Hosking the effects will be felt as soon as next year.

"All I know is, if you get the structure right and you get the people right, then this thing will take off."

The bill gives new powers to the Minister to determine how money from sports betting is used to fund various sports.

Peters says it's disappointing to hear organisations criticising the Bill and potential funding prematurely.

"If you look at what they've inherited, it's a pretty measly bag of pickings and what we are set to do is to try and grow rapidly the pie and ensure that everybody gets a whole lot more out of it."

The bill received cross-party support. National MP Ian McKelvie says it's significant for both the racing and sports sectors.

"The changes when implemented will benefit the sectors by conservatively estimated $27 million, and if they can manage that properly, they will have considerable successes as a result of it."