Queensland cabinet is set to discuss the Point Of Consumption tax with a decision on allocation due within a fortnight.

AAP understands there are divided opinions in cabinet on how the tax, which should raise about $70 million, will be spread.

Cabinet is believed ready to make a decision on Monday week which will then go to a review committee.

The POC, which is a 15 per cent levy on all bookmakers betting on Queensland races, comes into law in three weeks time.

NSW racing codes have been promised about $40 million from its POC and Victoria is also expected to get a boost.

The Queensland government is committed to making up a payment by Racing Queensland back to UBET for its deduction.

It is also committed to a $17 million country racing package from the POC. There could be up to $25 million left to be distributed although that is more likely to be around $15 million.

RQ officials have been in talks with the government for more than a month on the distribution of funds.