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Former premier Morris Iemma has been given charge of reforming NSW's greyhound industry following his appointment as chair of the state's governing body.

Former premier Morris Iemma says there won't be a shake-up of the way betting revenue is distributed among different racing codes as he works to reform the NSW greyhound industry.

Ensuring the sport remains financially viable will, however, be the key focus of his new role as chair of the reconstituted Greyhound Racing NSW board.

"The welfare of the animals has got to be paramount (and) ... it's got to be an industry that operates on the basis of integrity," Mr Iemma told 2GB Radio on Friday.

The ex-Labor premier last year spearheaded the state government panel set up to stamp out animal cruelty in the troubled industry after then-premier Mike Baird sensationally overturned his ban on the sport.

All but one of the panel's 122 recommendations were adopted by the government, including splitting up the GRNSW board into a commercial arm and an independent integrity commission which would enforce tougher penalties - such as life bans for live baiting.

Mr Iemma says there is no "real expectation" the state government will consider changing the inter-code agreement which allocates 70 per cent of TAB revenues to thoroughbreds and 13 per cent to greyhounds.

"It means upsetting the balance with the other codes of racing," he said.

The five-member GRNSW board, which includes directors with industry experience, instead will investigate other sources of revenue to make the industry more financially viable.

"There's an opportunity now to build a new industry, to get on and implement the reforms and rebuild public confidence," Mr Iemma said.

The government will contribute $41 million over the next five years to help the industry pay for the reforms with $30 million to improve animal welfare and $11 million set aside for the integrity commission.

Mr Baird announced his intention to ban greyhound racing in July, 2016 after a special commission of inquiry found there was overwhelming evidence of systemic animal cruelty in the sport, including mass greyhound killings, as well as live baiting.

The ban was scrapped three months later following an industry-led backlash.

The NSW government is still in the process of recruiting the three commissioners of the new independent Greyhound Welfare and Integrity Commission.