The future of V8 Supercar racing in Tasmania is secure for the next three years after a deal was struck between the state government the Supercar's governing body.

Tasmanian Premier Lara Giddings confirmed the deal had been made after there had been some concerns that state budget cuts would bring an end to the sport there.

Giddings said the budget had come under the microscope but the government had always been committed to V8 Supercars and they understood the benefits they could bring to the state. 

The government will pay $2.08 million to host a round of the championship at Symmons Plains, near Launceston.