For immediate release
8 December 2024
TAB NZ WELCOMES GOVERNMENT DECISION ON LEGISLATIVE NET
TAB New Zealand has welcomed the Government’s decision to introduce a “legislative net” granting TAB NZ the exclusive rights for online racing and sports betting in New Zealand.
“This is a positive outcome which will have national impact,” said TAB NZ Chief Executive Nick Roberts. “We estimate Kiwis lose $180 million annually to offshore racing and sports betting operators. Retaining this money in New Zealand will not only maximise funding to our communities instead of providing profits to foreign companies, but also ensure Kiwis can bet in a safe and regulated environment.”
Minister for Racing Winston Peters today announced the coalition government’s intent to introduce the legislative net.
The TAB was established as the country’s sole betting operator in 1950 but that position has been eroded by online activity since the turn of this century. Roberts said today’s announcement serves as a welcome reset.
“Critically this will deliver an additional $1 billion to our stakeholders over the remaining term of our strategic partnership with Entain.”
In June 2023, TAB NZ commenced a 25-year strategic partnering arrangement with sports-betting and gaming group Entain for the delivery of TAB NZ’s betting operations.
“It’s excellent timing for the legislative net as Entain is now delivering a world-class betting product to local punters. In a short time, Entain has introduced market-leading harm minimisation tools alongside modern betting options across two distinctively Kiwi brands – TAB and betcha.”
TAB NZ will receive a one-off payment of $100m from Entain once the legislative net is in effect, in addition to increased revenue share and other payments over the remainder of the 25-year strategic partnership.
“The legislative net will materially boost TAB NZ’s funding outcomes from the strategic partnership, providing a major boost to the racing industry and sporting bodies.
“TAB NZ is focused on giving Kiwi punters a world-class experience, in the safest environment, while maximising returns to our local communities nationwide. Today’s announcement is great news for racing, sport and the whole country,” said Roberts.
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ABOUT TAB NZ
TAB NZ is a statutory body established under the Racing Industry Act 2020. Its objectives are to facilitate and promote betting for the benefit of New Zealand racing and sport while minimising the risks of problem and underage gambling. In the 2023/24 financial year it provided funding of over $225m to the New Zealand racing industry and $26.5m to New Zealand sporting bodies, as well as $11.1m to Government in levies and taxes. TAB NZ’s betting operations are delivered by sports-betting and gaming group Entain under a 25-year strategic partnering arrangement that began in June 2023.
For more information please contact:
Kaylea Nightingale
Executive Assistant Manager
kaylea.nightingale@tabnz.org
