New legislation aimed at curbing the outflow of betting funds to overseas bookmakers could grant TAB NZ a monopoly on online betting, preventing foreign operators from accepting wagers from New Zealand residents.
According to The New Zealand Herald, Racing Minister Winston Peters announced that this legislation could be introduced as early as Tuesday, with implementation expected by June 2025.
Currently, many international betting operators take bets from New Zealanders with little financial return to local racing and sports organizations.
This move, described as a “legislative net,” is anticipated to generate around NZ$100 million ($58.3 million) for TAB NZ from its strategic partner Entain, which will then be allocated to local racing and sports entities.
TAB NZ already holds the monopoly for New Zealand sports betting, including betting on horse racing and greyhound racing.
The funds were said to be particularly crucial for upgrading racing infrastructure, as several tracks require urgent repairs to ensure safety and consistency in racing events.
New Zealand Thoroughbred Racing Chairman Russell Warwick praised the minister’s commitment to sustaining the racing industry, while Harness Racing New Zealand also expressed optimism about the positive impact on employment within the sector, highlighting its importance in regional economies.
The legislative process will involve a select committee review, with broad political support for the bill