Betfair to exit New Zealand sports betting market
The company will stop taking bets this month as TAB NZ extends its monopoly.
New Zealand.- Betfair has confirmed that it will withdraw from the New Zealand sports and racing betting markets on July 23. The move follows the introduction of legislation that extends TAB NZ’s monopoly on sports and racing betting from land-based operations to online platforms.
Amendments to the Racing Industry Act 2020 received Royal Assent in late June, effectively prohibiting offshore operators from taking bets from New Zealand residents and cementing the monopoly of Entain’s TAB NZ and Betcha brands.
Betfair, owned by Flutter Entertainment, will no longer offer sports or racing markets, but will still offer other products such as political betting. In a statement, the company said: “We apologise for any inconvenience caused by the upcoming change and poorer user experience. Unfortunately, Betfair has to make the upcoming change to comply with the legislative amendment.”
The government’s push to regulate online gambling includes the recently introduced Online Casino Gambling Bill. The proposal outlines a licensing regime for up to 15 operators and aims to prioritise harm minimisation, consumer protection, and tax compliance.
Minister of Internal Affairs Brooke van Velden emphasised that the new framework is designed to tackle unregulated online casinos. Violators who continue targeting New Zealanders without a license could face fines of up to NZ$5m (US$3m). Flutter has not said whether it will seek one of the licences.
