TAB NZ said the funding will be used to support the three racing codes in New Zealand: thoroughbred, harness, and greyhound racing.
New Zealand.- TAB NZ has announced it will provide NZ$215m (US$131.15m) in direct funding for the upcoming 2023/24 racing season. The record allocation will support various aspects of the racing ecosystem, including the distribution payment to Racing New Zealand, the Racing Authorised Purpose, and the independent Racing Integrity Board.
An additional NZ$30m has been made available to the three racing codes after previous funding increases approved under TAB NZ’s strategic partnering arrangement with Entain.
Nick Roberts, chief executive officer of TAB NZ, said: “TAB NZ recognises bold funding decisions are required to sustain this storied industry for generations to come. Leadership across the industry must own the moment and deliver a right-sized industry, with the best animal welfare standards, and a compelling customer product.”
“This extra injection will deliver the best outcomes if it is targeted towards those types of initiatives that enhance the industry in the long run. Simply increasing the funding of the status quo is not sustainable.”
TAB NZ has made the decision to allocate funding for the Racing Integrity Board from sources other than its class 4 gaming operations. As a result, a contestable fund of NZ$15m will be available for applications under the Racing Authorised Purpose.
Roberts stated: “We’re keen to back those that are in relentless pursuit of sustainable outcomes – and we expect that will be a key consideration when determining future funding applications.
“A month into the partnership with Entain, we are deeply encouraged by some of the announcements we have seen out of the industry – especially New Zealand Thoroughbred Racing’s Strategic Funding Document announced two weeks ago.”
The racing calendar for the 2023/24 season will offer 968 meetings through its collaboration with the three racing codes: the New Zealand Thoroughbred Racing, Harness Racing New Zealand, and Greyhound Racing New Zealand. There will be 294 thoroughbred meetings, 242 harness meetings and 432 greyhound meetings for 9,899 races in total.