RITA revealed profits and expect the government will introduce legislation that will focus on the consolidation of the institution.<\/p>\n\n\n\n\n\n\n\n
New Zealand.- The Racing industry revealed this week unexpected profits and a brilliant panorama for next year. That situation made New Zealand\u2019s Racing Industry Transition Agency (RITA) optimistic about the approval of a new racing bill.<\/p>\n\n\n\n
RITA\u2019s 2019 Annual Report, that recorded an industry net profit of $136.7 million (\u20ac79.6 million) before distributions, was down 6 per cent on last year but forecasts a significant turnaround in 2020.<\/p>\n\n\n\n
\u201cRITA has made serious progress implementing reforms with more measures still to come. The government will soon introduce a second racing bill which focuses on the post-transition governance structure as well as measures for property consolidation,\u201d said Racing Minister Winston Peters.<\/p>\n\n\n\n
\u201cThe further bill, the accumulated profit of the repealed betting levy, as well as the new Point of Consumption and user charges will help generate future revenue for the industry. This industry is undergoing a period of transition. We welcome the support of all those investing in the future to ensure the racing industry is turned around from a state of decline\u201d, Peters added.<\/p>\n\n\n\n
Key measures that feature in the bill include RITA being able to charge offshore bookmakers for offering odds on New Zealand racing and sports.<\/p>\n\n\n\n
\u201cWe have two focuses for these charges: the first is doing whatever we can to support the Department of Internal Affairs and Parliamentary Council Office to draft and implement them as soon as possible; the second is signing up as many offshore bookmakers to voluntary agreements in the meantime,\u201d RITA chair Dean McKenzie said.<\/p>\n\n\n\n
\u201cWe have already secured voluntary agreements with Tabcorp, Betfair, Sportsbet and Ladbrokes – with negotiations underway with others. This means we have about 80% of the Australian online bookmaker market now contributing back to the industry\u201d, added.
<\/p>\n","protected":false},"excerpt":{"rendered":"
RITA revealed profits and expect the government will introduce legislation that will focus on the consolidation of the institution.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"New Zealand's Racing Industry Transition Agency (RITA) reported a $136.7 million net profit, forecasting a turnaround despite a 6% dip. The government plans new legislation focusing on governance, property consolidation, and introducing Point of Consumption (POC) and user charges for offshore bookmakers, with voluntary agreements already secured with major Australian operators. This aims to generate future revenue and support the industry's transition and growth.","focusai_entities":"RITA (Racing Industry Transition Agency), Winston Peters, Dean McKenzie, Department of Internal Affairs, Parliamentary Council Office, Tabcorp, Betfair, Sportsbet, Ladbrokes","focusai_location":"New Zealand, Australia","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Revenue Impact of POC?","query":"What is the projected revenue impact of the new Point of Consumption tax and offshore bookmaker charges on RITA's future financial performance?"},{"label":"Governance & Efficiency?","query":"How will the proposed governance structure and property consolidation measures enhance operational efficiencies and stakeholder value within the New Zealand racing industry?"}],"footnotes":""},"categories":[160,16336,156],"tags":[338,2794,337],"class_list":["post-1061","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-australasia-news","category-regulation-news","tag-new-zealand","tag-racing","tag-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=1061"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1061\/revisions"}],"predecessor-version":[{"id":19994,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1061\/revisions\/19994"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=1061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=1061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=1061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}