Winston Peters’ bill would extend TAB NZ’s exclusive rights to online betting.<\/p>\n\n\n\n\n\n\n\n
New Zealand.- Deputy prime minister Winston Peters<\/strong>, who also holds the brief for racing, has announced the introduction of amendments to the Racing Industry Act 2020. Proposed changes would extend TAB NZ\u2019s monopoly on sports and racing betting from land-based operations to online platforms.<\/p>\n\n\n\n The proposed amendments also give the minister new powers to get information from TAB NZ and to oversee the ban on other betting operators. It also introduces rules for preventing harm, and protecting consumers and removes the Point of Consumption Charge. The bill will go to the Governance and Administration Committee<\/strong> for further review.<\/p>\n\n\n\n Peters said: “This change brings the model up-to-date with the current sports betting climate and will ensure the financial sustainability of the racing industry, as established in the Coalition Government\u2019s Q4 Action Plan for New Zealand. These oversight tools will ensure that TAB NZ can continue to deliver value for consumers and the racing industry, and to ensure the ongoing viability of the industry.”<\/p>\n\n\n\n According to Peters, TAB NZ generates 90 per cent of the racing industry\u2019s revenue.<\/p>\n\n\n\n TAB NZ chief executive Nick Roberts<\/strong> said: “This is a positive outcome which will have a national impact. We estimate Kiwis lose NZ$180m annually to offshore racing and sports betting operators. Retaining this money in New Zealand will not only maximise funding to our communities<\/strong> instead of providing profits to foreign companies but also ensure Kiwis can bet in a safe and regulated environment<\/p>\n\n\n\n \u201cCritically this will deliver an additional NZ$1bn to our stakeholders over the remaining term of our\u00a0strategic partnership with Entain. It\u2019s 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 \u2013 TAB and betcha.”<\/p>\n\n\n\n