The government of New Zealand repealed the betting levy on the racing industry and will eliminate it over the next three years.
New Zealand.- The betting levy on the New Zealand racing industry will be no more, the government says. According to the authorities, they have decided to repeal the current levy and will eliminate it over the next three years.
Racing Minister Winston Peters made the announcement and explained the funds will be redirected to the racing and sports sectors. That could rack up to €8.1 million (collected in 2018).
“This change will provide an important source of revenue for industry investment decisions,” he was quoted by iGaming Business. “The funds will be redistributed to the racing Codes and Sport New Zealand, with a proportion set aside to support the reduction of gambling harm.
“The racing industry plays a vital role in the New Zealand economy, having contributed NZ$1.6bn to the economy in 2016/17 whilst employing tens of thousands of New Zealanders, many of them young, and boosting New Zealand’s exports.
“It is important that the industry is revitalised and placed on a sustainable footing for the future. Redirecting the betting levy funds is only one of a number of steps the government is undertaking.”
According to New Zealand Racing Board (NZRB) CEO John Allen, the move will provide “some much-needed relief to the industry.
“The New Zealand racing industry is responsible for generating NZ$1.6bn in value-added contribution to the New Zealand economy and over 14k full-time equivalent jobs.
“This announcement is an important element towards safeguarding the future.”