Entain locks in 25-year deal with NZ TAB

New Zealand Minister for Racing, Kieran McAnulty, has announced an exciting development for the country’s racing industry with the approval of a 25-year partnership between TAB NZ and UK betting company Entain. This landmark agreement guarantees at least NZ$900 million in funding for the racing industry over the next five years, providing a much-needed boost to the sector.

Entain, a leading global sports betting group, will leverage its expertise, technology, and capital capabilities to enhance TAB NZ’s betting, wagering, and broadcast operations. The partnership aims to reverse the decline in revenues for racing and bring stability to the industry by countering the competition from offshore gambling websites.

Minister McAnulty hailed the agreement as a significant milestone in New Zealand racing history, offering a solid future for the industry. The partnership includes an upfront payment of NZ$150 million, along with a 50% revenue share from day one, ensuring guaranteed payments of at least $150 million per year for the initial five years.

The collaboration between TAB NZ and Entain goes beyond financial support. It will enable TAB NZ to leverage Entain’s resources to upgrade infrastructure, invest in technology, and provide an enhanced betting experience for customers. Additionally, the partnership will contribute to reducing gambling harm, with TAB NZ committing NZ$5 million towards harm minimization measures.

In conjunction with the TAB NZ and Entain partnership, the New Zealand government has also made significant decisions to protect the industry and address online gambling risks. Cabinet has approved, in principle, an extension of TAB NZ’s monopoly for sports and racing betting to the online environment. By regulating online gambling and prohibiting unregulated platforms, the government aims to generate additional revenue for local racing and sports while enhancing harm minimization measures.

The government’s commitment to animal welfare, a fairer deal for punters, and increased support for sports codes underscores their determination to create a sustainable and responsible gambling environment. This partnership marks a transformative chapter in New Zealand’s racing industry, ensuring its continued growth, job security, and economic contributions for years to come.