Proposed changes to the Racing Industry Act 2020 have been announced by New Zealand Racing Minister Winston Peters with the goal of enhancing the long-term viability of the industry.
The modifications, which include giving Tab NZ the sole authority to provide sports and racing wagering on land and online, demonstrate the government's intention to tackle the difficulties presented by offshore bookmakers.
At the moment, Tab NZ makes 90% of the money made by the racing sector, which supports over 13,500 jobs and makes a substantial economic contribution to New Zealand. But as international online betting sites become more competitive, the current model is facing financial strain.
The modifications, which include giving Tab NZ the sole authority to provide sports and racing wagering on land and online, demonstrate the government's intention to tackle the difficulties presented by offshore bookmakers.
At the moment, Tab NZ makes 90% of the money made by the racing sector, which supports over 13,500 jobs and makes a substantial economic contribution to New Zealand. But as international online betting sites become more competitive, the current model is facing financial strain.