New Zealand’s horse racing industry is witnessing a new round of development. It began in August 2020 by giving the TAB NZ the authority to control the sector. TAB replaced the Racing Industry Transition Agency or RITA, the New Zealand Racing Board successor body. RITA, in turn, was created to control and support the transition to a new regulatory model.
TAB New Zealand relies on the Racing Industry Act 2020, provides Kiwis with different types of betting services and makes returns to racing and sporting institutions across the country.
When people bet with the TAB on greyhounds, gallops, European football, or All Blacks, every dollar becomes a contribution to the development of sports and grassroots racing in NZ. Moreover, players help hundreds of thousands of locals involved in the sector. It is estimated that each year the new policy will return $170 million to New Zealand sports and racing.
Executive Chair Dean McKenzie says that the switch to TAB is an important milestone in the racing industry which closes the 13-month transition period using RITA. He also claims that TAB NZ focuses on the customers and aims to maximize their profits, as well as to make returns for sports, manage underage gambling, and protect compulsive players. TAB will help to choose the best-rated online betting sites, as well as to offer responsible gambling solutions and manage any complaints that players might have.
However, individual racing codes will remain more autonomous in developing and promoting competitions, and won’t have to experience much interference from the central racing authority.
TAB New Zealand was facilitated by a two-staged process. The first took place in a form of a Racing Reform Act in July 2019. It established RITA (which replaced NZRB) and created new taxation rules for offshore bookmakers. The second part, the Racing Industry Bill, was filed in December 2019 and passed the NZ legislature eight months later, in August 2020. According to the bill, RITA was replaced by TAB, and it became the only licensed gaming operator in New Zealand. Initially, the second stage was scheduled for July but the pandemic forced the authorities to make several adjustments.
Winston Peters, the Racing Minister, noted that TAB might not achieve the predicted capital structure only via retained earnings in the short run, so the industry must be ready to cope with any possible problems without ‘external support’.
In an open letter, Peters also mentioned the retained betting levy. It will equal 2.5% and is directed to minimize possible harm from the industry. He is sure that TAB must become a comprehensive solution for detecting, solving, and preventing any harms and drawbacks that the industry might have on customers and Kiwis overall.
If you want to learn more about TAB NZ, read our detailed overview. Remember, gambling is fun and entertaining but if you want to be on the safe side and remain at the forefront of the industry, being aware of the latest news will be a big plus.