Winston Peters. Photo: RNZ/Samuel Rillstone
Racing Minister Winston Peters is pushing for legislation to expand the TAB’s current monopoly on sports and racing betting to include online betting as well.
The TAB plays a crucial role in funding the racing industry, contributing 90 percent of its revenue.
Peters announced that the proposed legislation will amend the Racing Industry Act 2020.
“This legislation aims to ensure the long-term viability of New Zealand’s racing industry by designating TAB NZ as the sole provider of sports and race betting, both offline and online.
“The increasing competition from overseas online betting platforms poses a significant challenge to the TAB NZ business model.”
The Bill includes various other provisions to support the growth of TAB NZ, such as granting the minister new oversight powers to request information from TAB NZ and regulatory monitoring of the prohibition on other operators.
The Bill will undergo a select committee process under the Governance and Administration Committee.
