Leading bookmakers, Sportsbet is to supply NZ Racing on all its digital platforms in Australia. Sportsbet is the largest bookmaker in Australia owned by Flutter Entertainment. The deal was struck between Sportsbet and the New Zealand Racing Industry Transition agency (RITA). Sportbet has become the frontier for New Zealand racing. RITA is the body that oversees the expansion of new governance structures for the NZ horse racing industry.
RITA has reformed the New Zealand Racing Board to drive change in the industry. The agency introduced an offshore betting requirement that entails bookmakers to contribute to the New Zealand sports and racing codes based on the wagers they take from Kiwi players.
What Does the Sportsbet Deal Entail?
The deal between Sportsbet and RITA will see the bookmaker livestream all three codes of NZ racing. The bookmaker will feature livestreams of New Zealand’s harness racing, greyhound racing and thoroughbred racing events. The deal also includes Tabcorp who will act as the in-between deliverer of the content.
Tabcorp is the longstanding broadcast and wagering partner of the New Zealand Tab. NZ racing is set to be introduced to a new market it has never been in. TAB general manager, Andy Kydd said the deal would be seen as an innovative revenue source for the industry.
Other RITA NZ Racing Deals in 2019
The Sportsbet livestream deal comes soon after another agreement between RITA and Betfair another Flutter Entertainment-owned brand. Earlier this year, Betfair agreed to pay TAB for its New Zealand racing odds in the form of product fees. As a broader drive to revitalising NZs racing industry, similar agreements are being negotiated with operators in Australia.
The New Zealand Government aims to halt the horse racing industry decline by phasing out the levy in the next coming three years. In 2018, the levy generated NZD 13.9 million, which is representative of an overall 4% of the betting profit. The funds will be reinvested in sport and racing in the future.
Overview
As it stands, Lotto NZ and the TAB are the only two permitted to supply web-based gambling in NZ. The government is aware of the number of Kiwi players that are placing wagers at offshore providers. The deal with Sportsbet also follows the recent introduction of the Racing Reform Act, which is intended to provide NZ racing with additional revenue.
The arrangements that the Racing industry Transition Agency has made are indeed aligned with its goal of driving the NZ racing industry towards a future that is financially sustainable.
Taralynn Engels is a seasoned casino news writer with a passion for keeping her readers up-to-date with the latest happenings in the gambling industry. With over five years of professional writing experience, Taralynn has developed a deep understanding of the casino industry and a knack for delivering engaging and informative content. Aside from her in-depth knowledge of the casino industry, Taralynn possesses excellent writing skills that allow her to craft captivating narratives that keep readers hooked until the last word. Her ability to simplify complex concepts and present them in an accessible manner guarantees that her articles are enjoyed by both seasoned casino enthusiasts and newcomers alike.
Recently updated on March 22nd, 2018At least four individuals are being detained by the Bulgarian General Directorate Combating Organized Crime (GDCOC) cybercrime unit for hacking slot machines. These individuals defrauded many land-based casinos using a ‘sophisticated scheme.’ At the moment, it’s unclear how much they stole during their scheme. However, they will be charged through […]
Recently updated on September 4th, 2022Yes, online baccarat is beatable, but only in the short term, thanks to the house edge. Like many other casino games, the casino has a built-in advantage in baccarat to ensure profits. This advantage is a mathematical edge that ensures the casino doesn’t lose money on every winning wager. While […]
Recently updated on July 7th, 2019The government’s clampdown on fixed-odds machines has led to a scheduled closure of about a quarter of betting shops in the UK. This move could see up to 3 000 out of 8 400 betting shops closing in the country, putting about 12 000 jobs at risk. William Hill, which […]
Recently updated on April 3rd, 2018Sir Richard Branson has announced the finalisation of a deal that will see the Virgin Group take over the Hard Rock Hotel & Casino in Las Vegas. The Virgin Group did not reveal the sale price. According to reports, Virgin Hotels Las Vegas will open in 2019. The British billionaire […]
Recently updated on April 14th, 2019A live Monopoly game is the latest brainchild of the ever-innovative Evolution Gaming, the premier live casino gaming provider. They made the announcement on the 11th of April. The unique Monopoly game is created in partnership with Hasbro, Inc. Evolution’s twist on a classic board game merges with their Dream […]
