Skip to main content

Racing Industry to Start Taxing Offshore Bookmakers

Recently updated on April 29th, 2019

New Zealand’s racing industry could soon be facing some big changes. Reportedly, the government will be charging a point-of-consumption tax on races in New Zealand. After a review by John Messara, an Australian racing expert, two pieces of legislation are in the works. Firstly, the current racing board will be replaced. Then, plans for the tax will be debated and passed by July this year.

Both plans are expected to revitalise the racing industry and boost finances. While a tax has not been set, the policy paper claims that even a 2% turnover tax could bring in NZ$24 million. When compared with most of Australia’s point-of-consumption taxes, this is a fairly modest requirement. On the other hand, the eventual tax could be a lot higher. So, what happens to the current set up?

Racing Industry to Start Taxing Offshore Bookmakers

New Racing Industry Regulator

Based on a report from the Ministerial Advisory Committee (MAC) on Racing and Messara, the new laws are taken from at least 17 recommendations. Chief of these was the tax for offshore operators. Messara believes that the New Zealand racing industry is at a tipping point and is facing a decline. He believes that a new tax could ‘revitalise’ the sector.

According to reports, the existing New Zealand Racing Board (NZRB) will be reconstituted into the Racing Industry Transitional Authority (RITA). RITA will “drive the transition of the industry” according to the New Zealand Herald. In this capacity, they will ensure that all offshore operators “contribute to domestic racing and sports codes”.

To put it simply, they’ll pay for every bet taken from New Zealanders on racing. This could also be implemented on other sports later on. At the moment, our racing industry contributes roughly NZZ$1.6 billion to the economy. Any growth could help struggling communities and towns affected by disasters with much-needed public funds.

Keep visiting New Zealand Casinos for the latest gambling news!



Related Posts

English Premier League Sponsorship Values Break Records

English Premier League Gambling Sponsors Break Records – NZ News

Recently updated on September 26th, 2018While the UK Gambling Commission (UKGC) has been cracking down on gambling operators, one market remains saturated. According to new figures, sports books have spent millions in sponsorships for English Premier League (EPL) kits. This brings bookies to a global stage, as the EPL is one of the most popular […]

Scudamore-Inspired Pokie Game Released by NetEnt

netent-scudamore-pokie

Recently updated on March 20th, 2019The software gaming legend NetEnt has released horse racing Scudamore pokie in honour of celebrated jockey Peter Scudamore. One has to admire NetEnt who always produces casino gaming that appeals to our Kiwi gamblers. In New Zealand, horse racing is a sport with a large following. Therefore, the adaptation of […]

Lotto New Zealand Recognised for Responsible Gambling Program

lotto-new-zealand

Recently updated on August 23rd, 2019Lotto New Zealand places emphasis first and foremost on safe and responsible gambling for Kiwis. The World Lottery Association has affirmed this by awarding our national lottery operator with a Level 4 Responsible Gaming Certification. A Level 4 certificate is the highest accolade or certification a lottery organisation can receive. […]