Neds and Ladbrokes parent company takes over NZ TAB for 25 years
In a move that marks a significant milestone in the New Zealand racing industry, global betting and gambling heavyweight Entain is set to assume control of the New Zealand Totalisator Agency Board (TAB) starting June 1 2023, following the final stamp of approval from the government.
Entain is the parent company of Australian horse racing bookmakers, Ladbrokes and Neds.
This quarter-century agreement, injecting an additional $150 million into the country’s sport and racing sectors, has been lauded by Kieran McAnulty, New Zealand’s Racing Minister, as a day of monumental importance in the annals of New Zealand racing.
The deal ensures that a minimum of $100 million out of the increased funding will be allocated to the nation’s three racing codes over the next half-decade.
In the aftermath of the COVID-19 pandemic, which resulted in a significant drop in revenue, the New Zealand racing industry has faced challenging times.
The Entain deal breathes fresh optimism into the industry, presenting a resurgence of hope to participants across New Zealand’s racing sector.
The agreement is expected to stem the decline in racing revenues and furnish a measure of certainty for the years to come.
McAnulty expressed his confidence that the partnership will bolster the future of the racing industry and sports in New Zealand through the increase in financial distributions to national sports organisations.
Integral to the deal and the securing of government backing, Entain has made a commitment to ensure no job losses amongst the 460-strong workforce for at least two years. Additionally, a portion of the funding has been set aside to address the issue of problem gambling.
Entain Australia’s CEO, Dean Shannon, celebrated the government’s endorsement as a pivotal moment in the metamorphosis of New Zealand’s wagering landscape.
He conveyed his delight and honour at receiving ministerial consent to seal the strategic partnership between TAB NZ and Entain Australia.
Shannon expressed his belief that this long-term strategic alignment will revolutionise sports betting in New Zealand.
Furthermore, he was pleased that the agreement would lead to substantial financial gains for the three racing codes of New Zealand and a broad spectrum of national sports organisations.
As an entity grounded in innovation and customer-centricity, Entain is eager to deepen its engagement with the stellar team at TAB NZ.
The ultimate aim is to roll out a suite of new, top-tier products, services, and player safety tools to TAB NZ’s dedicated customer base.