The New Zealand government has granted approval for UK gaming giant Entain plc to deliver the wagering and broadcast functions for TAB New Zealand as part of a recently signed 25-year deal.
According to information from Entain, the partnership was given the green light by the New Zealand Minister for Racing and is expected to officially commence as of 1 June 2023.
“We are delighted and honored to have received Ministerial approval to finalize the strategic partnering agreement between TAB NZ and Entain Australia,” said Entain CEO Dean Shannon.
“We believe this 25-year strategic partnering arrangement will be a game-changer for sports betting in New Zealand and we are pleased that it will help provide significant financial benefits to the three New Zealand racing codes and the vast array of national sporting organizations.
“Entain is a business built on innovation and being customer focused and we look forward to connecting further with the great team at TAB NZ to introduce a range of new world class products, services and player safety tools to the loyal TAB NZ customer base.”
As previously reported by IAG, the 25-year partnership will provide guaranteed funding to TAB NZ of more than NZ$1 billion (US$620 million) in the first five years.
TAB NZ stated recently that it has faced “increasing competition, rising costs, capital constraints as well as other challenges” in recent years which have impacted its ability to deliver adequate funding to racing and sports. As such, it sought a “world-class” gaming operator to help regain its competitive edge, citing Entain’s operational expertise, cultural alignment with TAB NZ and its commitment to uplifting TAB NZ’s harm minimization and responsible gambling efforts.
