The New Zealand Racing Board (NZRB) has hailed a ‘new era for Kiwi punters’ after launching its long-awaited fixed odds betting portal.
Launching TAB NZ’s new property, NZRB Chief Executive John Allen stated that the portal would raise vital funds for New Zealand racing stakeholders, as the governing body continues its revamp of the sport.
“We estimate this initiative alone will increase returns to the industry by $17 million – $19 million in annualised profit, rising to approximately a $30 million increase in net betting profit as a result of the Fixed Odds Betting change from 2021/22,” said Allen.
“Our partners on this project, OpenBet and PaddyPower Betfair are world class operators. What they have done is ensure the New Zealand TAB, a significant and valuable industry asset, can now compete with the rest of the world, increase our revenue and in turn, our distributions back to racing and sport”.
Backing TAB NZ 2019 initiatives, Keith O’Loughlin, SVP Sportsbook at SG Digital, said: “The New Zealand Racing Board fully understands their punters, so they know the value of Scientific Games’ user insight-driven experiences built on a reliable and stable platform.
“We’re proud to support them with our OpenBet technology and create a revolutionary product for punters in the market via a front-end player experience built on the latest technology also available to our US customers.”
The NZRB enters a crucial year, following the blunt appraisal of independent racing expert John Messara in 2018, undertaking a government inspection of New Zealand racing standards.
In his report Messara noted that New Zealand racing was at a ‘tipping point of irreparable damage’, stating that NZRB was in need of a drastic restructure and that a number of commercial services run by the NZRB should be fully outsourced.