- Rt Hon Winston Peters
Racing Minister Winston Peters says the passage of legislation today will ensure the sustainability of the racing industry in New Zealand.
The amendments to the Racing Industry Act 2020 will enable the TAB NZ to be the sole legal provider of online sports and racing betting in New Zealand.
"The racing industry generates $1.9 billion for the economy and employs 13,500 people across the country.
"Racing and sports have a special place in communities throughout New Zealand. With the rapid growth in online betting, we needed to make changes to protect TAB NZ's betting revenue to support the progress of the industry," Mr Peters says.
"TAB NZ is the core funding source for New Zealand's racing industry and contributes vital funding to a variety of sports codes. This legislation redirects New Zealand punters' dollars for the benefit of the racing industry and sports here, rather than overseas commercial operators."
"It also means all sports and racing betting in New Zealand will now be in a fully regulated environment."
The Bill introduces regulation-making powers for harm minimisation and provides a regulatory backstop to ensure that consumer obligations are met. This provides flexibility to adapt to any future changes in the racing and sports betting environment.
"Increased ministerial and regulatory oversight will be in place to ensure TAB NZ operates with integrity. If TAB NZ's performance does not meet expectations, action can be taken to uphold the protection of consumers."
"This legislation comes at an important time for the racing industry, with TAB NZ's announcement of the establishment of an advisory committee of industry leaders. This will encourage connections and opportunities for TAB NZ to explore with the industry."
"I am supportive of the industry taking the initiative to enhance industry development," Mr Peters says.
