gambling laws

Seems like we’re finally going to allow Stupid Tax on foreigners

Our archaic gambling laws mean that our NZ dollars are going offshore, and overseas profits currently can’t be captured here.  But that may change this year.

Offshore betting has exploded – the number of New Zealanders placing bets offshore has more than doubled in the past five years to over 40,000 and that growth is expected to continue – but it’s the overseas bookmakers who reap the benefits.

The New Zealand racing industry is the biggest loser from offshore betting – both through New Zealanders placing bets with mainly Australian corporate bookmakers and bookmakers taking bets on New Zealand race meetings and sporting events.

Last year $329 million was bet on New Zealand thoroughbred racing through Australian totalisator operators – much higher than what was bet through the New Zealand Racing Board.

It’s idiotic not to get a slice of that action.     Read more »