TAB

Government finally addressing all our gambling business going overseas

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The government is seeking public submissions on changes to the Racing Act which could see it impose fees on foreign gambling operators accepting bets from New Zealand, as well as expanding its own product range to compete better with online platforms.

Racing Minister Nathan Guy wants submissions on a series of proposals generated from a report by the Offshore Racing & Sports Betting working group for the New Zealand Racing Board (NZRB), which was publicly released in November. Submissions close on May 27. Read more »

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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 »

Breaking News: Benefit increase welcomed by racing industry

by Lindsay Mitchell

The “first benefit increase since the 1970s” is welcomed by the racing industry, currently struggling to survive.

Offcourse turnover dropped steeply after the 1990’s benefit cuts, but the National government has rejected a return to the halcyon days of ex Racing Minister, Winston Peters, refusing to fund a cash injection into stakes – the lifeblood of the industry.

Described as “heartless” in its attitude to the racing industry, the government stands accused of turning its back on jockeys, trainers, breeders, livestock agents, and the 30,000 people relying on the industry for their livelihood.

The 2015 budget took the industry by complete surprise.

In a masterstroke, John Key and Bill English, raised benefits and side-lined not only the Greens and Labour, but NZ First, whose support base relies on racing enthusiasts. Read more »

Government wants to stop on-line overseas betting

The Government is looking at clamping down on online overseas betting by New Zealanders, saying it deprives the local racing industry of important income by sidestepping the TAB’s domestic monopoly and results in less Government revenue in taxes.

Racing Minister Nathan Guy has announced a review of offshore online betting to be done by a working group chaired by former National MP Chris Tremain.

Mr Guy said the TAB had a monopoly on racing and sports betting under a regime that required the Racing Board to distribute profits back into the racing industry.

This was being undercut by increased use of online betting with overseas agencies, especially in Australia.

“This means offshore organisations make money on New Zealand racing and sports without paying their fair share of tax, or making contributions back to the racing industry or sporting organisations that make the betting possible in the first place.” Read more »

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Kiwis stop backing Team New Zealand at the TAB

The nation has hit a crisis of confidence it seems

”It’s been rare for us to see a bet on Team New Zealand this morning,” [yachting bookmaker Kieran] McAnulty said.

It is a dramatic change for TAB, which the Friday before last thought the America’s Cup was all over and closed off betting.

But than Oracle made a ”dramatic turnaround” and TAB reopened its books.

While the tide of betting was very much in Oracle’s favour today, things were a little more optimistic yesterday, when a $16,000 bet was placed for the Kiwis to win.

Even so.  One Kiwi punter thinks the money is good betting Team New Zealand is going to lose

Team New Zealand may still have the lead in the America’s Cup, but one punter has bet $10,000 the Kiwis will lose.

As more and more punters placed their money on a victory for United States team Oracle in the America’s Cup, the TAB today drastically reduced its odds of a New Zealand victory, [] McAnulty said.

Following Team New Zealand’s double-loss this morning, Oracle was paying $3 to win against $1.33 for the kiwi team.

Are we a country of chokers?

Are they a country of cheaters?