New Zealand punters might face offshore betting ban

As reported by the NZ Herald, the racing industry is calling for a fast-tracked law change to ban New Zealanders from betting with overseas bookmaking firms.

Racing bosses have come out in support of the TAB proposal, as fears surface about the sustainability of the New Zealand operator.

The TAB provides the financial lifeblood to the three-code racing industry, which employs over 15,000 people.

But it is under attack as overseas bookmakers continue to chase New Zealand gamblers yet return a far smaller margin of their profits than the TAB to the New Zealand racing industry and sporting bodies.

It is estimated over $650 million a year is gambled by New Zealand punters with offshore operators and as that figure grows the TAB will struggle to maintain dominance of the New Zealand market.

That offshore leakage worsened during Covid when TAB agencies were closed for long periods and overseas operators lured New Zealand punters to their apps with betting promotions.

Should the TAB continue to lose customers to offshore betting — which includes products like online casinos which are not allowed here — then the TAB may no longer be viable, within just five years, bosses claim.

To read the full story, click here.

by Michael Guerin reprinted with permission from New Zealand Herald