New Zealand’s Horse racing sector has entered a now that TAB is poised to take over control of the sector s from the 1st of August.
The body will replace the Racing Industry Transition Agency. This body succeeded the New Zealand’s Racing Board (NZRB), the outfit that had been mandated to oversee the transition to the new model of governance.
TABZ will be charged with maximizing profits for the sector, ensuring that there is a fair return to the sport, managing customers, problem gambling, and preventing underage betting.
Meanwhile, individual racing codes will enjoy a little more autonomy to encourage and develop the competitions they organize, rather than having it done through a centralized entity.
The takeover was facilitated by a two-stage process, with the first one overseeing the implementation of the Reform Act, which become active on the 1st of July, 2020. The Act saw RITA created as a successor to the NZRB, and a new point of consumption tax was imposed on all offshore operators.
The second segment, involving the Racing Industry Bill, was filed last year and was approved last June. The bill effectively dissolved the RITA and replaced it with TAB New Zealand, which is now the only licensing operator.
Approval of the next bill was scheduled for the 1st of July, 2020, but was passed a month later due to the impact of COVID-19. The pandemic contributed to a drop in revenue, and the sector was failed to meet its projections.
However, the operator stated that it sees signs of recovery, although they had to send home 230 workers and suspended some essential services, including trackside broadcasting as well as telephone betting service.
The new body will have less on-course betting, as it shifts focus to increasing the number of self-service terminals.