The New Zealand Racing Board (NZRB) announced the launch of what it described as a ‘new era’ for horse racing punters in New Zealand on Wednesday, with a new betting portal. .
The long-awaited fixed odds betting platform will operate through the New Zealand Tab domain, and is powered by betting company Paddy Power Betfair (PPB) and gaming technology company Scientific Games, who have provided their OpenBet technology as leading systems provider.
Commenting on the launch of the new portal, the Chief Executive of NZRB, John Allen stated said that it would help to raise revenue for racing stakeholders, and would assist the sport’s governing body in its ambition to overhaul the sport in New Zealand. He also paid tribute to the work of OpenBet and Paddy Power Betfair who has helped to develop the platform:
“What they have done is ensure the New Zealand TAB, a significant and valuable industry asset, can now compete with the rest of the world, increase our revenue and in turn, our distributions back to racing and sport”.
NZRB estimate that the new portal will increase revenue to the horse racing industry by up to $19 million in annualised profit and will produce a $30 million increase in net betting profit.
This is an important year for the NZRB, in the wake of the criticisms aimed at the organisation by independent expert John Messara in 2018. Messara had been commissioned by the New Zealand government to conduct an inspection of standards in the industry and he concluded that NZRB was in need of significant restructuring, including the outsourcing of many of its commercial services.
Image sourced from 123RF.