IN BRIEF: Entain says legislation solidifies position in New Zealand
Entain PLC - Isle of Man-based sports betting and gaming operator with Labrokes and Coral brands - Amendments to the Racing Industry Act by the New Zealand government extend the exclusivity over land-based racing and sports betting already held by Entain partner TAB New Zealand to online gambling. The amended law establishes a 'legislative net' that prevents offshore operators from offering wagering services to people in New Zealand. The aim is to keep funds staked wagering inside the country to invest in the racing and sports industry and to strengthen harm minimisation measures for players. Two years ago, Entain and TAB NZ signed a 25-year partnership, and Entain now will make an additional NZD100 million, about USD60 million, payment to TAB NZ upon implementation of the new legislation. Read More