• Loading stock data...
Sunday, April 21, 2024
  • -
  • -
  • -
  • -

Betting Giant Entain Commits $545M Toward New Zealand Horse Racing

  • Entain has struck a 25-year deal with New Zealand TAB, the government-owned betting operator.
  • The $545 million deal will see Entain takeover New Zealand’s horse race betting and broadcast operations.
Entain has struck a 25-year deal to run betting operations for New Zealand TAB.
Credit: Arden Barnes-USA TODAY Sports

UK-based sports betting and gambling giant Entain will invest $544.8 million in New Zealand’s horse racing industry over the next five years through the company’s new deal with the New Zealand TAB. The deal has been approved by New Zealand’s government and is set to commence on June 1.

New Zealand TAB is a government monopoly that oversees the country’s sports betting products on horse racing and greyhound racing. Entain will take over the TAB’s betting and broadcast operations for the next 25 years, according to the Sydney Morning Herald.

The 25-year arrangement will reportedly see Entain provide $9 million to New Zealand national sports organizations to be paid by 2025, and a $300,000 payment to Sport NZ to be invested into women’s sports in the country. 

Entain recorded $5.2 billion in fiscal 2022 revenue, a 10% yearly increase over 2021. Betting brands owned by the company include British bookmakers Ladbrokes and Sportingbet, Austrian online betting firm Bwin, and the U.S. online sportsbook BetMGM, which Entain co-owns alongside MGM Resorts International. 

DraftKings made a bid to acquire Entain for $22 billion in 2021 before pulling out of the deal due to complications tied to Entain’s stake in BetMGM.

The Sydney Morning Herald reports that Entain will provide an upfront payment to TAB New Zealand, plus annual payments over five years that will amount to $554.8 million (NZ$900 million.) The NZ TAB operates 675 betting shops nationwide, while Entain’s gambling brands are active in more than 20 countries.

Copy Link
Link Copied
Link Copied

What to Read

Shohei Ohtani’s Interpreter Stole $16 Million to Cover Gambling Losses, Feds Say

Authorities detailed how Ippei Mizuhara hid bank transfers from Ohtani.

Shohei Ohtani’s Interpreter Pleading Guilty to New Charges, per Report

Ippei Mizuhara is said to have lost over $4.5M of Ohtani’s money.

Sportsbooks Say Iowa-LSU Smashed Records

It’s the new all-time most-wagered women’s sports competition on FanDuel.

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos


Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers

NBA’s Lifetime Ban Highlights Surge in Gambling-Related Incidents

The NBA’s lifetime ban on Jontay Porter marks a crescendo of escalating incidents across the industry.
April 16, 2024

Jontay Porter Bet ‘Millions’ on FanDuel Account: Report

The Raptors forward is currently under league investigation.
April 17, 2024

NBA Bans Jontay Porter for Life After Gambling Investigation

The NBA found that Porter gave injury information to sports gamblers, among other violations.

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 12, 2024

A Decade-Long Timeline of the Shohei Ohtani–Ippei Mizuhara Saga

Ohtani’s former interpreter has been federally charged with bank fraud.
April 11, 2024

Following a Long List of Blows, MLB Walks for a Change

Officials say the Dodgers’ superstar is ‘considered a victim in this case.’
March 27, 2024

NCAA Wants to End Prop Betting on College Sports. Will It Succeed?

The announcement comes just days after the NBA began investigating a prop scandal.
March 27, 2024

It Remains Unclear Which Authorities Shohei Ohtani Has Reported Theft of Millions to, If Any

A federal investigation is ongoing, but it’s not clear what it covers.