Tab NZ, the sole holder of a betting licence in New Zealand, has entered into a long-term strategic partnership with Entain.
Under the arrangement, which remains subject to Ministerial approval, Entain will support Tab NZ with delivering wagering and broadcast functions in the country for a period of 25 years.
Tab NZ said it took the decision to enter such a partnership due to increasing competition, rising costs, capital constraints and other challenges that have impacted its ability to deliver adequate funding to racing and sports.
With these challenges expected to increase, Tab NZ said it spent the last six month engaging with a range of operators in relation to a strategic partnering arrangement and received a number of proposals, including the successful pitch from Entain.
Specific terms of the deal will remain commercially confidential until approval is granted, but it was confirmed that Entain was selected based on a wide range of criteria, including operational expertise, c..