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rdytdy

Racing Act Admendment Underway

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Good afternoon,

I’m very pleased to
advise that the Minister for Racing, Hon Nathan Guy, has just announced plans
to amend the Racing Act 2003 - this is the ‘racefields’ legislation that we
have been seeking for a number of years and is a tremendous milestone.

You can view the
Minister’s press release
here,
and our statement in support
here.

We are grateful for the
Government’s promotion of this landmark legislation, and their ongoing support
for our industry. These changes will bring a significant financial boost to
racing in New Zealand.

As you know, the
proposed amendment will mean that offshore bookmakers who either take bets from
people in New Zealand, or take bets on New Zealand racing, will have to pay a
fee which will go back to the racing sector.

The changes proposed
will also see NZRB being able to take ‘in-race’ bets for the first time,
similar to the popular in-play bets we are already able to take on sports
events. We will also be able to take bets on sports without a National Sporting
Organisation (with the agreement of Sport New Zealand), opening up a great
number of sporting events for betting options.

Finally, the amendment
will confirm the new formula agreed between NZRB and Sport New Zealand which
will be based on Net Betting Revenue rather than Turnover. This formula has been
agreed in recognition of the significant growth of sports betting in New
Zealand and will provide greater returns to sporting organisations while still
providing significant returns to racing from sports betting.

The next steps will be
for the amendment bill to be drafted and submitted to Parliament. We will keep
you informed of its continued progress over the coming months, as we work
towards having this in place before the election this September.

Kind regards,

John

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The Chair of the New Zealand Racing Board (NZRB), Glenda Hughes, welcomes today’s announcement by Minister Nathan Guy regarding proposed amendment to the Racing Act 2003.

“This important amendment will provide significant benefit to New Zealand racing and sport; we are delighted to have this recognised by Government and thank them for their ongoing support of our industry,” says Ms Hughes.

“With these proposed changes, we will be able to ensure significantly more funding is provided back to support the thousands of Kiwis who work or participate in, and enjoy racing and sport around the country.

“With the rapid and broad growth of online betting competition, we have seen more and more of potential industry income lost overseas.

“These changes help keep this income in New Zealand, where it can support our people and help grow our fantastic racing and sports programmes to even greater success.
“NZRB is also continuing to work on improving its competitiveness to enhance our customers’ experience and ensure they can receive the same level of service and options as they find offshore,” says Ms Hughes.

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37 minutes ago, Kotare_Hunter said:

The Chair of the New Zealand Racing Board (NZRB), Glenda Hughes, welcomes today’s announcement by Minister Nathan Guy regarding proposed amendment to the Racing Act 2003.

“This important amendment will provide significant benefit to New Zealand racing and sport; we are delighted to have this recognised by Government and thank them for their ongoing support of our industry,” says Ms Hughes.

“With these proposed changes, we will be able to ensure significantly more funding is provided back to support the thousands of Kiwis who work or participate in, and enjoy racing and sport around the country.

“With the rapid and broad growth of online betting competition, we have seen more and more of potential industry income lost overseas.

“These changes help keep this income in New Zealand, where it can support our people and help grow our fantastic racing and sports programmes to even greater success.
“NZRB is also continuing to work on improving its competitiveness to enhance our customers’ experience and ensure they can receive the same level of service and options as they find offshore,” says Ms Hughes.

Its not working so far Glenda and btw how did you let it get this bad in the first place. 

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40 minutes ago, Kotare_Hunter said:
“NZRB is also continuing to work on improving its competitiveness to enhance our customers’ experience and ensure they can receive the same level of service and options as they find offshore,” says Ms Hughes.

Is it beacuse they are a monopoly in NZ that they would not want to be better than offshore providers ?

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49 minutes ago, Kotare_Hunter said:


“NZRB is also continuing to work on improving its competitiveness to enhance our customers’ experience and ensure they can receive the same level of service and options as they find offshore,” says Ms Hughes.

sorry Lovey - you have got that majorly wrong! 

customers want a BETTER level of service and options than they find offshore.

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7 minutes ago, Kotare_Hunter said:

“NZRB is also continuing to work on improving its competitiveness to enhance our customers’ experience and ensure they can receive the same level of service and options as they find offshore,” says Ms Hughes.

Why would you need legislation to provide the same level of service?

 

1 hour ago, rdytdy said:

The changes proposed will also see NZRB being able to take ‘in-race’ bets for the first time, similar to the popular in-play bets we are already able to take on sports
events

This will never work - a huge waste of money 

 

1 hour ago, rdytdy said:

As you know, the proposed amendment will mean that offshore bookmakers who either take bets from people in New Zealand, or take bets on New Zealand racing, will have to pay a fee which will go back to the racing sector.

How much is the fee and how much of that fee will actually make it back to the racing sector?

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One of the good things here is that NZ sports will now likely get a fairer share of the betting revenue they generate with a lesser proportion being siphoned off to racing.

“The NZRB and Sport New Zealand have negotiated a new formula, which is based on net betting revenue (NBR). Payments to sport would be calculated after GST, gambling duty and the problem gambling levy are deducted.  

“The new formula will account for the growth in sports betting. It will provide a greater return to sports organisations, while still benefitting racing as sports betting continues to grow in popularity.”  

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15 hours ago, von Smallhaussen said:

sorry Lovey - you have got that majorly wrong! 

customers want a BETTER level of service and options than they find offshore.

That strikes me as a very odd comment from Glenda when perhaps the key recommendation of the working group was directly related to NZRB's international competitiveness.

33
The Working Group believes that the positioning of the New Zealand TAB and its competitiveness
should be a continued area of focus for the Board and the racing and sports sectors. The industry
needs continuous improvement when it faces external competitors, and this will require ongoing
investment.

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4 hours ago, rdytdy said:

 

Good afternoon,

I’m very pleased to
advise that the Minister for Racing, Hon Nathan Guy, has just announced plans
to amend the Racing Act 2003 - this is the ‘racefields’ legislation that we
have been seeking for a number of years and is a tremendous milestone.

You can view the
Minister’s press release
here,
and our statement in support
here.

We are grateful for the
Government’s promotion of this landmark legislation, and their ongoing support
for our industry. These changes will bring a significant financial boost to
racing in New Zealand.

As you know, the
proposed amendment will mean that offshore bookmakers who either take bets from
people in New Zealand, or take bets on New Zealand racing, will have to pay a
fee which will go back to the racing sector.

The changes proposed
will also see NZRB being able to take ‘in-race’ bets for the first time,
similar to the popular in-play bets we are already able to take on sports
events. We will also be able to take bets on sports without a National Sporting
Organisation (with the agreement of Sport New Zealand), opening up a great
number of sporting events for betting options.

Finally, the amendment
will confirm the new formula agreed between NZRB and Sport New Zealand which
will be based on Net Betting Revenue rather than Turnover. This formula has been
agreed in recognition of the significant growth of sports betting in New
Zealand and will provide greater returns to sporting organisations while still
providing significant returns to racing from sports betting.

The next steps will be
for the amendment bill to be drafted and submitted to Parliament. We will keep
you informed of its continued progress over the coming months, as we work
towards having this in place before the election this September.

Kind regards,

John

Hello .......Its election Year ....no disrespect to you Ted

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I've been telling you this sports v. racing distribution is an issue for months but you don't listen or comprehend.

When they set up the new 1000 option F/O platform ( or whatever number it is ) the punters will migrate from tote ( that's racing ) to F/O sports and you'll never see them again.

History proves this happens.

Racing is funding the development of a platform that'll steal its customers away....and then you're a stroke of the Labour/Greens pen away from losing every cent earnt by sports betting because that'll go directly to them rather than to racing.

You're having your pants pulled down guys, and you're getting it right up the chutney, but you're all too slow to see it, or too gullible.

This is a classic case of a bunch of turkeys voting for an early Christmas.

For once in your lives digest what I'm saying because this is potentially catastrophic for racing.

 

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Why shouldn't sports get all the net revenue that is earned from betting on their events? If you don't want the NZRB to handle that betting then let sports sell those rights to another provider. If racing can't be bothered creating anequally or more attractive betting product than other sports they deserve to be chutneyed.

What needs to happen now is for the NZRB pokie business to be required to return all distributions to sports and communities the same as all other C4 gaming operators.

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Agree 100% Midget

Racing funded the development platform for Greyhound Racing years ago, then an FO platform for sports and Racing betting. All three have contributed to our downfall. Sports have piggybacked on the Racing industry's IT and this should be recognised by way of a commission up front.

Jurisdictions with strong Parimutuel tote betting have strong Racing industry's. 

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9 minutes ago, Leggy said:

Why shouldn't sports get all the net revenue that is earned from betting on their events? If you don't want the NZRB to handle that betting then let sports sell those rights to another provider. If racing can't be bothered creating anequally or more attractive betting product than other sports they deserve to be chutneyed.

What needs to happen now is for the NZRB pokie business to be required to return all distributions to sports and communities the same as all other C4 gaming operators.

No issue with that, but you're misssing my point.

Why should racing fund the development of a sports platform ? It's bizarre when it's going to erode the racing customer base, and it follows logically that it'll strengthen the sports client base.

Can you imagine rugby investing in a platform to enhance the value of league ?

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27 minutes ago, Midget said:

No issue with that, but you're misssing my point.

Why should racing fund the development of a sports platform ? It's bizarre when it's going to erode the racing customer base, and it follows logically that it'll strengthen the sports client base.

Can you imagine rugby investing in a platform to enhance the value of league ?

I take your point, but they have already developed and provided the platform and reaped substantial benefit from doing so at sport's expense. Now and going forward they either continue to provide that for a fee that is comparable to what an alternative wagering provider might charge, or hand it over.

I might add that it is a purpose of the Racing Act to facilitate sports betting and an objective of the Board to facilitate and promote sports betting.

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"the new formula agreed between NZRB and Sport New Zealand which
will be based on Net Betting Revenue rather than Turnover."

Will they do this for Gallops, Harness & Greyhounds???

What are the split percentages for the the 3 codes currently??

Some Racing Act from memory that disadvantages the thoroughbred code ?

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7 minutes ago, Leggy said:

I take your point, but they have already developed and provided the platform and reaped substantial benefit from doing so at sport's expense. Now and going forward they either continue to provide that for a fee that is comparable to what an alternative wagering provider might charge, or hand it over.

Do you honestly believe that the NZ Basketball association have any expenses or investment in the NBA? Or NZ Darts in the PDC or NZ Soccer in the Premier League. So what have they got to offer an alternative wagering provider that you and I don't have? Why don't we set up an NZ National Sporting Organisation for American Football and one for Ice Hockey and colllect the funding?

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40 minutes ago, toolittletoolate said:

Do you honestly believe that the NZ Basketball association have any expenses or investment in the NBA? Or NZ Darts in the PDC or NZ Soccer in the Premier League. So what have they got to offer an alternative wagering provider that you and I don't have? Why don't we set up an NZ National Sporting Organisation for American Football and one for Ice Hockey and colllect the funding?

No, I agree tltl. Nor should NZ Racing receive revenue generated by overseas racing events run by the likes of the HKJC or Racing NSW. Revenue from betting on those events should be returned to the government and taxpayer in the same way as revenue from betting on the NBA or Premier League should, as you point out.

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1 hour ago, Midget said:

No issue with that, but you're misssing my point.

Why should racing fund the development of a sports platform ? It's bizarre when it's going to erode the racing customer base, and it follows logically that it'll strengthen the sports client base.

Can you imagine rugby investing in a platform to enhance the value of league ?

HOW MUCH HAS THE POKIES TAKING AWAY FROM RACING

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2 hours ago, Berri said:

This deal to distribute to sports interests me. What are the percentages?

Probably never know exactly Berri though the annual payments are published.

The minimums are set by the racing Act at 5% of tote turnover and 1% turnover + 5% gross profit for FO.

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Is anyone else worried about this insidious drift ( in the language being used by the NZRB ) from racing to sports ?

It appears the NZRB has zero interest in helping the domestic racing industry produce a quality product but rather they're just focused on alternate sports as options to bet on.

This appears to be a secret agenda to shift the TAB from a racing focus to any and every sport, how can that not be detrimental to racing ? And why is the industry not up in arms about it ? Once this is done you won't be able to turn back the clock because the racing industry is being emasculated, slowly weakened, eventually it'll be dismantled, we'll have no power but the big time sports like rugby and basketball will have hijacked the TAB, while we did nothing, and those big sports will potentially be telling us what to do and when.

Are our leaders that stupid, or that incompetent, that they can't see the potential dangers here ?

 

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