Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 August 2021, prescribe the method for determining the distribution of TAB New Zealand’s (TAB NZ) betting profits from the racing betting and sports betting it conducts under the Racing Industry Act 2020 (the Act).
TAB NZ’s betting profits are calculated under section 73(3) of the Act. For any period on or after 1 July 2021, section 73(2) of the Act provides that the amount that may be distributed must not exceed 4% of the betting profits (the available profits).
The effect of these regulations is that TAB NZ must retain an amount equal to 2.5% of the available profits for the purpose of carrying out its duties relating to harm prevention and minimisation under the Act and distribute the remainder to—
Racing New Zealand in an amount equal to the percentage that racing betting has contributed to TAB NZ’s gross betting revenue in the previous racing year or any longer agreed period; and
Sport and Recreation New Zealand in an amount equal to the percentage that sports betting has contributed to TAB NZ’s gross betting revenue in the previous racing year or any longer agreed period.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 1 July 2021.
These regulations are administered by the Department of Internal Affairs.