Betfair has confirmed it will exit the New Zealand sports betting market on July 23 following the introduction of new legislation.
Last month, as part of amendments to the Racing Industry Act 2020, residents of New Zealand can only bet on sports and racing through one licensed operator.
Offshore sportsbooks such as Betfair are no longer able to offer sports or racing markets, with Tab NZ acquiring the exclusive rights to offer such services to Kiwis.
Any offshore firms who continue to operate in the New Zealand market will face action by the government, likely through the Department of Internal Affairs and New Zealand Gambling Commission.
Betfair Apologise For Inconvenience Caused To New Zealand Residents
In a statement, the firm owned by Flutter Entertainment said: “We apologise for any inconvenience caused by the upcoming change and poorer user experience.
“Unfortunately, Betfair has to make the upcoming change to comply with the legislative amendment.”
Betfair will still be able to offer other products such as political and entertainment betting.
New Zealand’s Offshore Gambling Ban Explained
Despite the blanket ban on offshore gambling, that doesn’t mean Tab NZ will be the only firm to offer sports and racing betting in the future.
New Zealand has announced that it will make available 15 online casino licenses to regulate the online gambling market.
Licensed operators will be allowed to advertise their business but restrictions, imposed by the government will apply and unlicensed operators could face fines of up to $3 million for any law violations.
Reportedly, firms such as SkyCity, 888 and bet365 have shown an interest in entering the New Zealand market once it opens for business.
The country’s governors introduced the bill to try and reduce the risk of gambling-related harm that supposedly comes with offshore sportsbooks while increasing the financial returns to domestic racing and sporting bodies.
New Zealand want to stop the hundreds of millions of dollars that are wagered every year with offshore operators that don’t provide any return to the country’s racing industry.
Joe Lyons is a betting industry writer for GamblingIndustryNews with years of experience on reputable gambling websites. Joe specialises in long form content in the world of sports betting and gambling. Joe is recognised as an expert in sports fields such as horse racing, soccer, NFL and NBA.
