$/€ Entain Snags $900m Deal to Run TAB NZ Betting Monopoly Starting June 1
Lina Almans
24 May 2023
Comment 0
Pictured: Entain CEO Jette Nygaard-Andersen
New Zealand’s Minister for Racing, Kieran McAnulty, has given the green light to a deal that will let British gambling giant Entain take over the management of the country’s sole betting operator, TAB NZ, according to the New Zealand Herald.
Under the deal, which is worth $900 million and will last for 25 years, Entain will get paid over 5 years and will keep all 460 TAB NZ workers on the payroll for at least 2 years.
The agreement is called a strategic partnership, but it basically means that Entain will run the show under the TAB NZ brand. The partnership is expected to kick off on June 1, 2023.
TAB NZ is worth around $630 million and has a monopoly on the New Zealand betting market. The government-owned company has 675 betting outlets across the country and also offers online gambling. By taking over TAB NZ’s management, Entain will become the only game in town for New Zealander bettors.
As a reminder, the British gambling giant won the bidding war for the betting partnership back in March.
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