Entain — Top Contender for 25-year Betting License in New Zealand

TAB New Zealand, the monopoly in sports betting in the country, may soon transfer management rights of its business to a third-party gambling company.

According to Financial Review, bidding for the monopoly on sports betting in New Zealand is coming to an end, with three gambling firms — Tabcorp, Sportsbet, and Entain — participating.

According to the source, Entain’s bid appears to be the most favorable due to the sum offered by the British holding company.

In contrast, Tabcorp’s bid is the lowest, but that doesn’t necessarily mean that the company has no chance in the bidding process. The bids of Entain and Sportsbet are slightly tainted due to ongoing investigations in Australia against the companies for potential breaches of anti-money laundering and counter-terrorism financing rules.

Reportedly, the three companies are competing for a 25-year license in New Zealand, during which they will share their profits with the government. The successful bidder will operate more than 500 outlets throughout New Zealand, including on-course tote terminals, and will have the option to conduct online and phone betting as well.

It is worth noting that Tabcorp is also competing with Entain in the acquisition of Australian bookmaker Pointsbet’s business.