The long-awaited Racing Act amendment that will regulate New Zealand’s race fields is ready to pass through Parliament.
Although the main point of the law is to regulate the way overseas betting agencies pay for using the intellectual property from races and matches held on the territory of New Zealand, it will also make live betting during races legal. Current regulations only allow for betting on sports events in progress.
The legislation will stipulate a royalty fee to be paid by offshore operators who use New Zealand race information for their bets.
According to New Zealand Thoroughbred Racing chairman Dr Alan Jackson, this is a tangible development for the industry that will make it more competitive on the sports betting market.
Despite the fact that the act confers official status in New Zealand on overseas agencies, they will not be allowed to advertize their products or services pursuant to the Gambling Act.
The development in New Zealand follows recent legislative changes in Australia in the opposite direction as the Australian Government has moved to outlaw live betting on sport and racing.