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(Sharecast News) - Entain was upbeat on improvements to its legal status as the sole provider of sports betting in New Zealand on Monday, with the Racing Industry Act extending the country's statutory betting monopoly to cover online wagering.
The FTSE 100 gambling giant said the changes, effective from 28 June, created a "legislative net" that prohibited unlicensed offshore operators from offering betting services to New Zealand customers.
It said the legislation extended TAB New Zealand's exclusivity for racing and sports betting from land-based channels to online platforms.
Entain won a 25-year monopoly on licensed betting in New Zealand in 2023 by taking over the operation of the previously state-managed Totalisator Agency Board (TAB).
In line with the terms of its agreement with the New Zealand government at the time, Entain said it would now make an additional payment of NZD 100m (44.26m) following the implementation of the legislative net.
"Entain is proud to be building on TAB NZ's legacy of racing and sport in New Zealand and is privileged to provide an engaging betting experience to Kiwis," said Sam Moncur, managing director of Entain Australia and New Zealand.
"This legislative amendment further deepens our commitment to the industry.
"Alongside the ongoing efforts from government, members and sponsorship, we are honoured that Entain's financial support of sporting and racing codes through our strategic partnership plays a role in strengthening communities and teams across New Zealand."
Entain took over operation of the TAB network of on-site betting windows, betting shops and online platforms in 2023, and has since launched the Betcha online-only brand in the country as part of its monopoly operation.
At 1136 BST, shares in Entain were down 0.35% at 900.24p.
Reporting by Josh White for Sharecast.com.
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