Basketball scores $1m from TAB

Basketball New Zealand has received more than $1 million in commission payments from the TAB in 2014. Photo / Thinkstock

Basketball New Zealand has received an unprecedented cash injection after collecting more than $1 million in commission payments from the TAB in 2014.

The payout comes as part of the TAB contributing a share of its betting turnover and margin to national sporting organisations for the sports on which it offers betting options.

The boost will help the struggling national body, which receives an annual $200,000 grant from High Performance Sport New Zealand and additional support from Community Sport Funding.

Basketball New Zealand chief executive Iain Potter says Kiwi interest in the sport has never been better, with the popularity of betting on the ANBL and NBA earning the code a healthy windfall.

"We know Kiwi punters love the NBA and that as a result, basketball in New Zealand is benefiting - which is great for the local game," saidPotter.

The payment will allow the national body to contribute to community-focused activities such as Kiwi Hoops, tournaments and talent development as well as the national team.

New Zealand Racing Board executive general manager - strategy and transformation Monique Cairns says basketball is the third New Zealand sport to get a seven-figure commission payment in a calendar year.

"Basketball, particularly NBA basketball, has long been a favourite for Kiwi punters and is one of our most bet-on sports," said Cairns.

"Interestingly, we can also put some of basketball's record commission payment down to bets on the Women's NBA (WNBA)."

In 2014 the TAB returned more than $5 million in commission payments to national sporting organisations across New Zealand.