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The New Zealand Racing Board says the racing industry will be guaranteed $12 million over the next year from a co-mingling agreement it signed yesterday with Australian betting agency, Tabcorp.
The agreement will see New Zealand's TAB betting win, place and quinella pools merge with Australia's SuperTAB pools, which the Racing Board says will result in a "massive benefit" to New Zealand TAB customers and the racing industry here.
The agreement takes effect from June 11, with $12 million guaranteed in the first year of operation. The board is estimating that revenue to increase to $17-$22 million over the next two seasons.
The co-mingling of pools will see New Zealand's TAB combined with Tabcorp Australia's Victoria pool and the Western Australian, Australian Capital Territories and Tasmanian totalisator pools for selected thoroughbred, harness and greyhound races.
The racing board said the pooling of bets would create an "Australasian price".
"It will bring bigger pools for punters in New Zealand and that means an end to the wild fluctuations in dividends, particularly for smaller and night race meeting," the board said.
- NZPA
