Tabcorp and New Zealand Racing Board sign extension
The initial partnership between the New Zealand Racing Board and Tabcorp has proved successful for both parties and the interests of the sport of racing. As a result, Tabcorp and the New Zealand Racing Board have extended their partnership to 2015. The extension ensures the two parties will continue to commingle betting pools and exchange races broadcast as part their respective wagering schedules for the next four years.
Under the terms of the extension, Tabcorp-owned Sky Racing will continue to act as the NZ Racing Board’s international broadcast agent. The agreement has already taken New Zealand racing – and wagering on New Zealand racing – into markets such as the United States, Hong Kong, Singapore, Sweden and France.
“Tabcorp is pleased to have extended its agreement with the New Zealand Racing Board. Both parties have worked hard to make this alliance work and the results have been measurable and significant,” said Tabcorp’s Managing Director of Wagering, David Attenborough in the press release.
“Tabcorp’s alliance with the New Zealand Racing Board shows what can be achieved when partners are committed to achieving results and the fundamentals of the venture have a sound commercial basis…Expanding international pooling and driving the export of Australian and New Zealand racing through Sky continues to be a key strategic priority of Tabcorp.”
NZ Racing Board Interim CEO Bill Colgan said in the release, “New Zealand racing will continue to benefit from exposure to the wider world under our broadcasting agreement and this, as well as generating considerable wagering revenues, will help to further raise the profiles of our sales and breeding industries.”
As a recap, the partnership between the New Zealand Racing and Tabcorp has since yeilded significant value to both parties, the Australian and New Zealand racing industries and customers, through:
• commingling of New Zealand Racing Board bets on Australian racing with the Victorian TAB
• commingling of Victorian TAB bets on New Zealand racing with the NZ Racing Board
• increased coverage of New Zealand racing within Australia’s wagering program
• increased coverage of Australian racing within New Zealand’s wagering program
Additionally, the commingling of betting pools has provided customers with greater liquidity in wagering pools and has allowed a reciprocal exchange between Australian customers to bet on New Zealand racing and New Zealanders to bet on Australian races.
According to figures in the release, in 2010, Tabcorp covered 8829 New Zealand thoroughbred, harness and greyhound races, with wagering turnover of NZ$421.9 million. New Zealand covered 32,814 Australian races in the 2009/10 season. Bets placed by New Zealand and South African customers now make up 8% of SuperTAB pools.