Stuff.co.nz – A record nearly $2 billion was spent on sports betting and the racing industry’s poker machines in New Zealand last year, the New Zealand Racing Board says.
New Zealand’s racing industry gets the greatest windfall from the board’s record financial result announced this morning, receiving about $142 million in dividends as a result.
The Racing Board, which was established in 2003 under the Racing Act to run the TAB in New Zealand, announced a net profit of $144.1 million for the year ended July 31.
This was up 13.2 per cent on the previous year’s profit and was achieved from record turnover of $1.957b during the year.
Of this profit, $142m will be distributed to the racing industry, a $6.5m increase on the year before.
One of the board’s long-term objectives is to maximise returns to the racing industry, comprising thoroughbred, harness, and greyhound racing.
About $5.7m was also distributed to National Sporting Organisations and other bodies as a result of the year’s sports betting and gaming takings.
NZ Racing Board chairwoman Glenda Hughes said the results were excellent given challenging conditions experienced during the year.
“We’ve achieved these results despite increasing offshore competition, and a lack of major sporting events in 2012 and 2013 to offset the positive impact of Rugby World Cup in the prior year,” she said.
Hughes said 12 race meetings were also abandoned during the year, due to extreme weather.
