The single racing and sports betting agency in New Zealand, TAB NZ, announced it joined forces with the globally recognized and leading betting and gaming company, Entain. Details about the new strategic collaboration emerged Monday. TAB NZ confirmed that the deal comes amid continuously growing competition.

Additionally, the company said that it has seen a continuous increase in costs while at the same time, it faces other challenges that impact its “ability to deliver adequate funding to racing and sports.” Those processes, according to TAB NZ, are expected to continue to impact its operations, which is why it determined that a partnership with an international betting operator would provide a strategic boost to its operations.

“In order to achieve TAB NZ’s objectives and growth ambitions, Board and management considered that it was in the best interest of TAB NZ and its stakeholders to explore a strategic partnering arrangement with a world-class international wagering operator to deliver TAB NZ’s wagering and broadcast functions,“

explains a statement released by TAB NZ

The company’s Board and management team acknowledged that in the best interest of TAB NZ and its stakeholders would be a strategic collaboration with an international betting operator. The selection of Entain comes after TAB NZ has been reviewing proposals for the last six months. During that process, Chapman Tripp helped the company with legal advice, while Allens served as principal legal advisers.

After a detailed assessment of the proposals, TAB NZ selected Entain as the company for the new strategic deal. Overall, the collaboration covers a period of 25 years. The new collaboration is expected to provide a boost for TAB NZ’s operations and help the company in strategic areas such as the minimization of gambling harm.

Additional details about the strategic tie-up are expected in due time. Furthermore, the collaboration remains subject to Ministerial approval.

The Deal Represents a Milestone Moment for Tab NZ

The collaboration brought excitement for Entain, with the company’s CEO of Australia, Dean Shannon, saying that the deal represents a unique opportunity. “This is a unique opportunity to shape the future wagering experience for customers and to support New Zealand’s racing and sporting industries,” he said.

“We applaud TAB NZ for how the process has been run to date and we look forward to working with all stakeholders on necessary approvals to finalize the transaction.“

Dean Shannon, CEO of Australia at Entain

Shannon pointed out that Entain will help boost TAB NZ’s growth via technology and innovation. This, according to him, is expected to bring benefits for the racing and sports industries, and at the same time, TAB NZ’s stakeholders.

“Today’s announcement is a significant milestone toward the transformation of TAB NZ and those who rely upon its growth and long-term success.“

Mike Tod, chief executive officer at TAB NZ

TAB NZ’s chief executive officer, Mike Tod, was similarly excited about the latest deal with Entain, acknowledging that the collaboration represents a milestone for the company. He pointed out that Entain is a globally recognized operator that is famous for providing unrivaled services to its customers. Finally, Tod predicted that the deal will help not only TAB NZ but the whole industry.