New Zealand’s Racing Industry Transition Agency (RITA) has agreed a deal with Flutter Entertainment’s Sportsbet brand to supply a livestream of New Zealand racing on its digital platforms across Australia.
Sportsbet is one of the leading bookmakers in Australia and the agreement enables RITA to extend the coverage of New Zealand racing in order to provide critical revenue to the industry under the recent Racing Reform Act.
“The new deal involve them taking live vision of all three codes of New Zealand racing, getting our racing in front of a big new audience in the Australian market that we’ve never been in, while bringing in a new revenue source for the industry” said TAB general manager, Media and International, Andy Kydd.
“Sportsbet are the largest Corporate Bookmaker in Australia by a stretch and the second biggest operator in the market behind Tabcorp. To give you an idea of the scale of their presence in the market, they have over a million active digital customers.”
The TAB’s long-term broadcast and wagering partner Tabcorp is facilitating the delivery of the coverage and is a key enabler of the agreement with Sportsbet.
“We are very grateful to Tabcorp for delivering the vision to Sportsbet, their biggest competitor in Australia, and this is a further example of their value as a partner for us internationally,” said Kydd.
The recent racing reform has seen the New Zealand Racing Board (NZRB) reconstituted as the Racing Industry Transitional Authority (RITA) to drive change. It has also introduced a requirement for offshore bookmakers to contribute to New Zealand racing and sports codes based on the bets they take from New Zealanders.
The agreement with Sportsbet follows RITA’s recent agreement with fellow Flutter Entertainment brand Betfair to pay product fees to the TAB for New Zealand racing.
Shares in Flutter Entertainment plc. (LSE:FLTR) were trading down 0.43 per cent at 6,474.00 pence per share in London Thursday morning.