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New Zealand law explained for everyone

Racing Industry Act 2020

Betting and TAB venues - Betting - Sports betting

82: Application of revenue from sports betting

You could also call this:

“How TAB uses money from sports betting”

You need to know how TAB (the organisation that runs sports betting in New Zealand) uses the money it gets from sports betting. This includes money from bets that TAB places with other betting agencies.

For each racing year, TAB must use the money to pay for these things:

  1. Refunds for bets and winnings, including money set aside for future winnings.
  2. Goods and services tax (GST).
  3. A special tax called totalisator duty.
  4. Sharing betting profits as required by law.
  5. Payments to New Zealand sports organisations and Sport and Recreation New Zealand. These payments must meet minimum amounts set by the government.
  6. All the costs of running sports betting.

If there’s any money left after paying for all these things, TAB must use it according to other rules set out in the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292142.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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81: Use of facilities, or

"TAB NZ can use its current offices and tools for sports betting, or set up new ones"

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83: Rules relating to other racing or sports betting conducted by TAB NZ, or

"TAB NZ can make rules about other betting, but they need approval and must follow guidelines"

Part 4 Betting and TAB venues
Betting: Sports betting

82Application of revenue from sports betting

  1. TAB must apply the amounts received by it for sports betting, including the net return from bets laid off under section 78(2)(b)(ii), for a racing year in payment of (or in respect of)—

  2. refunds of bets and winning dividends for that year, including payments to dividend prize pools that will be carried forward and paid out as winning dividends at a future date; and
    1. goods and services tax; and
      1. totalisator duty as prescribed by the Gaming Duties Act 1971; and
        1. the distribution of betting profits (if any) in accordance with section 73; and
          1. the amounts (not less than the minimum amounts prescribed by, or calculated in accordance with, the method prescribed in regulations under section 128) payable to New Zealand national sporting organisations and Sport and Recreation New Zealand under agreements entered into under sections 79 and 80; and
            1. all costs, charges, and expenses incurred by TAB NZ in the performance and exercise of its functions, duties, and powers during that year in relation to sports betting.

              1. The surplus, if any, of the amounts received by it for sports betting that remains after making the payments referred to in subsection (1) must be applied by TAB NZ in accordance with sections 65, 71, and 72.

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