Plain language law

New Zealand law explained for everyone

Racing Industry Act 2020

TAB New Zealand - Distribution of TAB NZ surpluses and betting profits

71: Amounts of distribution to codes

You could also call this:

“How TAB NZ shares money with racing codes each year”

TAB NZ has to share some of its money with the racing codes each year. This is how it works:

If there’s no special agreement between TAB NZ and the racing codes about how to share the money, they follow these steps:

After the racing year ends, TAB NZ tells each racing code in writing how much money is available to share. This amount is at least as much as the extra money TAB NZ made that year, minus any money they saved.

Then, the racing codes need to agree on how much each of them will get from that available money.

This process happens every year to make sure the racing codes get their share of TAB NZ’s profits.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS326490.

Topics:
Money and consumer rights > Gambling Business > Industry rules
Previous

70: Betting licence must not be issued for certain days, or

"No betting licenses for races on some special days and holidays"

Next

72: Distribution to codes, or

"TAB NZ gives agreed-upon money to racing groups each year"

Part 3 TAB New Zealand
Distribution of TAB NZ surpluses and betting profits

71Amounts of distribution to codes

  1. This section applies only if there is no provision in any commercial agreement between TAB NZ and each or all of the racing codes providing for the payment to each racing code or all racing codes of the amount to be distributed after each racing year.

  2. As soon as practicable after the end of a racing year,—

  3. TAB NZ must give written notice to each racing code of the amount available for distribution among the 3 codes for that racing year, which must not be less than the total of the surpluses referred to in section 77(2) or 82(2) in that year, less the total amount credited to reserves for that year from those surpluses; and
    1. the racing codes must agree on the amount to be distributed by TAB NZ to each code from the amount available for distribution as determined under paragraph (a).