NZRB, Paddy Power Betfair plot fixed-odds betting venture
The New Zealand Racing Board (NZRB) is to work with Paddy Power Betfair and OpenBet to establish a fixed-odds betting (FOB) platform in the country.
Speaking in a statement, NRB chief executive John Allen said the project has been approved by the organisation after several months of “in-depth analysis of the proposals”.
Allen added that the agreement represents a “major business decision”, and a “significant milestone” in the NZRB’s own FOB plans.
“The solution proposed by OpenBet and Paddy Power Betfair will provide NZRB with the ability to access a first-class FOB engine, one used by many of the major wagering organisations across the world, and partner NZRB with an organisation at the forefront of international wagering growth and innovation,” Allen said.
“This is a major business decision and a significant milestone in our FOB project, which was initiated earlier this year with an in-depth Request for Proposal process.
“The FOB project is a key part of NZRB's wider strategic plan to lift distributions to the industry and build a long-term sustainable future for racing in New Zealand.”
Allen added: “As signalled in our Statement of Intent for 2017-19, through our investment in this FOB platform, we anticipate that this alone will add at least NZ$17 (€11.3 million/US$11.8 million) to NZ$19 million in annualised profit per year.
“With our other strategic activities, we are aiming to deliver an additional NZ$50-55 million in annualised net profit for distributions once all fully implemented.”
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