The package guarantees the ongoing broadcast of New Zealand racing into Asutralia through the Tabcorp-owned Sky Racing network, and Australian racing into New Zealand via Tab NZ’s trackside broadcasting service.
The multi-year deal also allows for the co-mingling of tote pools in both countries to continue.
This will support tote pool liquidity for bettors across both jurisdictions, who wager a combined total of around NZ$1.3bn (£684.65m/€ 763.60m/$913.53m) per year.
The agreement continues an arrangement that was first struck in 2007.
“The agreement reached with Tabcorp will ensure New Zealanders have access to quality Australian racing and, importantly, that New Zealand racing will continue to be showcased to punters in Australia and around the world,” Tab NZ executive chair Dean McKenzie said.
“The revenue generated through our agreement with Tabcorp has a direct benefit for thousands of Kiwis who rely on racing for their livelihood,” he explained. “The new contract provides a range of advantages for New Zealand’s racing codes and we’re confident that it will help further enhance New Zealand’s racing reputation in New Zealand and in racing markets overseas.“
Tabcorp’s managing director of wagering and media, Adam Rytenskild, added: “We are strong supporters of New Zealand racing and we’re pleased to continue to work closely with Tab NZ. Through this agreement, we will continue to showcase New Zealand racing in Australia and around the world via Sky Racing and to facilitate the broadcast of Australian racing in New Zealand.”
Last week, Tab NZ revealed that a NZ$41m grant from the country’s government helped mitigate the impact of the novel coronavirus (Covid-19) pandemic on the business, and allowed it to post a profit for its 2020 financial year.
Total revenue for the 12 months to 31 July amounted to NZ$369.6m, up 6.2% from $348.0m in the previous year.
Tabcorp meanwhile reported a 5.7% year-on-year decline in revenue for the first quarter of its financial year, as the operator said in a trading update that revenue for the three months to 30 September were down in all but one of its business areas.