New Law Banning Aussie Punters To Cost New Zealand TAB Millions Of Dollars
A "shock law change" means Kiwis traveling to Australia "will find themselves struggling to have a bet on their TAB account or watch New Zealand racing," according to the NEW ZEALAND HERALD. In "a move that could cost the New Zealand TAB millions of dollars," all Australian-based punters "are now banned from betting" with New Zealand's TAB. The restrictions came into force on Wednesday as the recently-passed Australian Interactive Gambling Amendment Act became law in Australia. The law was effectively passed so that "undesirable betting agencies" and exchanges operating outside of Australia -- particularly the underground Asian-based sites -- could "no longer offer betting on sport and racing to Australia-based clients." But the New Zealand TAB, which has "close ties" to Australia's Tabcorp through its co-mingling and broadcasting agreements, has "been caught up in the law" (NZ HERALD, 9/13).
RIPPLE EFFECT: In London, Pickard & Ahmed reported the U.K.'s largest bookmakers "are set to lose" at least £150M ($197.9M) in annual revenues under "planned curbs on betting machines" denounced by campaigners as the "crack cocaine" of gambling. The government "is expected to recommend new limits on fixed-odds betting terminals." The government's ruling will have "huge ramifications for the gambling industry." In an analyst note, Barclays forecast that Ladbrokes Coral would lose £449M ($592.4M) in revenues from FOBTs in '18 if the maximum stake was reduced to £2 ($2.64). William Hill would lose £284M ($375M), while Paddy Power Betfair would lose £55M ($73M) (FINANCIAL TIMES, 9/12).