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TAB New Zealand selects Entain as preferred partner29 March 2023(PRESS RELEASE) -- Entain plc, the global sports betting, gaming and interactive entertainment group, announces that it has been selected by TAB New Zealand as its preferred partner for a 25-year strategic arrangement. Entain was selected based on a wide range of criteria, including operational expertise, cultural alignment with TAB NZ and its commitment to uplifting TAB NZ’s harm minimization and responsible gambling efforts. The proposed strategic arrangement, and timing of completion, remains subject to approval from the New Zealand Minister for Racing. Further information, as appropriate, will be provided after the completion of the Ministerial approval process. Key terms of the proposed strategic arrangement: TAB NZ has selected Entain as its preferred partner for a 25-year strategic partnering arrangement Entain have agreed to make payments of up to NZ$260m (approximately £132m1). Subject to Ministerial approval, NZ$160m (approximately £81m1) is payable in 2023, with the balance subject to passing of certain legislative amendments Ongoing gross profit share, plus payments above, to result in minimum guaranteed funding to TAB NZ of over NZ$1.0bn in the first five years of the arrangement. “We are excited to be selected by TAB NZ as its preferred partner,” said Dean Shannon, CEO of Entain Australia. “This is a unique opportunity to shape the future wagering experience for customers and to support New Zealand’s racing and sporting industries. We have a compelling vision for the future of TAB NZ, which includes a renewed focus on innovation and technology, and a long-term commitment to all racing, sport and industry stakeholders. As the partner of choice for New Zealand, we have made a firm commitment to employment continuity for at least 24 months, with the team at TAB NZ essential to our future vision and growth of the market in New Zealand. We applaud TAB NZ for how the process has been run to date and we look forward to working with the existing management team and all stakeholders on necessary approvals to finalize the transaction.” Notes: (1) NZ$ / GBP FX rate of 0.5070 as per Bloomberg at market close on 24 March 2023. (2) For the purposes of UK LR 10.4.1 R, as at 31 January 2023, the assets of the entity subject to the strategic partnering arrangement had a gross asset value of approximately NZ$138m (approximately £70m1) and generated operating profits of NZ$16m (approximately £8m1) in the year ending 31 July 2022.
TAB New Zealand selects Entain as preferred partner
is republished from Online.CasinoCity.com.
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