New Zealand Set to Regulate Online Casino with Projected $500m Market by 2026
The government's plan involves regulating online casinos by 2026, with a limited number of licenses being granted through an auction process.
A local lawyer reveals that gambling in New Zealand generates nearly NZ$1 billion in annual revenue, while the government estimates the forthcoming regulated online casino market will be valued at $500 million when it launches in 2026.
The government's plan involves regulating online casinos by 2026, with a limited number of licenses being granted through an auction process.
New Zealand gambling lawyer Jarrod True of True Legal informed iGB that the government has projected a taxable annual revenue of NZ$500 million (US$300.8 million) for the regulated online gambling market. However, this figure falls below industry expectations. According to True, New Zealand’s current monopolies, Tab NZ and Lotto NZ, estimate that the existing grey market expenditure is closer to $900 million.
“Online gambling is very, very popular in New Zealand, and we saw a massive explosion with Covid-19 and our physical venues locked down. That’s really continued [since],” said True.
Currently, Tab is the only online betting operator in New Zealand, operating through a partnership with Entain.
In other iGaming news, Entain has this week announced the launch of its latest brand, having announced the launch of Betcha in New Zealand.
