According to the New Zealand Racing Board, almost $2 billion was spent last year on the racing industry's poker machines and sports betting in New Zealand. The racing industry in New Zealand received the highest windfall from this record financial disclosure that was announced this morning, with almost $142 million in dividends.
Under the Racing Act of 2003, the Racing Board was established in New Zealand to run the TAB. For the year that ended July 31, a net profit of $144.1 million was announced with a record turnover of $1.96 billion during the year. This is a 13.2 percent or $6.5 million increase from the profit that was achieved last year. $142 million of this profit will be distributed to the racing industry.
A long-term objective of the Racing Board is to optimize the profits of the racing industry, which combines poker machines and sports betting such as greyhound, harness and thoroughbred racing. Additionally, almost $5.7 million of the profits in the year's sports betting and gaming takings were dispersed to National Sporting Organizations and other entities in the betting industry.
Glenda Hughes, chairperson of the New Zealand Racing Board, believes the profits were extraordinary, considering the adverse weather conditions experienced during the year. "We've achieved these results despite increasing offshore competition, and a lack of major sporting events in 2012 and 2013 to offset the positive impact of Rugby World Cup in the prior year," Hughes said. Due to extreme weather, 12 racing events were canceled during the year.
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