Sports Betting in New Zealand
In spite of the fact that New Zealand’s sports betting industry has been under a monopoly for some time now, there are a large number of opportunities available for online sports betting punters.
Sports betting was actually originally declared illegal from the 1920s until the Totalisator Agency Board (TAB) began their monopoly and were permitted to run pari-mutuel betting in the country and has since evolved into a huge market. However, today Kiwi punters are legally allowed to place bets with international sites that offer great odds on rugby, cricket, sailing, football, horse racing and even sheep shearing, to name a few.
Before getting started, it is imperative that punters are aware of what they need to consider, from the online sports betting industry in New Zealand to the site that they wish to join.
New Zealand Sports Betting Market
The New Zealand Racing Board (NZRB) took over TAB’s operations in 2003, bringing safe and responsible gambling regulations with it. NZRB happens to run the only online sportsbook, along with the NZ Lotteries Commission, that is permitted in the country and while there have been attempts by international sportsbooks to enter the New Zealand online sports betting market, none have been successful.
What’s more, there are no penalties for Kiwi punters that choose to do their sports betting through foreign companies, which has ultimately lead to more offshore sites adding New Zealand dollars to their list of accepted currencies. However, punters will need to consider the fact that if anything goes wrong they will more than likely be without the support of the New Zealand government.
Many Options for New Zealand Punters
Typically speaking, there are in actual fact a great deal of online sportsbooks that welcome New Zealanders to their establishments and, although it is technically illegal, they are ultimately considered under the laws that govern the land that they are based in.
Not all of these sites will offer the option to pay in New Zealand dollars, though, meaning that punters may have to wager in US dollars, Euros or an e-wallet from time to time.
When it comes to sports betting, most people will use the option to deposit using their credit cards but those looking to continue placing bets are usually encouraged to use an e-wallet in order to keep things easy when moving from sportsbook to sportsbook.
The Future of Sports Betting
It seems that the stance in New Zealand has reached something of a contradictory status, with the government not permitting any new operators to join the online sports betting while continuing to allow punters to engage in sports betting with offshore sites.
This ultimately means that as a sports bettor, one can pick from the finest online sportsbooks in all of the world, where most countries are looking to shut down international sites and keep money flowing within their borders.
Many assume that this will change in the future, though at the moment there doesn’t seem to be any efforts to change at the time being. Regardless, Kiwi punters shouldn’t face any real issues when getting in on the sports betting action.