History of NZ Betting
Betting in New Zealand was not popular for many years and in 1920 sports betting was made illegal. It was only when the Totaliser Agency Board (TAB) was given the go ahead to run pari-mutuel betting at the race tracks that NZ betting was accepted. During 1990 betting started to take off and the first casino opened in 1994.
In 1996 fixed odds betting as well as sports betting was offered. In 2003 the New Zealand Racing Board (NZRB) took over the running of the TAB and concentrated on safe and secure gaming as well as promoting the racing industry around the world. There are more than 640 TAB outlets offering NZ betting in New Zealand and they offer odds on a wide range of sports ranging from rugby, cricket as well as sheep shearing. Also on offer are a range of betting products which include fixed odds and pari-mutuels. To make NZ betting more convenient there is also a phone option and TV channels.
Legalities of NZ Betting
The only legal sportsbooks in New Zealand are run by the NZRB. Although some foreign companies have tried to enter the NZ betting market legally, they have been rejected. That being said it seems that there has been no effort made to block these international betting operators. There are also no penalties imposed on New Zealand bettors who place wagers with sportsbooks outside of the country.
There is a ban on advertising any NZ betting, but even though this is in place New Zealand bettors can choose where they wish to wager. These foreign sportsbooks include sites from the UK and Europe and these offer great bonuses as well as free bet offers. The only problem with NZ betting is that if something does go wrong with one of these foreign sites there will be no support from the government. Bettors from New Zealand should therefore ensure that they are using a legitimate and regulated site when placing wagers.
Tax Free Winnings
Another great advantage for NZ betting is that all winnings are currently tax free. The New Zealand government has no taxation laws in place when it comes to winnings from any gaming activities.
Banking Options for NZ Betting
Most of the major sportsbooks will accept bettors from New Zealand. This does mean that technically the law is being broken as these sites are not based in the New Zealand jurisdiction. For NZ betting the fact that English is the main language used is an advantage, however winners may have to cash out their winnings in Euros or US Dollars. The easiest banking options for NZ betting would be credit cards and visa cards. Other banking options available would be bank transfers or cheques. Neteller and Skrill are also good options for NZ betting as these methods are fast and bettors can keep their money in US Dollars or Euros without having to convert them
Sportsbetting in New Zealand has grown considerably since its inception and many New Zealanders have taken up this popular pastime in the hopes of winning. NZ betting should be done at a regulated, licensed gaming establishment and bettors should ensure that they always read the terms and conditions carefully.