Entain Plc is increasing its footprint in Oceania with the approval of a strategic partnership with TAB NZ, backed by the New Zealand Minister of Racing.
Entain named TAB NZ’s ‘preferred partner’ for Racing New Zealand (Racing NZ) tech bid management, retail and broadcast systems effective March 28.
The terms of the 25-year partnership have already been agreed upon, under which Entain will pay the total consideration amount and receive remuneration based on the current gross profit sharing agreement for the provision of the rate services offered by TAB NZ. The agreement also includes maintenance of two linear broadcasting channels and about 500 outlets.
Entain has committed to making a payment of NZ$260 million, of which NZ$160 million is due in 2023.
The organizers of the deals expect that the agreed profit share, as well as the promised payment, will provide funding of at least NZ$1 billion over the first five years of the new agreement.
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