Allens has advised TAB NZ on a $NZ1.1 billion, 25-year strategic partnering arrangement with global sports-betting and gaming giant Entain.
The historic deal has resulted in Entain taking on the majority of operations of TAB NZ, New Zealand's statutory body for racing and sports betting, broadcasting and gaming and the sole entity authorised to conduct racing and sports betting in New Zealand.
Entain taking the reins of the racing and sports betting monopoly in New Zealand will see guaranteed funding to TAB NZ of more than NZ$1 billion in the first five years of the partnership. The deal offers a significant step forward for the funding and long-term viability of New Zealand's racing and sports industries.
'By partnering with a key player in the international betting and gaming market, TAB NZ will be able to offer global best practice in both customer experience and responsible gambling and harm minimisation, whilst delivering significant funding increases for the racing and sports industries', said co-lead Partner Phil O'Sullivan.
'We were pleased to work with the team at TAB NZ and Barrenjoey on this deal to achieve this incredibly significant outcome for the racing and sports industries in New Zealand.'
'This deal represents TAB NZ's commitment to safeguarding the future of TAB NZ and the racing and sports industries in New Zealand,' said co-lead Partner Jeremy Low.
Allens legal team
Technology, Media & Telecommunications
Phil O'Sullivan (Co-lead Partner), William Coote (Managing Associate), Alexandra Martin (Senior Overseas Practitioner), Maddison Ryan (Associate), Jake Boudsocq (Associate), Tayla Price (Lawyer)
Corporate
Jeremy Low (Co-lead Partner), James Nguyen (Managing Associate), Charlie George (Associate), Terence Zhou (Associate), Ben Fong (Lawyer), Chiara Biviano (Lawyer)