25-Year Strategic Agreement Between Entain and Tab NZ Confirmed
It appears the odds are in Entain’s favour as the UK gaming giant has secured a landmark deal to operate Tab NZ’s wagering and broadcasting for the next 25 years. As part of the partnership, Etain will take over the majority of the sole holder of a betting license in New Zealand’s day-to-day operations, including dealing with financial arrangements with the Goverment.
Considered as one of the world’s leading sports betting and gaming groups, Entain is no newcomer to both the online and retail sector. Its suite of products is composed of well-established brands, which are featured under the NoDeposit365.co.nz no deposit bonus section brand.
Rising costs and stiff competition pushed the statuary body to seek out a lucrative partnership over the past 6 months that could help navigate the challenges that lie ahead as well as revive the racing industry. While Tab NZ received numerous offers throughout this period from a range of operators it was Entain's successful pitch that secured the deal.
Capital Boost
Not only will they provide NZ$1bn in funding within the first 5 years to enhance the viability of New Zealand racing and sport but the deal also includes a $10.0m sponsorship to go towards the establishment of community-linked initiatives like a racing carnival. The company’s long-term partnership will help to continue to push its responsible gambling efforts and reduce the risk of illegal offshore operators targeting unsuspecting native consumers.
As part of the agreement, Entain is also required to provide job security for 24 months to all current Tab NZ employees, helping to ease the transition. Although other specifics of the deal remain commercially confidential, the company did reveal that they were attracted to Entain’s operational expertise and shared culture, believing they were the right match.
Entain involvement presents a unique opportunity to mould future wagering experiences for customers and to continue to put New Zealand’s racing and sporting industries on by contributing to Tab NZ’s future vision and growth.
Additional Deals
Entain’s business fortune appears to be at an all-time high after inking yet another acquisition deal this time for 365scores. The deal will see the British-based sports betting behemoth, pay up to $160 million, following an immediate payout of $150 million alongside contingency payments that could amount to a total of $10 million.
365scores’s data-drive sports media content, score updates and free-to-play sports-themed games will allow Entain to continue to scale its business ventures and market-leading platform capabilities. With over 15 million active users around the world, 365scores is considered to be one of the most popular score apps available despite only covering 10 sports including soccer, basketball and football. With more room to grow, customers will now be able to have a wider selection of interactive content and experiences through Entain’s global reach.
The deal comes after the opening of Entain’s 100th Digi-Hub retail betting location in Muirhouse, Scotland. The London-based company plans to extend to more than 200 locations, all featuring interactive displays and digital connects by the end of 2024, with both its companies Ladbrokes and Coral working hard to accommodate the growing Digi-Hub.
What’s Next For Entain?
Formerly known as GVC Holdings, following a name change in 2020, Entain has remained faithful to its original vision of prioritizing mergers and acquisitions despite its previous statements that it might be scaling back in certain markets, focusing on the ones that have established regulations such as Brazil.
Bwin.com, is just one of the many UK-facing online casino and sports betting domains in Entain’s growing along with Coral.co.uk, Sportingbet.com and Ladbrokes .com. Last year, the global gambling giant inked separate deals to acquire Eastern Europen operator Olympic Entertainment Group as well as smaller Canadian enterprise Deis Limited.
However, despite its recent successes the company is currently undergoing a major shake-up following the resignation of its vice-president of trading, VIP and retail sportsbook Jason Scott, who returned to his native Australia. Previously the chief executive of Ladbroke Australia, Scott ascended into the New Jersey-based role in December 2019. Scott also enjoyed a stint as a racing bookmarker at Tatts Group before spending 5 years as the reading director of Ladbrokes.com.au.
As such, the company’s recent partnership with TabNZ as well as its purchase of 365scores signals a move in the right direction as the company continues to embrace change looking to unlock further growth opportunities and dominate the already overly saturated market.
This article was written in cooperation with Oilivia King