New Zealand Racing Board
Encyclopedia
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
sports betting
Sports betting
Sports betting is the activity of predicting sports results and placing a wager on the outcome.-United States of America:Aside from simple wagers such as betting a friend that one's favorite baseball team will win its division or buying a football "square" for the Super Bowl, sports betting is...
, including betting on horse racing
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
and greyhound racing
Greyhound racing
Greyhound racing is the sport of racing greyhounds. The dogs chase a lure on a track until they arrive at the finish line. The one that arrives first is the winner....
. It was established under the Racing Act 2003 to operate the TAB
Totalizator Agency Board
Totalisator Agency Board in Australia and New Zealand, universally shortened to TAB, is the name given to monopoly totalisator organisations. All were originally government owned...
, promote the racing industry and maximise the profits of the industry. It also broadcasts racing on TAB TV
TAB TV
TAB TV is a pay TV channel, available on SKY Digital channel 035 and TelstraClear InHomeTV channel 35. TAB TVis the thoroughbred horse racing, harness horse racing and greyhound racing broadcasting component of the New Zealand Racing Board TAB...
, Trackside and Radio Trackside.
The Board has an obligation under the Racing Act to regulate and improve the New Zealand racing industry. It must schedule the racing calendar to maximise profit. It must promote wider ownership of racehorses and greyhounds, and best practice amongst racing clubs and racing events. It must also aim to improve the technology and efficiency of the industry, improve the atmosphere of race day events and improve the facilities of racing venues.
TAB
The NZ Racing Board’s income comes from TABTotalizator Agency Board
Totalisator Agency Board in Australia and New Zealand, universally shortened to TAB, is the name given to monopoly totalisator organisations. All were originally government owned...
betting revenue. The NZ Racing Board operates 650 TAB outlets throughout New Zealand as well as On-course Tote Terminals, Internet, Phonebet and Touch Tone wagering channels. TAB Touch Tone, Phonebet and Internet wagering channels service more than 170,000 TAB account holders.
The TAB offers a wide range of totalisator
Tote board
A tote board is a large numeric or alphanumeric display used to convey information, typically at a race track or at a telethon .The term "tote board" comes from the colloquialism for totalizator , the name for the automated...
and fixed-odds betting products. Just over 80 percent of the totalisator betting dollar is returned to the customer. The rest is returned to the racing and sporting codes, after tax and NZ Racing Board costs.
In the 2009/10 racing year, approximately $125 million was returned to the New Zealand racing codes and more than $3 million was returned to New Zealand sporting bodies. John Carter is the current Minister of Racing.
TAB wagering channels
The TAB has several different wagering channels, tailored to meet the requirements of its vastly varying customers:- Betting at racetracks on raceday
- A national network of streetfront and social venue betting shops, one of New Zealand's largest retail networks
- A national chain of call centres. The Phonebet centres handle more operator-assisted calls than any other New Zealand call centre
- New Zealand's only betting website, www.tab.co.nz
- A Touch Tone phone betting service
- Other betting channels exploiting emerging new technologies are in development.
Wagering channels are constantly evolving to provide a premium standard of customer service.
TAB wagering products
The TAB initiated the world's first Government-run totalisator wagering service in 1951. Today a growing range of tote bet types is on offer, from win, place and each way to Poker and All Up bets, Easybets where the computer picks the runners, weighted towards the favourites, and Percentage betting to cut the cost of placing a bet.In 1996 it added fixed-odds betting to its stable when the TAB began sports betting. Now 31 sporting codes are covered including matches and fixtures around the world, from rugby football
Rugby football
Rugby football is a style of football named after Rugby School in the United Kingdom. It is seen most prominently in two current sports, rugby league and rugby union.-History:...
, soccer and cricket
Cricket
Cricket is a bat-and-ball game played between two teams of 11 players on an oval-shaped field, at the centre of which is a rectangular 22-yard long pitch. One team bats, trying to score as many runs as possible while the other team bowls and fields, trying to dismiss the batsmen and thus limit the...
to sheep shearing
Sheep shearing
Sheep shearing, shearing or clipping is the process by which the woollen fleece of a sheep is cut off. The person who removes the sheep's wool is called a shearer. Typically each adult sheep is shorn once each year...
. As with race betting, a proportion of every betting dollar is returned to the New Zealand sporting code on which the bet is taken. The choice of sports betting products included head to head, half / full time double, winning team and margin, and more.
Fixed odds betting is also available on racing, through Futures books, and Final Field.
In June, 2007 Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n racing product became available to New Zealand customers through the commingling of the Australian Super TAB and New Zealand totalisator pools. More recently the Tabcorp
Tabcorp Holdings
Tabcorp Holdings is an Australian company with interests in gaming, wagering and related media. It was formed through the privatisation of the Victorian Totalisator Agency Board in 1994. The TAB ran all off-track betting on horse racing, greyhound racing, and harness racing in Victoria, as well...
agreement has been extended to include Australian wagering on New Zealand racing product. Commingled pools and the expansion of the New Zealand and Australian race programmes provides increased wagering opportunities for customers in both countries. The New Zealand TAB now also take betting on a selection of races from America, England, Hong Kong, Japan, France and Singapore.
Spam Complaint
In August 2011, the TAB was subject to a spam complaint with the department of internal affairs.Responsible gambling
The New Zealand Racing Board, under the Racing Act 2003 and associated Regulations, is required to report on programmes relating to problem gambling, to provide information and advice on problem gambling and to provide problem gambling training. Since its establishment the NZ Racing Board has taken a proactive stance in meetings its responsibilities for harm prevention and minimisation. Initiatives include:- Self exclusion programmes
- Problem gambling awareness workshops for drug addicts
- Staff intervention policies
- Tools such as maximum bet and loss limits for account holders
Racing
Racing is a long-established sport in New Zealand, with a tradition stretching back to colonial times. Today, the New Zealand racing industry is a major contributor to the New Zealand economy as well as local communities across New Zealand. Racing generates more than $1.4 billion in economic activity each year and creates the equivalent of 18,300 full-time jobs. More than 40,000 people derive their livelihoods from the New Zealand racing industry, not to mention accommodation, travel, fashion and entertainment providers who all benefit from the industry’s economic wellbeing. More than one million people have attended race meetings across New Zealand and spent in excess of $55 million on wagering, food, beverages, transport and accommodation in a year.There are 69 thoroughbred
Thoroughbred horse race
Thoroughbred horse racing is a worldwide sport and industry involving the racing of Thoroughbred horses. It is governed by different national bodies. There are two forms of the sport: Flat racing and National Hunt racing...
, 51 harness
Harness racing
Harness racing is a form of horse racing in which the horses race at a specific gait . They usually pull a two-wheeled cart called a sulky, although racing under saddle is also conducted in Europe.-Breeds:...
and 12 greyhound
Greyhound racing
Greyhound racing is the sport of racing greyhounds. The dogs chase a lure on a track until they arrive at the finish line. The one that arrives first is the winner....
clubs licensed to race in New Zealand. Racecourses are situated in 59 locations throughout New Zealand. In the racing year from 1 August 2009 to 31 July 2010, 10,106 races were held throughout New Zealand. Further to this the New Zealand Racing Board carried 35,323 overseas races on their network, for a total of 45,439 races covered for the year, an increase of approximately 27% over the previous year.
The bloodstock industry is of international importance to New Zealand, with the export sale of horses – mainly to Australia and Asia – generating more than $120 million a year. New Zealand-bred runners compete very well overseas and regularly win major races, with a particularly good record in Australian distance races.
A major source of funding for the racing industry is returns from betting on racing and sports, which is conducted by the New Zealand TAB, the retail arm of the New Zealand Racing Board.
The New Zealand Racing Board is a co-ordination point for the three racing codes. They are operated by the three governing bodies, New Zealand Thoroughbred Racing (gallops), Harness Racing New Zealand (trotting
Trot (horse gait)
The trot is a two-beat diagonal gait of the horse, where the diagonal pairs of legs move forward at the same time. There is a moment of suspension between each beat....
and pacing) and New Zealand Greyhound Racing.
The Judicial Control Authority (JCA), established in 1996, is the legal body that administers the rules of racing and conducts inquiries into breaches of the rules, for all three racing codes. The JCA ensures that judicial and appeal proceedings in racing are heard and decided fairly, professionally, efficiently, and in a consistent and cost effective manner. The current focus of the JCA is on contributing to consumer confidence in the racing product.
Board members
The management of the business and affairs of the New Zealand Racing Board takes place under the direction of its governing body, the Board. The seven-member board contains a representative from each of the three codes (greyhound, thoroughbred and harness racing) as well as three independent appointed Board members and the Board Chairman. The Board delegates certain responsibilities to the Chief Executive (Andrew Brown) and to committees of the Board.Current members are Michael Stiassny (independent chairperson), Ray O'Connor (harness racing nominee), Alistair Sutherland (thoroughbred racing nominee), Thayne Green (greyhound racing nominee), Julie Crengle (independent member), Liz Dawson (independent member) and Warren Bell (independent member).
Governance
The Board has formally constituted three Board committees - the Dates Committee, the Audit and Finance Committee and the Compensation and Development Committee. These committees support the Board by considering relevant issues at a suitably detailed level and reporting back to the Board.Each committee has a written charter
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
s setting out their roles and responsibilities, membership, functions, reporting procedures and the manner in which they are to operate. The structure and membership of each committee is reviewed annually.
Dates Committee
The Dates Committee is established in accordance with section 42 of the Racing Act 2003, which requires the committee to determine, following consultation with each of the recognised industry organisations, the annual racing calendar that betting will take place on.Audit and Finance Committee
The Audit and Finance Committee assists the Board in discharging its responsibilities with respect to financial reporting and the financial risk management practices of the NZRB, the work and performance of the internal audit function and the NZ Racing Board’s external auditor, Deloitte.Compensation and Development Committee
The Compensation and Development Committee's purpose is to monitor issues and determine policies and practices related to the remuneration and review of the Chief Executive and the senior managementSenior management
Senior management, executive management, or management team is generally a team of individuals at the highest level of organizational management who have the day-to-day responsibilities of managing a company or corporation, they hold specific executive powers conferred onto them with and by...
team, as well as overseeing the management development and succession planning process.