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New Zealand law explained for everyone

Racing Industry Act 2020

Betting and TAB venues - Betting - Racing betting

77: Application of revenue from racing betting

You could also call this:

“How TAB NZ spends the money it gets from horse racing bets”

TAB NZ, which is responsible for racing betting in New Zealand, must use the money it gets from racing bets in a specific way. First, they need to pay back people who won bets and give out prizes. They also have to pay taxes like goods and services tax and a special tax called totalisator duty.

After that, TAB NZ has to share any profits from betting as the rules say. They also need to pay for all the costs of running their organisation and doing their job under the law.

If there’s any money left over after all of these payments, TAB NZ has to use it according to other rules in the law. These rules tell them how to spend or save this extra money.

This system makes sure that the money from racing bets is used properly and fairly, and that the right amount goes to prizes, taxes, and running costs.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292136.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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"Rules for how TAB NZ manages betting on races"

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Part 4 Betting and TAB venues
Betting: Racing betting

77Application of revenue from racing betting

  1. TAB NZ must apply the amounts received by it for racing betting, including the net return from bets laid off under any rule in force under section 76(2)(b)(ii), for a racing year in payment of (or in respect of)—

  2. refunds of bets and winning dividends for that year, including payments to dividend prize pools that will be carried forward and paid out as winning dividends at a future date; and
    1. goods and services tax; and
      1. totalisator duty as prescribed by the Gaming Duties Act 1971; and
        1. the distribution of betting profits (if any) in accordance with section 73; and
          1. all costs, charges, and expenses incurred by TAB NZ in the performance and exercise of its functions, duties, and powers under this Act for that year (less any costs, charges, and expenses incurred by it under section 82).

            1. The surplus, if any, of the amounts received by it for racing betting that remains after making the payments referred to in subsection (1) must be applied by TAB NZ in accordance with sections 65, 71, and 72.

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