New Zealand Introduces the Racing Amendment Bill
The government of New Zealand has done well by fulfilling its vow (Racing Amendment Bill) of requesting global online casinos to pay betting fees as well as POCT (Point of Consumption Tax) on all the wagers that they receive from New Zealand punters.
The new Racing Minister, David Bennett introduced the racing bill. This bill seeks to amend the Racing Act of 2003, giving local racing and sports betting monopolies power over international online casinos. These changes were introduced in 2015 by an offshore betting group. This was their way of shoring up the NZRB’s (New Zealand Racing Boards) finances, as well as its TAB gambling service.
The main reason for the proposed bill, as previously mentioned, is to have international online casinos to pay point of consumption tax on the bets they receive from Kiwi players. The rate of these charges hasn’t been specified as yet. However, the Working Group had suggested they charge 2% of the total betting turnover.
Racing Amendment Bill – Details
Additionally, the bill requests offshore online casino operators to submit the data on their connections with Kiwi players to calculate the right amount owed. Consequentially, these operators will not be charged more than what the NZRB charges to its local sports and racing casinos.
This bill will permit NZRB to provide in-race betting. However, these will now be limited to bets on the ultimate outcome of any race. International online casinos that fail to abide by the bill’s instructions will be charged with a penalty of up to NZD$50 000 and NZD$20 000 for individuals.
There are a lot of changes that are currently happening in the online casino gambling industry worldwide. New Zealand has decided to jump on the train and review their online casino regulations. There haven’t been specific dates as to when the bill will become law. But Kiwi Casinos will be sure to give New Zealand players the latest updates on the matter.