Entain announces its selection by TAB New Zealand as preferred partner for a 25-year strategic agreement

Entain plc has announced that it has been selected by TAB New Zealand as the partner of choice for a 25-year strategic agreement. Entain was selected based on a wide range of criteria, including operational experience, cultural fit with TAB NZ and its commitment to promoting TAB NZ’s harm reduction and responsible gaming efforts. The proposed Strategic Agreement and the timeframe for its finalization remain subject to approval by the New Zealand Minister for Racing.

Further information, if required, will be provided following completion of the ministerial approval process. Key terms of the proposed strategic agreement: TAB NZ has selected Entain as its preferred partner for a 25-year strategic partnership agreement; Entain agreed to pay up to NZ$260 million (about £132 million). Subject to ministerial approval, NZ$160m (about £81m) is to be paid in 2023, the balance subject to passage of some legislative amendments; Continued gross profit sharing, in addition to the above payments, will result in a guaranteed minimum funding for TAB NZ in excess of NZ$1.0 billion for the first five years of the agreement.