New Zealand punters will no longer be able to bet on racing and sports through Betfair from July 23.
The legislative net which prohibits overseas-based operators taking bets from Kiwi punters came into force this month, enshrining a monopoly for Entain’s TAB NZ and betcha brands.
Betfair, which holds a licence in Australia. advised New Zealand customers this week that it will cease offering markets on racing and sports events, but other markets, including political markets, will still be available.
“We apologise for any inconvenience caused by the Upcoming Change and poorer user experience,” it said in statement. “Unfortunately, Betfair has to make the Upcoming Change to comply with the Legislative Amendment.”
New Zealand is also looking to regulate its online casino market and this week the Online Casino Gambling Bill was introduced to parliament.
“The Online Casino Gambling Bill will introduce a regulatory system for online gambling in New Zealand, which will prioritise harm minimisation, consumer protection, and tax collection,” Minister of Internal Affairs, Brooke van Velden, said.
Fines of $5 million may be imposed on unregulated operators which target Kiwi customers.