New Zealand’s Minister of Internal Affairs Brooke van Velden has confirmed that an online casino gambling bill has been submitted to government as iGaming looks to be on the horizon.
This new system will legalise online casino advertising for approved operators, which is a significant change from the current ban under the Gambling Act 2003 and will provide a second regulatory shake-up within a few days after banning offshore sports betting operators on June 28.
The latest bill, which has been introduced to the house of representatives, “will introduce a regulatory system for online gambling in New Zealand, which will prioritise harm minimisation, consumer protection, and tax collection,” says Ms van Velden, writing on the official government website.
Previously, the online casino gambling market in the Oceanic country was unregulated but the new bill aims to change that. It will also have strict regulations about advertising and harm minimisation standards which operators will have to abide by.
Key features of the bill includes:
.Up to 15 licences for online casino gambling operators will be auctioned.
.Companies applying for a licence will need to provide detailed information to the regulator (including on their business plans for New Zealand).
.Licensed operators will be allowed to advertise (with restrictions).
.Unlicensed operators will be prohibited and fines up to $5m may be applicable for breaking the law.
This news comes just days after the country confirmed its most significant change to laws in over two decades. Confirmed on June 28, offshore sports betting operators are now not allowed to operate in the New Zealand market going forward.
Such legislation prohibits all online racing and sports betting offered by overseas operators, granting Tab NZ (previously known as the New Zealand Racing Board and the Racing Industry Transition Agency) exclusive rights to provide these services within the country.
According to the updated law, it is now illegal for any person or entity – except Tab NZ – to promote or accept bets on racing or sports from individuals located in New Zealand.
Vicki Scott, Director of Gambling at the DIA, said: “We expect that responsible gambling operators will respect and comply with this law change. They should close New Zealand accounts and pay outstanding money to customers promptly.”
With online betting moving towards a state of monopolisation, the broader regulatory overhaul will aim to increase financial returns to domestic racing and sporting bodies while minimising gambling-related harm as this widespread change comes into effect.
