May 25, 2023
Peters slams TAB partnership deal
Former racing minister Winston Peters says the case for handing over the TAB to UK betting company Entain doesn’t stack up.
Current minister Kieran McAnulty says the 25-year partnership will reverse falling revenues for racing and provides certainty over the coming years.
It includes a 50-50 revenue split, with guaranteed payments of at least $150 million per year for the first five years.
Mr Peters says sending profits offshore doesn’t make sense for the country.
“They’re going to get 50 percent of the profits and the figures I saw the minister use, I thought ‘that can’t be right. You haven’t done your fiscals properly because you’re inflating the profits against the fact there were serious reductions las year. These figures are already $15 million wrong,” he says.
The New Zealand First leader says the racing industry is a big employer of Maori.