The New Zealand Racing Board was established under the Racing Act of 2003 to promote the racing industry and maximise its profits in the country, and to operate the Totaliser Agency Board or TAB. This is the only bookmaker legally allowed to offer park-mutual bets, which is how the New Zealand Racing Board earns its revenue.
The Racing Board broadcasts events over TAB Trackside Radio, and over 2 television channels called TAB Trackside 1 and TAB Trackside 2. Through this communication and all of its other functions and duties, it serves to develop New Zealand horse racing in every way.
New Zealand Racing Board Functions
The Board is required to promote wider ownership of greyhounds and racehorses, schedule the racing calendar to maximise its profits and promote best practice at racing events and amongst clubs. It must also improve race day events atmosphere, upgrade and develop racing venue facilities and improve the industry’s technology and efficiency.
These objectives are achieved by managing TAB wagers and sports betting NZ channels efficiently, funding the racing industry through TAB profits and acting as the central co-ordination point for the 3 racing codes of New Zealand Thoroughbred Racing, Harness Racing New Zealand and New Zealand Greyhound Racing.
Under the Racing Act and its associated Regulations, the Board is also required to support and develop responses to gambling addiction issues. This is done through reports on programmes that relate to problem gambling and giving advice, information and training on dealing with problem gambling. The Board takes a very proactive stance regarding these issues, and initiatives include self-exclusion programmes, staff intervention policies, control tools like maximum bet and loss limits and workshops designed to increase the understanding of problem gambling in drug addicts.
New Zealand Racing Board Governance
All business and other affairs are taken care of by the governing Board. There are 7 members in the Board; 1 representative from the 3 codes of harness, thoroughbred and greyhound racing mentioned above 3 independently appointed members and a Chairman.
There are 3 formally constituted Board Committees, which consider their relevant issues in detail and report back to the board. Each has a written charter detailing their membership, functions, operating and reporting procedures, and roles and responsibilities. Their structure and membership are reviewed every year as well.
The 3 Committees are the Dates, Audit and Finance and Compensation and Development Committees. The Dates Committee was established in accordance with Section 42 of the Racing Act and is required to determine the annual racing calendar. The Audit and Finance Committee looks after the Board’s financial reporting and risk management practices and the Compensation and Development Committee monitors and determines the evolution of the Board. This is achieved through regulating the reviews and remunerations of the Chief Executive and senior management team, and overseeing management development and succession planning.
Tight Organisation for a Bright Future
The New Zealand Racing Board is run like a well-oiled machine, and the world of racing continues to flourish under its stewardship. Its efficiency should ensure that racing in New Zealand keeps growing and prospering.