New Zealand Cashless wilderness?
New Zealanders spent $2.4bn on gambling last year with the largest share of $895m going on the pokie machines. But despite a well regulated industry there are changes in the air. New regulations are in store for the racing sector; there are online gambling reviews and whispers of cashless pokie machines - all of which are causing a stir in the industry
Over the last 40 years the government has transformed New Zealand from an agricultural based economy to a more industrialised free market economy.
For years economic growth was restricted mainly due to the country’s remote geographic position and its dependence on the British market, but things have changed. New Zealand weathered the global recession better than most and the economy has seen a steady growth which last year was around 2.7 per cent.
Today, New Zealand is the 53rd largest national economy in the world measured by GDP which depends heavily on international trade. Te service sector accounts for almost 70 per cent of GDP and industries include aluminium production, food processing, textiles, machinery, finance and mining.
Prime Minister Jacinda Ardern heads up a minority coalition government consisting of the Labour and New Zealand First parties with support from the Green Party. Te last elections were held in 2017 and are due again in 2020.
P110 NEWSWIRE / INTERACTIVE / MARKET DATA
Tourism is a major contributor to the economy bringing in around $14.5bn last year to the economy and it directly or indirectly employs one in seven New Zealanders.
Te country markets itself with the “100 per cent Pure New Zealand” tag line offering nature areas such as Milford Sound, Abel Tasman National Park and the Tongariro Alpine Crossing as key destinations.
Tere are three main islands– North Island, South Island and Stewart Island (a natural park) whilst over three quarters of the 4.5 million population live on the North island mostly in urban areas. Tere are 16 regions and one territory (Chatham Islands).
Last year saw 3.8 billion international tourists arrive in New Zealand with an expectation of five million by 2024. Almost 40 per cent of tourists (1.48 billion) come from Australia whilst the Chinese are the second largest visitors with almost half a million last year (11 per cent) and thirdly US visitors (nine per cent).
THE GAMBLING MARKET From the early 1900s, when the Gambling Act of
1908 was introduced, gambling was illegal. Only horse racing was really permitted until 1951 when the Totalisator Agency Board (TAB) was established and gambling laws were modified. Lotteries were introduced and later casinos arrived.
New Zealand’s lottery, betting, casinos and slots (pokies) sectors saw total gambling revenues (gross profit less payouts) of $2.38bn last year, $49m more than the previous year, whilst all four sectors recorded revenue increases.
TAB racing and sports betting saw the highest increase of 3.6 per cent with revenues of $350m mostly due to a growth in digital channels and successful marketing of events such as the FIFA World Cup.
Te revenues from the pokies saw a 2.9 per cent increase to $895m whilst the lotteries saw revenues of $561m and casinos saw an increase of 1.1 per cent to $578m.
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