Entain's deal with Tab New Zealand (Tab NZ) has received approval from New Zealand’s Minister for Racing, Kieran McAnulty.
The 25-year agreement is expected to begin on 1 June, with Entain having agreed to an ongoing profit-share arrangement during that time.
Meanwhile, Mike Tod will leave his role as Tab CEO, with Tab’s board appointing Nick Roberts as CEO, also effective 1 June.
The original partnership was announced by Entain in March, where it was stated that Entain would take over the majority of Tab NZ’s day-to-day operations.
At the time, Tod said the deal was ‘a significant milestone toward the transformation of Tab NZ and those who rely upon its growth and long-term success.’
Furthermore, Entain has guaranteed the employment status of all of Tab’s employees for 24 months.
Dean Shannon, Entain Australia CEO, said of the deal: "We are delighted and honoured to have received Ministerial approval to finalise the strategic partnering agreement between Tab NZ and Entain Australia.
“We believe this 25-year strategic partnering arrangement will be a game-changer for sports betting in New Zealand and we are pleased that it will help provide significant financial benefits to the three New Zealand racing codes and the vast array of national sporting organisations.
“Entain is a business built on innovation and being customer focused, and we look forward to connecting further with the great team at Tab NZ to introduce a range of new products, services and player safety tools to the loyal Tab NZ customer base."
