The government of New Zealand is aiming to launch a regulated online gambling market by 2026. They plan to allow iGaming in New Zealand by issuing licenses through an auction. With online casino gaming and online sports betting becoming more popular than ever, this is a smart move for the country. More and more people are using white label sports betting software to create their own online gambling websites. With the potential to earn well, New Zealand estimates that the country can generate a taxable annual revenue of $300.8 million.
These estimates are very conservative too. Other gambling experts believe that the grey market currently generates around $900 million. Much like with those who use a bookie software, operators acknowledge that the recent years have proven how popular the market is. The COVID 19 pandemic basically shut the world down and kept everyone at home. This pushed a lot of industries to failure- unless they could shift online.
iGaming in New Zealand
This is exactly what New Zealand saw. iGaming blew up during the pandemic, and the global market continues to grow. To not monetize this lucrative industry would be a loss for the country. Currently, the country has one online betting operator, Today Tab.
The plan to launch iGaming in New Zealand will take a couple of years. But as early as now, legislation is being prepared. The cabinet has a draft and will be released later this year. This will then head to the parliament. It will be followed by a public consultation in 2025.
The government is currently in the process of consulting with other stakeholders for insight on regulations for the would-be market. New Zealand joins other markets in planning on launching iGaming in their respective territories. In Canada, Alberta plans to launch an iGaming market similar to Ontario’s by 2026.
Details on iGaming and Sports Betting
Currently, there are no details on what the framework would look like. There are no details on the number of licenses that they will issue. They also have to determine the products that the operators can offer. Will they offer both iGaming and sports betting? Will they limit certain products? These are items that will depend on legislators as well as the public next year.
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