New Zealand Repeals Betting Levy

The New Zealand government has announced it will repeal its betting levy on racing to help the industry rebuild. The tax will be phased out gradually over the next three years.

New Zealand lawmakers have thrown a lifeline to the country’s racing industry with its announcement that it will repeal a betting levy on the sport. The tax will be phased out gradually over the next three years.

In 2018, revenue from the levy totaled US$9 million, representing 4 percent of overall betting profit in the country, reported iGamingBusiness.com. Those funds collected are currently paid to the Crown government.