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NZRB to Boost Racing Funding by $24M
The New Zealand Racing Board (NZRB) has announced an additional $24 million over the coming two years to increase stakes and enhance participation and investment in the racing industry. “The Board is confident that the key strategic initiatives NZRB is progressing - the fixed odds betting platform, customer and channel improvements, racefields legislation, and the optimise the calendar programme - will deliver a significant lift in annualised Net Profit per year to racing once fully implemented,” said Chair Glenda Hughes. “However, we recognise that more urgent financial assistance is needed by the industry, which is why we are committing to deliver some of this future increase early, ahead of full implementation.” The additional $24 million will be specifically targeted at lifting stakes across the three racing codes. “This additional funding will enable all industry participants to have greater confidence in the successful future of our industry,” said CEO John Allen.