Entain PLC (LSE:ENT), the owner of Ladbrokes, has secured a 25-year betting partnership with New Zealand's TAB after committing to a NZ$900 million investment in the racing industry over the next five years, according to the Sydney Morning Herald.
The country's minister for racing, Kieran McAnulty, gave the green light on Tuesday to the deal, which will now take over TAB’s betting and broadcasting operations for a quarter of a century.
Additionally, Entain’s lobbying efforts successfully extended TAB’s monopoly over sports and racing betting to online platforms.
The agreement ensures employment for TAB's 460 employees for a minimum of two years and provides significant financial benefits to New Zealand's racing codes and various national sporting organisations.