Australia to Introduce Betting Point of Consumption Tax [...]
New Zealand Residents Spent $2.1 Billion on Gambling in 2014
- February 5, 2015 By Nemanja L. -
New Zealand’s Department of Internal Affairs (DIA) has found that the country residents have spent nearly $2.1 billion on four main types of gambling in the 2014 fiscal year alone.
The Kiwis have been staking heavily on racing, lotteries, casinos and gambling machines outside casinos, racking up mind-blowing $2.1 billion in total losses.
Wagers on gambling machines in non-casino establishments accounted for $808 million, despite the fact that it was the lowest amount when compared to each of the previous five years.
Around a quarter of the said amount was staked in land-based casinos across the country and it is important to note that the $509 million figure does not include bets made in online casinos.
While New Zealand residents are not allowed to operate online gaming websites, but they are not prohibited from playing at overseas online venues.
Casino Revenue on the Downtrend
Earnings from the casinos were also on the downtrend from the previous year, but hefty wagers in TAB racing and sports betting more than compensated.
Spending on the lottery also saw an increase of 7.3 per cent, from $432 million to $463 million, with lottery sales constantly improving since 2003.
The total amount spent by Kiwis on gambling represented a 0.9 per cent increase from the previous year, proving that gambling revenue in the country was still as good as ever, although 2004 remains the record year, having seen some $2.61 billion placed in wagers on the four major forms of gambling.
As part of New Zealand’s gambling regulations, gaming establishments operating within all four types of gambling have allocated a decent percentage of their profits that were later distributed to various community projects, with over $610 million given back to the community.
Gambling in New Zealand
Gambling in New Zealand is regulated by the Gambling Act of 2003, with all forms of gambling currently deemed legal and very popular among the Kiwis. Department of Internal Affairs acts as the main administrator and their comprehensive website contains useful information for both operators and customers.
New Zealand residents are not even required to pay tax on gambling winnings, due to the fact that in Inland Revenue tax authority considers gambling a form of recreation rather than taxable income. Kiwis are free to play at overseas gaming websites, but are not permitted to own online operations themselves.