Latest news with #Betcha
UPI
4 days ago
- Entertainment
- UPI
Listen: Kard returns with 'Drift' EP, 'Touch' music video
K-pop group Kard attends the red carpet event for the Asia Artist Awards in 2022. They released new music Wednesday. File Photo by Keizo Mori/UPI | License Photo July 2 (UPI) -- K-pop co-ed group Kard is back with new music. The group, which consists of rappers J. Seph and BM, and singers Jiwoo Jeon and Somin Jeon, dropped their 8th EP, Drift, Wednesday. They also released a music video for "Touch," one of the mini-album's seven songs. The video include clips of the singers dancing and partying in an apparent warehouse. The album also includes the songs "Betcha," "Before We Go," "Top Down" and "Pivot." Kard held a live-stream Wednesday to promote the new music.
The Spinoff
5 days ago
- Business
- The Spinoff
Why the TAB now has a monopoly on sports betting in New Zealand
Online gambling is big business, but new legislation means betting on horse racing and sports in New Zealand can now only be done through the TAB or Betcha. Here's what you need to know. Online, gambling seems to be everywhere. There are lots of influencers placing bets and making videos in partnership with gambling companies. Sports betting companies have been so successful that they've moved into other kinds of gambling. Young men have been particularly targeted by a new wave of gambling companies that have slick apps. New Zealand isn't immune to this. The state-approved gambling company, the TAB, launched Betcha over a year ago, a subsidiary branded with all lower-case letters, bright colours and a big advertising budget. In a globalised media environment, the rise of gambling apps overseas was mirrored here: social media influencers were paid to promote overseas casinos, a breach of New Zealand law. Because the internet doesn't have borders, New Zealanders would also have been seeing influencers based overseas talking about international betting companies, outside of New Zealand's jurisdiction. 'We're really concerned about the number of young men getting into sports betting – and the stories we're hearing are alarming,' says Andree Froude, director of public health and advocacy at the Problem Gambling Foundation. 'Students talking about bets at school, teens in uniform on the bus discussing which football team they're going to bet on, and more young people reaching out for help.' The foundation recently launched a campaign aimed at young men about the tactics used by betting companies. Local casinos and the TAB have long advocated for there to be better regulation of international gambling companies in New Zealand, making it harder for people to digitally access offshore casinos and sports betting. Now, they've got their wish: legislation passed last week makes it illegal for overseas gambling companies to take bets from within New Zealand. Here's what you need to know. Where can you place sports bets in New Zealand? Via the TAB and Betcha. Alternative companies like Bet365 are no longer allowed to accept money from people based in New Zealand. These sites haven't been blocked, but bettors need to have their address verified, so using a VPN or similar service isn't a straightforward way to get around the ban. Who was behind this legislation? Winston Peters, the minister for racing, but it passed with the support of all parties in parliament. In December 2024, Peters announced proposed law changes that would give TAB exclusive access to New Zealand's betting market, by updating the Racing Act. A press release sent after the legislation passed last week said the TAB provided 90% of the racing industry's revenue, making it a $19bn business that employed 13,500 people. 'With the rapid growth in online betting, we needed to make changes to protect TAB NZ's betting revenue to support the progress of the industry,' said Peters in the release. A monopoly also meant 'all sports and racing betting in New Zealand will now be in a fully regulated environment'. With just one operator, it would also be easier to monitor consumer obligations, Peters said. The TAB will report back to the ministry more and implement some harm prevention measures, including requirements for the design and layout of TAB venues, the ability to reduce the frequency of bets being placed and processes to limit access to online betting for people who have identified themselves as problem gamblers. What will happen to the TAB and existing gambling companies? The deal means that the TAB and Betcha will have a monopoly over New Zealand's sports betting market. This is clearly a good thing for them, although punters who prefer different apps or want to be able to bet on sports that are not on the TAB may be frustrated. The TAB is currently in a 'strategic partnership', aka 'extremely reliant on', Entain, a sports betting company run out of the UK which has holdings around the world. A 25-year deal that began in 2023 gives Entain exclusive access to betting in New Zealand through the TAB and a 50/50 share of gross profits, with a minimum of $150m each year for the first five years of the deal going to the TAB. Entain is publicly listed on the London Stock Exchange, meaning that the legislative changes in New Zealand have been reported overseas, as they could impact the share price. With the legislation approved, in addition to the annual profit share, Entain has promised to give the TAB a one-off $100m payout. Taking into account earlier payouts, this means that over the next five years, almost $1bn will be paid to the racing industry and sports codes. But the vast majority of this money goes to racing rather than other sports, and the redistribution deal is only for five years. After that time, Entain does not have a required amount it has to pay back into New Zealand sports coffers. In response to concerns that TAB's monopoly would mean inferior odds for New Zealand bettors, Entain said they would be the same as those used by Ladbrokes in Australia, which is an unregulated market, and therefore would be 'as fair and competitive as a customer would find in the highly competitive Australian market'. Does the TAB have safeguards in place for online betting? The TAB says it has adequate safeguards for people affected by problem gambling. The TAB app now includes the ability to set individual bet limits, block days of the week or particular sports codes, impose curfews and use a self-exclusion function. The Problem Gambling Foundation, which is funded by a levy from all gambling operators in New Zealand, also provides confidential advice and resources for people concerned about their gambling behaviour.
