TAB NZ has announced that Mike Tod will be stepping down as its Chief Executive Officer following confirmation that New Zealand’s government approved its new strategic partnership with Entain. Earlier this year, Entain was chosen as the preferred partner for a 25-year strategic arrangement to supply betting and broadcast functions, beating Tabcorp to acquire the management rights to New Zealand’s sports betting monopoly.
The TAB NZ board has now appointed Nick Roberts to become the statutory entity’s chief executive officer from June 1. Tod confirmed he is stepping away from the organization after Racing Minister Kieran McAnulty announced Tuesday his approval of the deal with Entain.
TAB NZ board chairman Mark Stewart says the CEO role from June 1 will focus on “transitioning and leading the company to its future state,” and establishing the organization and the partnership with Entain for success, reports NewstalkZB. Tab NZ said the partnership will enable an immediate financial uplift to the three Racing Codes and 38 national sporting organizations.
The remaining statutory entity will have a smaller operating model and will focus on TAB NZ’s retained functions, which include delivering on its legislative obligations, monitoring the regulatory and commercial performance of Entain, exploring further commercial opportunities with Entain, and working with the Government on reforms to New Zealand’s online gambling laws.
“As general counsel and then chief transition officer, Nick was a critical part of the team that worked tirelessly on securing the strategic partnering arrangement with Entain,” Stewart said.
“The retention of Nick’s commercial acumen and legal skills, particularly his experience and deep knowledge of the legislative settings in NZ, the wagering ecosystem, and the contract that underpins the Entain arrangement will prove extremely valuable to the TAB NZ board, our regulators and indeed the stakeholders that rely on TAB NZ funding.”
Roberts, a long-standing employee of TAB NZ, said he is thrilled to be taking over the reins. The new CEO noted that, despite ongoing funding challenges, the New Zealand racing and sports betting industry remains “world-class,” making a significant contribution to the country’s gross domestic product and many regional communities.
“We have secured a generational change in the fortunes for racing. It is now up to the leaders across the racing industry to seize this opportunity and deliver a sustainable operating model over the next five years, and give customers a world-class product and experience,” Roberts said.
“Our sporting partners are also set to benefit from Entain’s investment in products and services. Some key National Sporting Organisations will be able to invest deeply in participation and elite performance as a result of the extra funding they will receive from TAB NZ.”