New Zealand will license up to 15 operators to run in its regulated online casino market.
New Zealand will make 15 online casino licenses available under new legislation aimed at regulating the country’s online gambling market.
Recently, Brooke van Velden, Minister of Internal Affairs, introduced the Online Casino Gambling Bill to the House of Representatives. To regulate the currently unregulated online casino sector, the move follows the earlier decision of the Cabinet.
According to the bill, the government will allow licensed operators to advertise, though with certain restrictions. Unlicensed operators could face fines of up to NZ$5 million or $3 million for breaking the law.
Applicants for one of the 15 three-year licenses should submit detailed business plans to the regulator. These include operational strategies for New Zealand. So far, the likes of SkyCity, TAB NZ, 888 and Bet365 have shown an interest in entering the iGaming market of New Zealand once it opens for business.
Van Velden confirmed that detailed regulations on advertising and harm prevention are currently in development. The government will specify the requirements that operators should meet.
Van Velden said that the Online Casino Gambling Bill will introduce a regulatory system for online gambling in New Zealand, which will prioritize harm minimization, consumer protection, as well as tax collection.
He continued that the bill will proceed to select committee later this year and New Zealanders will have the ability to have their say through the select committee process.
The bill sets out key license conditions, while regulators continue to develop the finer details of the regulatory system.
Starting with an invitation for expressions of interest, the bill establishes a structured three-step licensing procedure. A competitive process, followed by formal applications, comes next in the sequence.
