Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Resurgent Oracle gives NZ Sailing a boost

September 24, 2013

Resurgent Oracle gives NZ Sailing a boost

In a strange irony, the more races Oracle win in the America's Cup, the more NZ Sailing benefits.

America's Cup Bookmaker Kieran McAnulty says the TAB is set to provide NZ Sailing with a proportion of profit and turnover when the regatta ends.

"The longer the America's Cup goes for the more turnover we will receive, and the more NZ Sailing benefits as a result," said Mr. McAnulty.

With Team New Zealand racing out to an 8-1 lead, it looked as though it would be another short and sweet America's Cup regatta, however this series has now stretched out to 16 races - more than double any other series - and with it an unprecedented amount of wagering activity.

Mr. McAnulty said the TAB is on track for over a million dollars in America's Cup turnover, which will significantly surpass initial predictions and easily makes the 34th America's Cup the biggest in the history of Sports Betting in NZ. "With Oracle winning 5 in a row we have seen a wave of money come on the Americans. If Team NZ can get the last remaining point needed to secure the America's Cup, the TAB can lock in a handy winfall for NZ Sailing," said McAnulty.

1% of turnover and 5% of any profit will go directly to NZ sailing to assist with the training and development of a future generation of world-beating sailors. “We'll be giving them more than double what we thought, and hopefully that can assist NZ sailing with their defence of the Cup in a few years, fingers crossed."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>


Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>


Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>


Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>