New Zealand
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New Zealand’s Racing Industry Transitional Authority (RITA) has confirmed having made two new appointments to its executive leadership team (ELT). Both appointments involve internal executive shuffles within the sports betting authority’s ranks. Jessica Meech, who is the current head of risk and regulatory affairs at RITA, will in future take up the position of general counsel. And Sam Moncur, at present serving the organisation in the capacity of head of media operations and commercial development, will be regrouping to his new role of general finance manager.
The internal shuffle is in the offing during a time that is proving concerning in terms of RITA being of the opinion that since the country’s Racing Industry Bill does not offer any moving room for launching new betting products, that the time has now come to evolve into TAB NZ. RITA is currently pushing for the passing of a bill that would allow the switch.
New Casino and Sports Betting Legislation
But according to a statement made by the organisation’s transitional body, an internal shuffle of top management will not be the only fix necessary in order to get the sports betting and regulatory organisation to where it needs to be. Multiple changes in various areas of approach as well as actual operation will have to be implemented if RITA were to continue to function at maximum capacity, said a spokesperson for the transitional body.
Aside from the recent appointments and internal shuffle, the organisation furthermore hinted at a new bill that will regulate online sports betting and casinos in New Zealand being in the works. Not much more has been revealed save for the confirmation that the proposal for such a bill has been passed.
Revenue Down – Profits Up
The situation at RITA seems to be driven by a general financial under-perform due to the severe restrictions provided for by the New Zealand Racing Industry Bill. But a concern too has been the fact that RITA last year posted financial results that can at best be described as mixed and confusing. The organisation initially reported that it had failed to achieve its profit targets for the period 2018-2019, but the same time assured the markets that its performance remained well ahead of projections.
Revenue may have fallen by a 3.1% margin for the year ending 31 July 2019, but good news is that the turnover had increased by 1.2%. With combined expenses from turnover and operating costs down by at least 0.9%, the country was able to report a pre-distribution net profit of $136.7 million.