How to Get into Political Betting in New Zealand

How to Get into Political Betting in New Zealand

Unlike sport where if you aren’t a fan you just don’t have to watch it, politics are unfortunately for the most part completely unavoidable, and effect our lives whether we like it or not.

Sport’s betting isn’t in fact all that different from political betting as the decision making process will run a similar course: take a look at the competitors, do some research, review future odds and past handicaps, and make a decision.

While New Zealand offers a stable political environment for the most part, we are most certainly living in a very interesting age when it comes to politics on a global level, and people are more in touch with happenings around the world than even before, with the help of popular 24 hour news channels such as CNN and online news resources.

This is where political bets come to the fore and has become a feature on many of the major online sportsbooks in this modern era.

Types of Political Bets

Most Kiwi punters, and the world alike, never thought they would live to see the day when a businessman most well-known for a reality TV show and gold-clad living quarters rose to the highest ranks of political office in the US, but politics can evidently often take a rather surprising turn. .

This is why political bets have become so popular around the world, and bets can be placed on a wide variety of events.

Most online sports betting sites divide their political wagers into country, and once a country has been selected, punters will generally have an array of bets to choose from. The most popular types of political bets always surface around major elections, and throughout the campaign process as candidates are whittled down to the last standing.

Most countries who participate in democratic elections will have two major parties that are considered most likely to win, and lucrative odds are often presented on these types of wagers. While election wagers are very popular, there are also special wagers available to choose from, such as when a President will visit another country, or if it’s a particularly controversial selection, whether they will serve their full term as President.

Years Ahead of Time

One of things that make political bets so exciting is that wagers can be placed many years in advance. When a new President or Prime Minster is elected in a given year, wagers can be placed 4 years in advance as to whether they will be re-elected for another term.

Of course, this can be a long time to wait to see any winnings, but there are always a wide variety of other political happenings for betting opportunities, and getting in early on the action will never count in a bettor’s disfavor.

Online Bookmakers for Political Bets

Punters in New Zealand will unfortunately at this time find that the only authorized online bookmaker doesn’t offer wagers on political events, but this may change in due course if media reports are to be believed. Head over to Sky Stripes Sports Betting if you’re looking for great advice and accurate information.

The betting industry in New Zealand is strictly controlled by the Department of Internal Affairs, and while there are over 600 TAB outlets across the country, there is only one authorized online bookmaker. Fortunately for Kiwi punters, many offshore bookmakers have now opened their doors to live AFL betting wagers from New Zealand, so there are plenty of opportunities to place political bets.

Is Online Sports Betting Legal In New Zealand?

Online sports betting is a growing global phenomenon that by some estimates, boasts a market value of upwards of 35 billion US dollars.

You’ll find that a quick search on the internet brings up a multitude of online sports betting sites, each vying for your attention with many of them offering a wide range of enticing betting options, sign-up bonuses and promotions.

With so much to choose from, most New Zealand residents who are interested in setting foot into the exciting realm of online sports betting for the first time want to know whether online sports betting is legal or not.

It’s a fair enough question and the answer is quite clear. In New Zealand, the terms of the Gambling Act 2003 state that it is not illegal for someone in New Zealand to participate in gambling over the internet, provided that the website has its servers based overseas. To put it plainly, New Zealand players are not at risk of being prosecuted under the local laws if they play at online casinos or sports betting sites which are based and operated abroad.

Who Regulates The Industry In New Zealand?

The New Zealand Racing Board (NZRB) is responsible for the control and regulation of all racing and sports betting activities in New Zealand. All sports betting services are operated under a division of the board, called the Totalisator Agency Board, commonly referred to as TAB.

The board was established in 2003 under the Racing Act to administer all wagers, from horseracing and greyhounds, to placing a bet on your favourite European soccer team or proud local rugby favourites, the All Blacks. The New Zealand Racing Board oversees a growing number of domestic and international sporting events.

What About Online Betting Sites Based In New Zealand?

With the exclusion of online sports bets made through TAB, which is a division of the industry regulatory body, New Zealand players are prohibited from placing bets at online sports betting sites that are hosted within New Zealand itself, as these sites are not licenced or regulated.

If you want to make a wager on the All Blacks for the next Rugby Championship and would like to venture further afield into the world of international online rugby betting, you best place your bet on an online sports betting site that has its servers running from outside the borders of New Zealand.

Are Winnings Exempt From Tax?

So you’ve tried your hand at online sports betting and may have already racked up some winnings- good job! Now you’re probably wondering whether the New Zealand Inland Revenue has any claim to a portion of your winnings, right?

To date, there have been no guidelines issued by the New Zealand Inland Revenue that relate specifically to winnings from online gambling. Keep in mind that international online sports betting sites and sportsbooks fall into the same category as online casinos – so the short answer is that all winnings and profits from online sports betting are not regarded as taxable income.