Entain has entered a 25-year partnership with TAB New Zealand, the nation’s monopoly horse racing and sports betting provider. The gambling group has committed to investing NZ$900m (US$562m) in the country’s horse racing sector over the next five years.

This deal will reverse falling revenues for racing and provides certainty over the coming years.”

Minister for Racing Kieran McAnulty approved the agreement on Tuesday. saying: “This deal will reverse falling revenues for racing and provides certainty over the coming years.”

Entain beat out competition from Sportsbet and Tabcorp to be the preferred partner. The Ladbrokes owner will take over both the broadcasting and betting operations of TAB.

The organization will receive an upfront payment from Entain, in addition to annual minimum guaranteed payments of NZ$180m (US$112m). This is an increase from the NZ$125m (US$78m) distribution in the current financial year. Various national sports organizations will receive a cut of NZ$15m (US$9.4m), while a NZ$500,000 (US$312,210) investment will go towards Sport NZ’s female sports programs.