New Zealand bookmakers in 2026: who the law lets in, and what offshore brands actually offer

Updated October 2026

Licensed

Available in US

Fast payouts

18+ Only

Since 28 June 2025, two online brands — TAB and Betcha — are the only operators lawfully allowed to take racing and sports bets from people in New Zealand. The offshore brands New Zealanders meet are not breaking the law themselves by existing, but they are breaking it by serving this market. That single fact reshapes every choice a New Zealand punter has, and the rest of this page is built around it.

Data current as of 30 October 2026 and cross-checked against the Department of Internal Affairs’ statement on the section 74AAA prohibition.

The shortlist at a glance

The ten brands below split into two groups that must never be merged. TAB and Betcha run together under the TAB NZ umbrella and are the only lawful bookmakers in this market. Everything else on the list is an offshore operator that New Zealand law treats as unlawful for the operator to serve here — no New Zealand complaints route, no harm-minimisation framework, and a regulator that explicitly warned the public about them. The table is not a ranking. One group is legal here, the other is not, and “best” within the second group is a different question from “lawful in New Zealand”.

The legal split does the heavy lifting here. Anything that calls itself a “bookie”, “sportsbook” or “betting site” in New Zealand sits in one of two columns, and the columns above move in opposite directions on consumer protection, payout safeguards, and recourse if something goes wrong.

The fundamentals: how the market is shaped

New Zealand’s betting market is built on a single legal choice, made in the Racing Industry Act 2020 and sharpened by the Racing Industry Amendment Act 2025. Section 74AAA, in force since 28 June 2025, says no person other than TAB NZ may offer racing or sports betting to a person in New Zealand, regardless of where that operator is resident or incorporated. The Department of Internal Affairs told unlicensed providers to withdraw from the New Zealand market with immediate effect when the section came into force. There is no licence register for bookmakers because there is only one lawful provider.

TAB NZ runs as a statutory body. Its partner Entain runs the day-to-day TAB business under a 25-year agreement signed in 2023. The deal splits gross profits 50/50, with at least $150 million a year flowing to TAB NZ for the first five years. Entain also pledged a one-off $100 million payment to the racing sector. Two brands sit on top of the same engine — the established TAB platform and the newer Betcha online brand — and they are run by one operator, not in competition with each other.

The greyhound code is closing in stages from 1 August 2026, and from that date offshore operators may not take bets on greyhound races either. The Racing Industry Act still covers thoroughbred and harness. The Online Casino Gambling Act 2026 is a separate statute: it licenses online casino gambling only and does not extend the sports and racing monopoly to TAB NZ. The casino licence TAB NZ won under that Act says nothing about who can take a sports bet.

The offshore point-of-care system for racing and sports bets has wound down. The point-of-consumption charge on offshore racing and sports bets ceased on 30 June 2026. From the same date, the offshore operator’s own consumer safeguards — whether unspent credits come back, whether large wins are paid — fall outside any New Zealand framework.

What the statute actually says

The relevant line is short. No person other than TAB NZ may offer racing betting, sports betting, or other racing or sports betting to a person in New Zealand, regardless of where the operator is resident or incorporated. The Gambling Act 2003 and the Racing Industry Act 2020 are the two statutes that meet this rule; the Department of Internal Affairs monitors compliance with the betting prohibition under section 92A of the Racing Industry Act.

The penalty for an operator breaching section 74AAA is not stated in the section itself, and no prosecution of an offshore bookmaker has been published. The statute targets the operator. Section 19(4) of the Gambling Act 2003, inserted in 2025, makes clear an individual cannot be convicted for placing a bet with an offshore operator in breach of section 74AAA — so a New Zealand player is not committing an offence by betting offshore. New Zealand law makes the operator unlawful; the player’s exposure is to the operator’s own terms and to whatever consumer protection exists in that operator’s home jurisdiction.

Responsible gambling: what TAB NZ offers, and what offshore brands do not

TAB NZ’s app names three safer-gambling tools out in the open: deposit limits, time-outs, and self-exclusion. The exclusion applies across both TAB and Betcha, so one closure covers the whole statutory footprint. The free Gambling Helpline is 0800 654 655, with a text line at 8006, both run by Safer Gambling Aotearoa. TAB NZ’s published App Store listing names those tools and the helpline in the same description.

The national picture is thinner than the operator’s app suggests. There is no single online-betting exclusion register in New Zealand; the register the casino law will require is for online casinos only, and it does not extend to sports and racing. TAB NZ must keep the risks of problem and underage gambling minimised, and pays a Problem Gambling Levy of 0.74% in force from 1 July 2025 to 30 June 2028. Land-based casinos have an age limit of 20; betting has its own age limit of 18 under section 89 of the Racing Industry Act 2020 — the two must never be merged.

Offshore brands are not part of this framework. RoyalistPlay, Glorion, Telbet, Alawin, Thunderpick, 22Bet, BigClash and Sportaza each publish an 18+ age floor in their own terms. None of them is connected to the Gambling Helpline or to Safer Gambling Aotearoa, and none of them offers a New Zealand-specific self-exclusion. The DIA’s published warning says overseas operators may be in jurisdictions with minimal consumer safeguards, may not return unspent credits and may not pay out large wins. That is the consumer-protection baseline for the offshore half of the table above.

Bet types and odds: how a New Zealand bet works

New Zealand punters name bets in their own words. A “win” is a single runner to finish first; a “place” is a runner to finish in the paying positions; an “each way” is two bets covering both. Quinella, Exacta, Trifecta, First Four, Double, Treble, Daily Double, Running Double, Quaddie and Big6 are the racing exotics, and Multis and Same Game Multis cover sports.

The TAB NZ app adds a few products that go beyond the racing core. Same Race Multis pick several runners within one race. Same Game Multis pick several legs within one match — first try-scorer, total points, handicap. One-tap Popular Multis package pre-built combinations for big events. Place Extra lets punters back a runner to finish as high as tenth in selected races, which is a wider step than the standard place payout and carries different odds. Trackside streams racing live inside the app with in-app betting on the same screen. Racing form, Blackbook and Jockey Challenge sit alongside the betting slip for serious racing work.

Odds in New Zealand are quoted in decimal form. A $10 stake at $2.10 returns $21.00 on a winning bet, of which $11.00 is net profit. Two $10 singles at the same odds on a multi do not multiply their payouts; the legs multiply into one price, and the stake rides once on that combined line. Same Game Multis are exactly that — one combined line with one combined price, not a stack of singles.

The margin inside the odds

The margin is what the bookmaker keeps out of every dollar wagered on a market, and it is the single most useful number on a betting site once you know how to read it. The arithmetic is plain. Take every outcome of a market — the two sides of a head-to-head, the three outcomes of a 1X2, the runners in a place market — convert each price to its implied probability by dividing 1 by the decimal odds, add those probabilities together, and subtract the total from one. The result is the share of every dollar wagered that the bookmaker keeps before paying out winning bets.

Take a simple two-way market priced at $1.90 on either side. Each side is implied at 1 ÷ 1.90 = 52.63%, so the two sides together imply 105.26%. The bookmaker keeps 5.26% of every dollar wagered on this market, and returns 94.74% to the winning side. The same arithmetic on a market priced at $1.85 and $2.10 gives 54.05% + 47.62% = 101.67%, a margin of 1.67% — but that is the price for one named event on one named snapshot date, and the figure moves with the market. As a band, two-way markets at $1.90 each sit in the 5–6% margin range; tight markets at $1.85/$2.10 sit closer to 2%; the looser a market, the wider the band.

The margin is not a fee and not a commission. The punter never pays it as a line item; it is built into the odds. The wider the margin, the less of every dollar comes back to the betting public on average, and the harder it is for any individual bettor to come out ahead in the long run. A market at $1.90/$1.90 returns 94.74 cents of every dollar staked across both outcomes combined; a market at $1.80/$1.80 returns 90.00 cents. The arithmetic never reverses.

Sports and tournaments on the TAB NZ app

TAB NZ covers horse and harness racing, rugby union and rugby league, and other sports — pre-match and live. The published App Store listing names racing (horse, harness) and rugby first because those are the markets New Zealanders actually bet through. The app carries a 17+ age rating while stating that customers must be 18 or over to bet. That rating is a store-availability threshold; the legal age for betting is 18.

For racing punters, Trackside streams live racing with in-app betting, the form guide sits in the same app, and Blackbook and Jockey Challenge give horse-by-horse and rider-by-rider analysis. Same Race Multis cover within-race combinations. Same Game Multis and one-tap Popular Multis cover rugby and other sports. Place Extra widens the place payout up to tenth in selected races — useful in long fields, less useful in short ones where the favourite is a clear leader.

Greyhound racing is closing in stages from 1 August 2026. From that date offshore operators may not take bets on greyhound races either. The thoroughbred and harness codes remain; the racing calendar goes on without greyhound. Super Rugby Pacific, NRL, the All Blacks’ international programme and the Melbourne Cup are the headline events a TAB NZ customer builds a calendar around, and Cup Day in particular drives volume.

Niche specifics for New Zealand readers

A few local words matter. A “punter” is anyone placing a bet; “to have a punt” is the verb. “Tote” is pool betting and the dividend is the tote payout once the pool closes. The “bet slip” is the staging screen for a wager; the “return” is the gross payout, the “payout” is the same thing in another register. “Bonus bets” is the marketing phrase TAB NZ uses for promotional stake credit — never read it as a free withdrawal. Head-to-head and line betting cover match-up and handicap markets respectively.

The Advertising Standards Authority’s Gambling Advertising Code applies to betting advertisements: no targeting of under-14s or 14-to-under-18s by context, appeal or expected audience (25% or more of the audience counts as significant where accurate data exists), no encouragement of harm, and terms available. No whistle-to-whistle equivalent for sports betting exists in New Zealand. TAB NZ runs “bonus bets” promotions within that framework; no statutory rule on bonus size or wagering terms was found, so only TAB NZ’s own terms apply. The page describes an offer as TAB NZ’s terms state it and never prints a promo code.

How a bet actually moves from selection to payout

The mechanics are simple enough that a first-time punter can run through them in one screen. Pick a market on the TAB NZ app — a race, a rugby match, a Same Game Multi. Tap the price to add the selection to the bet slip. Add more legs for a multi, or leave it as a single. Enter the stake. Confirm. The bet is on. Live betting follows the same flow on the in-play markets, and Trackside lets the customer watch and bet in the same app.

Account opening is the part that distinguishes TAB NZ from the offshore side. TAB NZ needs a verified New Zealand address and ID. That requirement is built into the New Zealand regulatory framework; it is what lets TAB NZ honour its self-exclusion register, its deposit limits, and the cross-brand closure that covers TAB and Betcha at once. Offshore operators generally accept international documents but do not connect to any of the New Zealand harm-minimisation tools, and the DIA warning is explicit that overseas operators may not return unspent credits or pay out large wins.

Withdrawals run through the same wallet on TAB NZ. The app describes a simplified wallet for deposits and withdrawals; the cash sits in one place and is paid back through the same rails the customer used to deposit. For New Zealand players there is no separate account type and no separate currency. The offshore side works differently — some of the brands on the list are crypto-only, some run a single Euro-denominated account that does not natively hold NZ dollars, and each operator’s own terms set its own withdrawal limits and times.

Reviews: each operator in the comparison

The reviews below follow the same order as the listing above. TAB and Betcha are reviewed first because they are the only lawful operators in New Zealand; the offshore brands follow in the order they are named in that section. Each review describes what it offers and judges whether it suits the punter it suits, with a verdict that takes a position on the price it costs.

TAB — the lawful bookmaker in this market

TAB is the older of the two TAB NZ brands. The fixed-odds and tote book sits behind a 17+ App Store age rating and an 18+ legal floor. The app’s racing coverage is its strongest suit: horse and harness racing with Trackside live streaming, form guide, Blackbook and Jockey Challenge, and Same Race Multis on the racing side. Same Game Multis, Popular Multis and Place Extra sit alongside racing on the same slip. New customers receive Bonus Cash that can be split across multiple bets, and the app lists a Mega Multi bonus of up to $50 in Bonus Cash when a multi of four legs or more falls short by a set margin. Account opening requires a verified New Zealand address and ID, and the self-exclusion spans TAB and Betcha together.

A Mega Multi top-up is the closest thing on the TAB NZ app to the kind of insurance-style promo an offshore sportsbook runs. The terms matter here: the top-up is Bonus Cash, which is site credit and not a withdrawal, and the qualifying conditions — leg count, how many legs fall short, the size of the top-up — sit in the small print. Read them before claiming. Place Extra widens the place payout up to tenth in selected races; useful in long fields, less so in short ones where the favourite is a clear leader.

Verdict. TAB is the only lawful option for a New Zealand punter who wants regulated protection, a New Zealand harm-minimisation framework, and a payout under domestic consumer safeguards. The price a punter pays is the section 74AAA restriction: no shop around, no comparison across other licensed books, and the app’s market depth is what TAB NZ publishes. For the punter who wants a racing-first book with multis and live streaming under New Zealand law, TAB is the right starting point. For a punter who wants the broadest possible market on every sport, the choice is between TAB and Betcha — and that is the legal ceiling.

Betcha — the newer TAB NZ brand, on the same wallet

Betcha is the second TAB NZ brand and the newer of the two online faces. The app uses the same TAB NZ wallet, the same self-exclusion, and the same New Zealand harm-minimisation framework. New customers see the same Bonus Cash split across multiple bets and the same Mega Multi top-up. The customer base is the same customer base: TAB and Betcha share one account, one exclusion list, one wallet, and one operator behind them.

The smaller placement is not a rival. Treating Betcha as a separate book is the most common mistake a first-time reader makes on this market. The two brands differ on presentation: the app’s look, the way markets are listed, the way promos are framed. The substance — the markets, the odds, the rules, the self-exclusion — is one. A punter who opens a Betcha account because the Betcha app looks nicer than the TAB app has not added a second bookmaker; they have added a second door to the same building.

Verdict. Betcha suits a punter who likes the app and the way markets are framed there, with no second operator behind it and no second licence to fall back on. The judgement on TAB holds for Betcha: lawful, regulated, New Zealand consumer protection, and the same pricing as the rest of the TAB NZ book. The two brands are not a choice between operators; they are a choice between doors.

RoyalistPlay — offshore, no New Zealand licence

RoyalistPlay is owned and operated by Novatrix SRL, a Costa Rica company with registration number 3-102-893958. Its stated licence is an e-gaming licence No. 0000002 from the Tobique Gaming Commission. That licence gives the brand no right to take bets from people in New Zealand. Section 74AAA says no person other than TAB NZ may offer racing or sports betting to a person in New Zealand regardless of where the operator is resident or incorporated, and the Tobique licence is a Canadian First Nations framework with no New Zealand recognition. No New Zealand complaints route or harm-minimisation framework reaches RoyalistPlay, and no self-exclusion propagates to it from a New Zealand exclusion.

The brand runs as an offshore casino-style operator with a sportsbook. The price a New Zealand punter pays is the absence of New Zealand consumer protection: the DIA warns that overseas operators may not return unspent credits or pay out large wins, and RoyalistPlay is in exactly that category. There is no reason to expect the Tobique framework to substitute for the New Zealand one. The marketing may look like every other sportsbook’s marketing; the consumer rights underneath it do not transfer.

Verdict. RoyalistPlay is not a New Zealand option. A punter who already has a TAB NZ account and a working self-exclusion has no reason to add RoyalistPlay, and a punter who does not has no reason to start there. The brand is for markets where its licence actually applies; New Zealand is not one of them.

Glorion — offshore, no applicable licence named

Glorion names Live Chat and email as its support channels and accepts customers over 18. It names no licence that applies in New Zealand. The brand runs as a casino-style site with a sportsbook attached; the layout and the marketing copy are familiar. None of that changes the underlying position: Glorion is not licensed to take bets from New Zealand residents under section 74AAA, and there is no New Zealand complaints route or harm-minimisation framework.

A punter reading Glorion’s About page sees nothing that can substitute for the New Zealand framework. There is no stated New Zealand self-exclusion, no stated connection to Safer Gambling Aotearoa, and no statement that unspent credits will be returned under New Zealand consumer law. The 18+ age floor in Glorion’s terms is operator policy, not a regulated threshold.

Verdict. Glorion’s strength is the part of the market it is actually licensed for, not New Zealand. A punter looking at it from here must pass on it.

Telbet — offshore crypto sportsbook

Telbet describes itself as a crypto casino and sportsbook and publishes a welcome offer and a USDT free bet on its Russian-language site. It names no licence that applies in New Zealand. Crypto deposit and crypto payout are the operating model; there is no fiat wallet and no bank-rail alternative for a New Zealand punter. Section 74AAA treats the offer to a New Zealand punter as unlawful regardless of the rails the money moves on.

Crypto rails do not neutralise the consumer-protection gap. A crypto payout sits outside New Zealand consumer law, and the DIA warning covers it. A punter whose unspent balance is in USDT and whose withdrawal route is a blockchain address has no recourse under New Zealand law if the operator does not pay. Telbet’s marketing may read like every other crypto sportsbook’s marketing; the legal position does not change.

Verdict. Telbet is a Russian-market crypto sportsbook that does not target New Zealand and is not licensed here. A New Zealand punter looking at it is paying the price the DIA warns about with no upside that justifies it.

Alawin — offshore, terms-based access

Alawin accepts customers aged 18 or over. It names no licence that applies in New Zealand. The brand runs an offshore casino-style operation with a sportsbook attached. There is no New Zealand complaints route, no connection to Safer Gambling Aotearoa, and no stated New Zealand self-exclusion.

The product itself is unremarkable. The site’s marketing copy, the layout, and the bonus mechanics look like the rest of the offshore cluster. None of that adds up to a New Zealand-recognised licence, and none of it gives a New Zealand punter the kind of recourse the TAB NZ framework provides.

Verdict. Alawin is in the same category as the rest of the offshore half of the table: lawful where it is licensed, unlawful in New Zealand, and offering nothing a TAB NZ account does not already cover.

Thunderpick — Curaçao licence, no New Zealand recognition

Thunderpick is owned and operated by Paloma Media B.V., a Curaçao company with company number 146988. Its stated licence is Curaçao OGL/2024/677/0722. That licence gives the brand no right to take bets from people in New Zealand. Section 74AAA treats the offer to a New Zealand punter as unlawful. The DIA warning on overseas operators applies. Thunderpick is one of the more visible crypto esports and sports brands; visibility is not regulation.

Curaçao’s licensing framework covers a large share of the offshore sports betting market. It does not cover New Zealand. The two regimes are separate, and Curaçao recognition does not transfer. The marketing, the markets, the live betting, the esports coverage — all of it is on the same page as every other Curaçao-licensed sportsbook. None of it changes the New Zealand legal position.

Verdict. Thunderpick is a Curaçao-licensed sportsbook that does not target New Zealand and is not licensed here. A New Zealand punter reading about it must read the DIA warning alongside the licence disclosure.

22Bet — Curaçao licence, no New Zealand recognition

22Bet is run by TechSolutions Group N.V., a Curaçao company with registration number 144920. Its stated licence is Curaçao 8048/JAZ. TechSolutions also runs 20Bet, Bizzo and National Casino from the same corporate group. The Curaçao licence covers the brand’s operation; it does not cover the New Zealand offer. Section 74AAA makes the offer to a New Zealand punter unlawful.

22Bet is the largest brand by volume on the offshore half of the list. The product depth — markets on football, basketball, tennis, niche sports — is wider than TAB NZ publishes on the equivalent sports. That depth is the price a New Zealand punter is paying for: trading New Zealand consumer protection for a broader market. The DIA warning on overseas operators applies in full, and TechSolutions’ Curaçao licence is the protection the punter is left with.

Verdict. 22Bet suits a punter who has weighed the consumer-protection gap against the market depth and decided the depth is worth it. For most New Zealand punters, that is a decision that goes the other way. The brand is not unlawful for the player to use under section 19(4), but the operator is acting unlawfully by serving this market.

BigClash — Curaçao licence, no New Zealand recognition

BigClash runs on the same Curaçao 8048/JAZ licence cited on the offshore cluster. Its markets cover pre-match and live sports across international and local leagues, with virtual sports and esports on FPS and MOBA titles. The product set is the offshore sportsbook template with an esports front-end. The legal position is the same as the rest of the Curaçao half of the table.

The esports coverage is the distinctive pitch. New Zealand’s TAB NZ product does not publish a dedicated esports market. That is a genuine gap for a punter whose primary interest is esports, and it is the strongest case for an offshore brand on this list. It is still a gap the punter is filling at the cost of the New Zealand consumer-protection framework.

Verdict. BigClash suits a punter whose primary interest is esports and who has decided the offshore trade-off is worth it for that market alone. For a punter whose primary interest is racing, rugby or mainstream football, TAB NZ is the better fit on every column.

Sportaza — Anjouan and Tobique licences, no New Zealand recognition

Sportaza’s footer names an Anjouan licence (ALSI-202606064-FI2) under the Government of the Autonomous Island of Anjouan, Union of Comoros. Its terms at section 1.4 separately cite Tobique licence No. 0000067. Neither licence applies in New Zealand, and section 74AAA makes the offer to a New Zealand punter unlawful regardless. The dual licensing is a feature of the offshore cluster, not a New Zealand recognition.

The product is a sportsbook and casino template: pre-match and live, the usual markets, the usual promos. The price a New Zealand punter pays is the same price as the rest of the offshore half: no New Zealand complaints route, no harm-minimisation framework, the DIA warning applying in full. Sportaza is a generic fit for the offshore cluster.

Verdict. Sportaza suits a punter who has already decided on the offshore trade-off and is choosing between the offshore brands on offer depth. For a New Zealand punter comparing against TAB NZ and Betcha, Sportaza is on the wrong side of the legal line.

Where this leaves a New Zealand punter

TAB and Betcha are the two lawful options in this market, full stop. Every other brand on the list is offshore, every offshore brand is acting unlawfully by serving New Zealand, and the player is not committing an offence by betting with them but is exposed to the consumer-protection gap the DIA warns about. The choice between TAB and Betcha is a choice between two doors on the same building, not a choice between operators. The choice between the lawful pair and the offshore cluster is a choice between New Zealand consumer protection and broader market depth, and the legal position must not be softened.

The arbitrage here is real but one-sided. A punter can open a TAB NZ account and place bets through the regulated framework with deposit limits, self-exclusion, the Gambling Helpline and the consumer law behind them. A punter who adds an offshore account on top is paying the DIA’s stated price — unspent credits may not come back, large wins may not be paid out — for markets TAB NZ does not publish. That trade-off is the only real choice on this page, and it is a choice the law makes clearer than the marketing does.

The bookmaker’s margin sits inside every price a punter looks at, and the arithmetic in the section above makes the line visible. A market at $1.90/$1.90 returns 94.74 cents of every dollar staked; a market at $1.80/$1.80 returns 90.00. The looser the price, the less comes back, and the harder any individual punter finds it to come out ahead over time. The bookmaker is not a counterparty the punter negotiates with; it is the house the punter plays in.

Frequently asked questions

Which bookmaker may lawfully take sports and racing bets in New Zealand?

TAB NZ, through its two online brands TAB and Betcha, is the only provider lawfully allowed to take racing and sports bets from people in New Zealand. The Racing Industry Act 2020, as amended by the Racing Industry Amendment Act 2025, makes this exclusive under section 74AAA, in force since 28 June 2025. There is no licence register for bookmakers because there is only one lawful provider; any other brand offering the same service to a New Zealand customer is acting unlawfully by serving this market.

What is a bookie?

A bookie — short for bookmaker — is the operator that sets the prices and takes the bets on a market, balancing its book so it makes a margin regardless of the outcome. In New Zealand the bookie for racing and sports is TAB NZ, operating through TAB and Betcha. Offshore brands use the same word but sit under different legal regimes; in New Zealand only TAB NZ may take sports and racing bets under the Racing Industry Act 2020.

What is a bookie agent?

A bookie agent is the person or outlet that places bets on a punter’s behalf with the bookmaker. In New Zealand TAB outlets and on-course agents run alongside TAB NZ’s online platforms; offshore brands do not have a New Zealand agent network, and a New Zealand punter using an offshore brand is dealing with the operator directly rather than through a licensed agent. The TAB NZ framework is the only place a New Zealand agent structure is regulated.

How is the return on a bet worked out from the stake and the odds?

The arithmetic is straight. Multiply the stake by the decimal odds to get the gross return; subtract the stake to get the net profit. A $10 stake at $2.10 returns $21.00, of which $11.00 is net profit. For a multi, the legs multiply into one combined price and the stake rides once on that combined line, so two $10 singles at the same odds on a multi do not pay twice — the combined price pays once.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the share of every dollar wagered on a market that the bookmaker keeps before paying out winning bets. Convert each price to its implied probability by dividing 1 by the decimal odds, add the probabilities together across all outcomes of one market, and subtract the total from one. A two-way market at $1.90 on either side gives implied probabilities of 52.63% on each side, totalling 105.26%, so the margin is 5.26% and the market returns 94.74% to the winning side. The arithmetic never goes the other way.

Written by the editors at Kiwirugbybetting.