New Zealand’s betting monopoly enjoyed “unprecedented growth” in its 2017-18 fiscal year, thanks in part to “extensive” improvements to its digital channels.

The New Zealand Racing Board (NZRB) recently released its financial report for the 12 months ending July 31, during which betting and gaming turnover inched up 2% to NZ$2.74b (US$1.9b), revenue rose 3% to NZ$359m, operating profit gained 4.7% to NZ$155m and net profit before distributions gained 1.3% to NZ$145.9m.

The NZRB operates the TAB, the country’s only legal racing and sports betting options, and 44 of its 67 TAB venues also feature electronic gaming machines. The TAB also offers online and mobile wagering.

The NZRB argues that “there is a persistent myth that NZRB is not performing” but claims the results of the past year reveal that “for the first time in decades, the New Zealand racing industry is on the brink of achieving real progress.”