Which ASX Gambling Shares Could Gain From New Zealand’s Online Casino Reform?

New Zealand has a relatively small population, yet some of its gambling businesses make big money. But, in terms of investments, the real story for 2026 is how it’s about to regulate and legalise online casinos. Kiwis are proven big gamblers at offshore sites and in sports betting, and interest is only expected to grow once the regulated online casino market opens. So, which companies will stand to benefit and are any of them Australian?

This article will look at several ASX-listed gambling companies that are interested in the regulated NZ market in 2026 – and how it could affect their share prices and investment ratings. On top of that, it will discuss some of the existing gambling companies operating in New Zealand and how their 2026 is shaping up.

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Regulated NZ Online Casinos are Coming This Year – Should You Invest?

The New Zealand government announced in 2025 that it would be regulating the online casino market in 2026. Currently, offshore casinos bring in hundreds of millions of dollars a year from Kiwi players.

15 new licences will be available, and the deadline to apply is July 1, 2026. The government expects to complete the licensing process in the last quarter of 2026.

For investors, this represents a rare opportunity to get in on a promising but proven new market. Capped competition is always good, and there is proven existing demand which (if examples like Canada are good to go by) will swing massively to regulated operators as soon as the market opens.

If you’re interested in this developing market or just general gambling in the region, Casino.org and its dedicated NZ and Aussie portals are a great place to start. Whether you’re taking a look at the top operators via expert comparison guides, or reading local and international gambling news stories of relevance to the Kiwi market, you’ll find it all there in one spot.

In terms of ASX-traded companies that will be involved , some good, solid picks that could benefit are:

SkyCity Entertainment Group
Aristocrat Leisure
Light & Wonder
PointsBet Holdings

Auckland-based physical casino operator SkyCity has confirmed it will apply and is widely expected to receive a license. Monopoly legal NZ sports betting operator TabNZ is also applying, but it is currently run by European operator Entain, which is listed in London.

Aristocrat and Light & Wonder are large, global slot and online casino game developers. The former is based in Sydney, while the latter is based in New York, has Australian origins, and is still listed on the ASX and NASDAQ. Both developers’ shares will likely rise as news of the licensing process develops in Q3 and Q4. Fitch recently upgraded Aristocrat’s Long-Term credit rating to BBB-, citing its strong digital unit growth. Which will only increase once it gets into the regulated NZ market.

US gambling stocks are currently (this month) on a downward trend due to many factors including falling tourism in Las Vegas and the rise of prediction markets. This makes Light & Wonder a potentially solid pick as it has a lot of US exposure, so shares are recently down, but it still has very good ratings from most analysts and could also rebound heavily when online casinos in NZ get closer to launch.

Are Existing Land-Based Operators Still a Good Investment?

Of New Zealand’s five operating casinos, four are run by one company – SkyCity Entertainment. Their four casinos are:

• SkyCity Auckland
• SkyCity Hamilton
• SkyCity Queenstown
• SkyCity Wharf Casino

It also runs a casino in Adelaide, Australia. The other two casinos in New Zealand are small, privately owned operations and so are not really relevant to this discussion. Leaving SkyCity as the only game in town for people interested in land-based gambling investment in the region. Is it compelling at current prices?

Well, that depends on your tolerance for risk. Over the past five months, SkyCity shares have been on a steady upward trajectory, and many analysts currently rate it “Buy” or better. However, shares are only on the up after falling some 10% in early August last year, as investors reacted with pessimism to annual reports showing a 40% drop in profits.

On the other hand, revenue remained strong, and it raised $250 million in capital funding shortly after. It pointed to the opening of the New Zealand International Convention Centre in February, which is right next door to its SkyCity Auckland casino resort, and the likelihood of it getting an online casino license as reasons to remain calm. Shares have steadied since, but remain around 5% under the peak price from the last year.

What About Sports Betting in New Zealand?

The only regulated sports betting operator in New Zealand is TAB NZ. The government-backed collaboration with European gambling giant Entain is not a directly listed stock. Entain is listed on the FTSE 100 in London, where it has traded steadily between £650 and £750 per share over the past year.

If there was one outside shout for investment in sports betting in the region, it could be PointsBet. It’s not impossible that the Aussie bookmaker applies for a license to run an online casino in New Zealand. While it doesn’t have much experience in casino games, it is a well-known brand in Australasia, and it did operate online casino services in New Jersey before leaving the US market in early 2023.

After disappointing reports in 2025 that saw its shares trend down, it has recently been on the up again, gaining 3% in the last month. There is no official indication that PointsBet will enter the NZ online casino market, but it is well positioned to do so. Shares could also benefit from interest in the wider regional market.