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Jockey Club Wins Hong Kong Case
Thursday February 7,2013 : JOCKEY CLUB GETS ITS WAY IN HONG KONG
Six years of lobbying pays off
The Home Affairs Bureau in Hong Kong this week approved the two-way combining of betting pools with foreign jurisdictions, allowing overseas punters access to the larger and more attractive pools in the former British colony.
The system, known as commingling, would mean a boost of HK$200 million a year in revenue for the government on top of more than HK$10 billion it currently receives in duty from the Jockey Club, according to Hong Kong press assessments.
Racing punters in Australia, for example, can at present watch and bet on Hong Kong races, but their money goes into a small Australian pool. Under a commingling agreement, Aussie betting operators would send those bets to the much larger and more attractive pools in Hong Kong or other jurisdictions.
The Betting Duty (Amendment) Bill will be put to the Legislative Council in Q2-2013, with an implementation target calculated to start in time for the 2013-14 racing season in September.
The Hong Kong Jockey Club has been lobbying for the change for the past six years, and expects that the new arrangement will at least double the revenues it receives as part of its 3 percent fee on holdings, currently worth between HK3 andHK4 million dollars.
To facilitate outbound commingling, the government has accepted the Jockey Club's proposal to apply a flat betting rate at 72.5 percent on receipts of local bets on non-local races.
"Commingling has become an internationally adopted industry practice that enables regulated operators to work together to counter the threats posed by illegal bookmakers and junket operators," said Jockey Club spokesperson Carmen Lok Wai-man.
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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