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Hong Kong's Illegal Bookies Squeezed Out

16 May 2005

HONG KONG – As reported by the Hong Kong Standard: "Illegal bookmakers, widely believed to be draining billions of dollars from the Jockey Club are being squeezed out thanks to the legalization of soccer betting two years ago, according to Deputy Secretary for Home Affairs Stephen Fisher.

"Since the Jockey Club began to take bets on soccer matches, 90 percent of bettors have stopped placing bets with illegal bookmakers, Fisher said in an interview Monday.

"…Illegal bookmakers give better dividends to gamblers because they do not pay government duties.

"Fisher said a recent proposal to reform the duty system that governs horse racing, for which the Jockey Club has lobbied for years, should break the backs of illegal bookmakers. That is because, under the proposed change, the Jockey Club would pay a profits tax at the end of the season, eliminating betting duties…"

 
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