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Macau Approved to Take Hong Kong Jockey Club Bets

25 Jan 2005

HONG KONG – As reported by the China Standard: "The government on Tuesday opened the door to the hoped-for globalization of Hong Kong Jockey Club betting pools when it approved an application for the Macau Horse Racing Company (MHR) to act as a betting agent.

"From Sunday, Macau residents will be able to bet on Hong Kong races at MHR outlets. The Hong Kong government will get 6 percent of total Macau turnover, estimated at about HK$2 billion a year.

"Initially, bets will only be allowed on the simple pools such as win, place, quinella and quinella place. Arrangements for the exotic pools like the triple trio are more complicated because of the taxation system and will take longer to work out.

"…Jockey Club chairman Ronald Arculli last night welcomed the government's decision, saying it would help generate new income and, hopefully, stop the slide in betting turnover which fell to HK$65 billion last year, down from a peak of HK$92 billion in 1997…"

 
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