It was announced recently that aggressive marketing and promotion by offshore betting syndicates cost the SAR government around $17 million in lost revenue on the first day of the new racing season.
Estimates suggest that offshore betting syndicates took around $80 billion from gamblers in Hong Kong last year, a figure which Lawrence Wong Chi-kwong, CEO of the Hong Kong Jockey Club finds alarming, as the total turnover of the Jockey Club is only marginally higher at $81.5 billion.
Speaking about the 13% drop in turnover at the weekend, Mr Wong said that the offshore syndicates were 'robbing the Treasury,' and called on the members of the Legislative Council to hurry through the amendment to the Gaming Ordinance Bill which is now being considered.
'Offshore operators have been making full use of the delay in passing this legislation and have become very aggressive of late,' he explained. ' I am told that they are now offering discounts of up to 15% on bets made on Hong Kong horse racing. With the betting tax as it is, this is something against which we cannot compete.'
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