|Hong Kong’s Jockey Club strongly opposes any increase in betting duty because it fears that even more gamblers would switch to Internet gambling|
Jockey Club CEO Lawrence Wong Chikwong says, “If the betting duty is raised higher, it will be better to simply give away the money to illegal and offshore betting operators”. He explains, “The problem is that Hong Kong punters are already paying the highest betting duty in the world, and illegal and offshore betting companies are exempted from paying the taxes – a 14 per cent difference.”
The Jockey Club blames Internet gambling, soccer betting, and lifestyle changes for its continued drop in revenue.
Wong supports the passage of the proposed Gambling Ordinance as soon as possible to tackle illegal offshore betting. The law would make all phone and Internet bets with offshore bookmakers illegal and would punish illegal bookmakers with a maximum $5 million fine and seven-year jail term, while individual gamblers making illegal bets would face fines up to $30,000 and nine months in jail.
The South China Morning Post has the story via CCA Interactive.