Punters set to get access to huge Hong Kong betting pools in new deal

Pari-mutuel betting means bigger pools for stability and confidence: Tabcorp chief operating officer for media and international product, Brendan Parnell. Photo: Louie Douvis

Punters are set to be able to bet into multimillion-dollar pools on Hong Kong racing when the first national tote pool comes into effect by the end of next year.

The powerful Hong Kong Jockey Club has set a goal to have one pari-mutuel pool on its meetings and will host Tabcorp and TattsBet punters'  win, place, quinella, duet and trifecta bets from as early as September, subject to Australian Competition and Consumer Commission approval.

"We have the biggest pools in the world and we think we have the best racing," HKJC executive director of racing Bill Nader said. "We see have a benefit to have all international operators betting into our pools because of their size. The technology is available to do it, so want to do it now.

"It doesn't make sense to have a number of little pools around the world, which don't give punters the confidence to bet. This is the way of the future."

Any bet placed on Hong Kong racing by a tote in Australia would be taxed only at home; a tax waiver will be in place for international bets in Hong Kong. The benefit of more turnover would therefore be returned to the Australian racing industry.

Australian pari-mutuel betting has levelled out in the past decade, whereas in Hong Kong betting has grown from $HK60 billion ($8.26 billion) in 2006 to $HK102 billion this year. The final race of the Hong Kong season on Sunday was held $HK239 million in the racing mecca.

The move would be a huge boost for tote pools in Australia, which turn over more than $100 million on racing in Hong Kong. It could also be the forerunner to a national tote being put in place for Australian racing. However, insiders say that would be not happen for at least five years, given it would require agreement between all states and territories.

Tabcorp has worked to be at the forefront of international wagering for the past decade and is taking every precaution to make sure it happens. It has the technology in place to co-mingle with any country and submitted an application in May to the ACCC to gain approval for the next seven years to bet and receive bets from overseas.

"We want to give our customers the best possible product and in pari-mutuel betting that means bigger pools for stability and confidence," said Tabcorp chief operating officer for media and international product, Brendan Parnell.

"Betting into international pools has shown immediate growth when we have done it in Singapore and New Zealand, and we would expect the same with Hong Kong.

"While we would be 'guesting' into the Hong Kong pools, there is further benefit to being the host as we are with Singapore and New Zealand in our SuperTAB pool to pool sizes. International betting is key to growing our business and increasing returns to the racing industry, which at our core."

Nader said Hong Kong would look to bet into Australian pools within a couple of years on its simulcast meeting.

"This is the first step in a partnership and we would like to eventually bet into Australian pools on your racing," he said. 

Tabcorp's ACCC submission in May highlights concerns over carteling but points to the robust Australian betting landscape, including the existence of corporate bookmakers, Betfair and Tattsbet. The ACCC is due to make an interim authorisation this month and a final determination on submission by September.

The SuperTAB pool, which includes Victoria, West Australia and the ACT, already co-mingles on Singapore and New Zealand racing and will be ready to start on the first day of the new Hong Kong season on September 14.

The NSW TAB pool still has to get approval from the state government and Racing NSW to operate a co-mingled pool with Hong Kong, but, given the expected growth, it should be a formality.

Racing NSW chief executive Peter V'landys said he would not simply tick off a co-mingle pool unless it would benefit the industry in the state.

"It would be financial lunacy to sign up for something that would effectively cost us money," V'landys said. "We would like to see if it would grow our industry."

It is understood TattsBet, which controls the tote pools in Queensland, South Australia, Tasmania and the Northern Territory, is less advantaged with an interface to bet into overseas pools but is working towards coming online next year.

Once pools for standard bet types are in place, Tabcorp will work to introduce exotics that are available only in Hong Kong, such as the triple trio, where punters have to select the first three home in three consecutive races. It recently jackpotted to a pool of more then $HK100 million.


πηγή  :  www.smh.com.au

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