The thoroughbred world's betting benchmark is ominously rattling the co-mingling tin. Hong Kong authorities are even willing to leave the Chinese government behind in a bid to tap into new income streams, reports Craig Young in the Sydney Morning Herald. His report adds: Why else would the thoroughbred betting mecca be willing to set up offshore? The government there just cannot get its head around co-mingling, but then again China's leaders have more to worry about than racing. Maybe they will
The thoroughbred world's betting benchmark is ominously rattling the co-mingling tin. Hong Kong authorities are even willing to leave the Chinese government behind in a bid to tap into new income streams, reports Craig Young in the Sydney Morning Herald.
His report adds: Why else would the thoroughbred betting mecca be willing to set up offshore? The government there just cannot get its head around co-mingling, but then again China's leaders have more to worry about than racing. Maybe they will leave racing to its own devices. Heading the Hong Kong racing team is a German mover and shaker named Winfried Engelbrecht-Bresges.
Regarded by many as the best racing administrator in the world, Engelbrecht-Bresges has been banging on about co-mingling for many years. If he is correct, the time to act is now. Co-mingling with pools in Britain, Singapore, South Africa, Canada and Australia is on the agenda. You can bet this guy has his eyes on a host of other thoroughbred nations. What about one giant betting pool?
Thoroughbrednews.com.au quoted Engelbrecht-Bresges on the subject last week. The Hong Kong Jockey Club supremo talked about the government working through ''taxation hurdles'', but reckons they shouldn't be a roadblock.
''If you compare, for example, co-mingling figures, 70 per cent of the world turnover in separate tote pools in any event, like the [Prix de] l'Arc de Triomphe, was done in Hong Kong,'' Engelbrecht-Bresges was quoted as saying. ''If you look at the Melbourne Cup, 65 per cent of the world turnover on the Melbourne Cup was from Hong Kong.''
Of course, each jurisdiction must receive a slice of the betting revenue. Now that is certain to be tricky. One can only imagine the bickering. Remember, it is all about money. Australian racing doesn't even have one TAB pool. Merging to create a super TAB on these shores has been on the agenda for decades but it is just talk. State government and industry self-interest always wins out.(www.smh.com.au)