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 Commissionapproval.

"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."

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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 expected to hold more than $HK50 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.

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