The Hong Kong Jockey Club has demanded Betfair Australia table its plan to offer bets on Hong Kong-based races. In an open letter to Betfair CEO Tim Moore-Barton, the HKJC said it was unaware that the company was planning to begin offering wagers on the races.
Secretary Philana Poon said, the club “takes this matter seriously as it represents a serious integrity issue and an equally serious infringement of its intellectual property rights. In addition, creating the opportunity for people to back horses to lose is against what we all believe in.”
Poon continued, “As a matter of principle and consistency, the club considers that Betfair ought not be permitted to exploit overseas racing where there has been no approval from the relevant overseas racing authority.”
In August, Betfair Australia, which is owned by Crown Resorts, said it planned to start exchange betting on horse racing in Hong Kong starting 1. At the time, Moore-Barton said the company’s punters had been “asking for Hong Kong racing for several years.” Betfair said it would offer its full range of products, including allowing punters to bet on a losing horse.
According to Inside Asian Gaming, HKJC has agreements in place with other Australian operators to offer certain types of wagering on its meets. The club said it had expressed its concerns in writing to the Australian government, relevant racing authorities including the Northern Territory Racing Commission, which licenses Betfair, the Australian Communications and Media Authority and Racing Australia.
In its cease-and-desist letter, which was copied to Crown Resorts, the club referred to recent headlines alleging links between Crown and Asian crime syndicates.
“Such an inquiry into your holding company’s operations within the highly-regulated casino industry manifestly raises concerns over the adequacy of corporate governance measures adopted through the Crown Resorts group,” the HKJC said.
“Betfair’s approach of commencing operating on Hong Kong racing without having secured any authority from the Club to do this has done nothing to alleviate those concerns.”
Racing website Racenet reported on September 9 that Betfair disregarded the demand and traded on all 10 races at Sha Tin on September 8, matching more than $470,000 in bets, up more than 10 percent on last Sunday’s opening fixture of the Hong Kong season.
Poon told the South China Morning Post, “We consider such conduct can be fairly described as cavalier, unconscionable and in reckless disregard for the economic value of a premium international racing product.
“It is plainly inconsistent with Betfair’s apparent focus on integrity and transparency, and good corporate citizenship.”
