Illegal gambling is growing twice as fast as wagering and about US$140 billion is laundered annually though illegal markets, local media reports.
Martin Purbrick, the Hong Kong Jockey Club’s security and integrity chief said a task force would release detailed research into the extent of illegal betting within the next few weeks.
“Illegal betting is growing twice as fast as legal betting, so clearly there is an inflection point in the future where there will be a significant impact on the legal market,” the South China Morning Post cited Purbrick as telling a racing conference in Seoul.
“There is a huge problem of criminality using betting, racing, and sports for profit. If we in racing don’t influence government to regulate it, to more effectively combat the problem, it could kill the sport,” he said, stressing in particular the criticality of integrity to customer confidence.
The club turned over HK$115.8 billion (US$14.75 billion) on racing in the last financial year, up nearly 8 percent on 2015-2016. (AGB)