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Tuesday, April 11, 2006

Hong Kong Betting Duty Reforms Approved

As reported by the Xinhua: "The Executive Council of Hong Kong Special Administrative Region (HKSAR), hoping to combat rampant illegal gambling on horse races while maintaining stable revenue from betting, approved here on Friday proposals to reform horse race betting's duty system. "The Betting Duty (Amendment) Bill 2006 will be presented to the Legislative Council on April 26 for final approval before going into effect.

"According to the proposals, a single set of rates will progressively apply to gross profits with duty at 72.5 percent up to 11 billion HK dollars (US$142 million), increasing by half a percentage point for every 1 billion HK dollars up to 15 billion HK dollars, and at 75 percent for the amount exceeding 15 billion HK dollars.

"If the proposals were finally legalized, the betting duty will no longer be charged on betting turnover with the introduction of a single set of rates.

"The club will be allowed to provide rebates to high-value bettors who lose money, to increase its competitiveness against illegal bookmakers while the regulatory regime of horse race betting will also be rationalized to bring it broadly in line with legal football betting and lotteries"

posted by Jerry "Jet" Whittaker at 4/11/2006 11:31:00 AM

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Tuesday, April 11, 2006

Hong Kong Betting Duty Reforms Approved

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