On 15 November, the South China Morning Post reported that an Asian Racing Federation’s research paper shows that unregulated betting is growing quicker than the legal alternative throughout the region. A research paper outlines the widespread damage as illegal gambling grows at a quicker rate than the legal market. The report focuses on Hong Kong, Singapore, South Korea, Australia, New Zealand and South Africa, with illegal betting growing faster than legal gambling in all of those jurisdictions. The article says that, in Hong Kong, illegal betting profits in 2016 were estimated to be between HK$12 billion to HK$13 billion – in comparison to the Jockey Club’s net margin of HK$11.45 billion in the 2016-17 financial year; and that triads “run the vast majority” of illegal betting in Hong Kong and the issue is extended regionally by “the deep involvement of transnational organised crime in Macau casino junkets”. In South Korea illegal betting makes up 62% of the total market and the government losing out on $7.9 billion in tax revenue each year.
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