SUICIDE, MONEY LAUNDERING AND MATCH-FIXING: THE $4.2 BILLION SCOURGE OF ILLEGAL GAMBLING IN ASIA

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.

https://www.scmp.com/sport/racing/article/3110655/golden-sixty-looks-join-elite-company-10th-consecutive-win-jockey-club

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s