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Hong Kong Tracks Lose20 June 2002HONG KONG – As reported by CNN: "…Hong Kong's racehorses have joined the ranks of shock losers, in an upset to match Italy's ousting at the hands of South Korea. "Hong Kong horse racing runs unopposed when it comes to licensed gambling in Hong Kong. The only other legal avenue is the Mark Six lottery, also run by the Hong Kong Jockey Club. "But the race season ended on Sunday with a drop in both total betting and in attendance. The turnstiles turned 13 percent less frequently than the prior year. "….More troubling for the Jockey Club, the total turnover wagered fell 4 percent, to HK$78.1 billion (US$10.0 billion). "Most of the punters, of course, come away losers. But one lucky better at Sha Tin won Hong Kong's second-highest payout in history on the last day, netting HK$110.1 million (US$14.1 million) on an accumulator ticket. "…Italy's multimillionaire soccer stars tumbled to an early exit in the World Cup on Tuesday, losing 1-2 in extra time to South Korea. "…And while Italy blames the referee, the Jockey Club fingers soccer and illegal bookmaking operations. "Race attendance fell 26 percent during the World Cup matches. That meant HK$600 million (US$77 million) in lost turnover, according to the Jockey Club. "Hong Kong's deflation-mired and recession-bound economy may have dissuaded gamblers. And stock-market turnover at the Hong Kong Stock Exchange also showed a marked decline during the games. "Jockey Club CEO Lawrence Wong said he traces the smaller book to `the sluggish performance of the economy and the effects of illegal gambling, particularly the upsurge in sports gambling with illegal and offshore bookmakers.'…" |