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Hong Kong's Bookie Won't Bet on Change

``Until now. Internet bookies are pushing into Hong Kong, shattering the club's cartel by luring away punters and eating into its bottom line--revenues have fallen almost 20% since 1997.

``…nowhere is the problem as urgent as in Hong Kong, where the unique nature of the Jockey Club turns the loss of betting dollars into a problem for every taxpayer.

``Much is at stake. Started by British colonialists, the club has been a cornerstone of modern Hong Kong, donating all its profits to the government and charities. It is the territory's largest taxpayer

``…In economic terms, the Jockey Club is an old-fashioned government-protected monopoly; all other forms of gambling are illegal in the territory.

``If it is to survive the Internet onslaught, the Jockey Club needs to change tack. It must learn to become cut-throat and commercial to beat the on-line pirates.

``The largest user of information technology in Asia, according to IT-industry magazine CIO, it certainly has the technology to do so.

``…Instead, it is lobbying the government to ban Internet gambling, a law that will be impossible to enforce.

``Over 700 Internet bookmakers, who pay no taxes and few overheads, are offering bigger pay-outs and more betting options, like soccer and basketball games.

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