HONG KONG JOCKEY CLUB TEAMS UP WITH VEGAS COMPANY
Nevada Gaming Commission gives stamp of approval for partnership...but could it extend online in time?
In what the participants call an historic decision, the Nevada Gaming Commission has given its approval to allow the Hong Kong Jockey Club (HKJC) to accept commingled bets from the United States on Hong Kong horseracing. The approval process is the first major step in distributing HKJC's world-class racing product to the US marketplace.
The decision validates the HKJC and Nevada-based Las Vegas Dissemination Company (LVDC) agreement to provide live simulcast, pari-mutuel wagering, and commingled pools of all HKJC races into the U.S. For the first time, a wager placed within the U.S. will be commingled directly into the HKJC pools, which are the largest commingled pools on horse racing in the world.
Winfried Engelbrecht-Bresges, Chief Executive Officer of the HKJC said: "Any ventures into overseas markets must be done in the right way, consistent with our commitment for best practices. It is our view there is no better place in the world with respect to best practices than the state of Nevada with its worldwide reputation as a premier regulatory authority in a very competitive gaming environment. We believe that Nevada is the right entry point for our first overseas commingling venture."
"It is the biggest news to hit the horse racing industry in the past 30 years and will be a boost to the sport's global popularity, said John Gaughan, President and CEO of LVDC. "HKJC's 78 race days in the 2006/07 season generated US $8.2 billion, which is equivalent to more than 50 percent of the aggregate total U.S. racing turnover in 2006. The impact of the Hong Kong races will reverberate throughout the racing and casino industries and will enhance the way American race books and race tracks operate their businesses," .
The agreement endorses LVDC as the exclusive U.S. hub for commingling bets into the pools of the HKJC. All U.S. wagers will be serviced by LVDC as it disseminates their races to an expanded market place. Wagering on HKJC races will now be available at "authorized locations" in the U.S. utilising LVDC as its tote provider.
Nevada Gaming Commission gives stamp of approval for partnership...but could it extend online in time?
In what the participants call an historic decision, the Nevada Gaming Commission has given its approval to allow the Hong Kong Jockey Club (HKJC) to accept commingled bets from the United States on Hong Kong horseracing. The approval process is the first major step in distributing HKJC's world-class racing product to the US marketplace.
The decision validates the HKJC and Nevada-based Las Vegas Dissemination Company (LVDC) agreement to provide live simulcast, pari-mutuel wagering, and commingled pools of all HKJC races into the U.S. For the first time, a wager placed within the U.S. will be commingled directly into the HKJC pools, which are the largest commingled pools on horse racing in the world.
Winfried Engelbrecht-Bresges, Chief Executive Officer of the HKJC said: "Any ventures into overseas markets must be done in the right way, consistent with our commitment for best practices. It is our view there is no better place in the world with respect to best practices than the state of Nevada with its worldwide reputation as a premier regulatory authority in a very competitive gaming environment. We believe that Nevada is the right entry point for our first overseas commingling venture."
"It is the biggest news to hit the horse racing industry in the past 30 years and will be a boost to the sport's global popularity, said John Gaughan, President and CEO of LVDC. "HKJC's 78 race days in the 2006/07 season generated US $8.2 billion, which is equivalent to more than 50 percent of the aggregate total U.S. racing turnover in 2006. The impact of the Hong Kong races will reverberate throughout the racing and casino industries and will enhance the way American race books and race tracks operate their businesses," .
The agreement endorses LVDC as the exclusive U.S. hub for commingling bets into the pools of the HKJC. All U.S. wagers will be serviced by LVDC as it disseminates their races to an expanded market place. Wagering on HKJC races will now be available at "authorized locations" in the U.S. utilising LVDC as its tote provider.
