The Jockey Club in Hong Kong is turning to an economic model used by the UK in an attempt to increase the countrys horse racing industrys revenue. The goal of the new plan is to double turnover, and increase the total to HK$137 billion.The model being adopted is known as the four-win proposal and is held responsible for a significant upturn in the UK racing industry. UK economic secretary John Healey claimed in March 2003 that the introduction of the system increased betting turnover by 46 percent and resulted in the creation of 2000 new jobs.The racing turnover of Hong Kong is the highest in the world, but has been falling since 1997 when faced with competition from other expanding gambling areas. Hong Kong asked consultants from the UK to help them address their issues, and for the past two months these consultants have been reviewing the industrys business for the last seven years. They have also been examining other economic factors such as employment rate as well as the availability of other gambling sources in or near Hong Kong, internet gambling and illegal bookmakers.The plan being presented to the HK government in the next few weeks starts with the recommendation of abolishing betting taxes currently in place and replacing with a profit tax instead. Government tax at the moment take 12 percent on simple bets (like win, place etc) and 20 percent on more sophisticated bets (tierce, double tierce. The club then takes 5.5 percent on simple bets and 5 percent on complicated bets to meet costs, and the remainder goes to charity.The new model replaces this system with the club taking 10 percent of bets for simple wagers and 12 percent for tierce-like bets. This is the basis of the new model, although it does get more complicated than this. The overall result though is projected to be not only the huge increase in turnover but also better dividends for punters, allowing the horse racing industry to better compete in an ever growing market. The jockey Club are turning to this new system as they believe it is their one strong chance to change the trend of declining turnover and profits that the Hong Kong racing industry is currently facing.
Online Poker Tells Identified in Victor Chandler Poker SurveyOnline Poker Tells Identified in Victor Chandler Poker Survey’Poker tells’ are subconscious clues that players give out about the strength of their hands. But do such clues exist in the rapidly growing world of online poker where the only contact between players is via a computer screen London, UK July 12, 2004 New research from Victor Chandler Poker, www.vcpoker.com suggests that online poker tells do indeed exist. Thanks to classic films such as Rounders and The Cincinnati Kid that have dramatized the world of high-stakes poker, the gaming world has always been fascinated with the psychology of the game. And a large part of that psychology is the ability to read your opponents, to pick up on the subconscious tells that every player gives. Whether it’s the way they stack their chips or look at their cards, many a poker player has been sent home broke after a tell has let slip the strength of their hand. The rise of online poker was thought to have removed the role of tells from the poker table. But the research from Victor Chandler Poker, Europe’s fastest growing online poker room, suggests that a new set of tells are being discovered in the online game. Offline and online poker tells Victor Chandler surveyed regular online poker players and asked them about both offline and online poker tells. In the physical world, the most common tells were a player’s eyes (it seems they really are the windows to the soul), facial expressions and playing with chips. The top three online poker tells were: * Quickness to respond, reported by 76% of respondents a very fast check can indicate a weak hand, quick bets on the turn or river can often indicate a strong hand. * Slowness to respond, reported by 73% of respondents a pause followed by a check can often indicate weakness, while a delay followed by a raise often indicates strength. * Automatic play, reported by 68% of respondents a lazy approach to the auto buttons lets a player slip into a set pattern of play. Any breaks in this pattern are clear tells. Online poker players are relaxed but the survey also indicated that online poker players were more relaxed about tells, with only 31% of players actively looking for tells in their online opponents; yet, if playing offline poker, 58% said they […]
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The board of global online gaming group betinternet.com Plc, have released details of how the recent abolition in the US of the withholding tax previously charged to non-US citizens will benefit their business. On 22nd of October President Bush signed the changes to the law which now lifts the 30 percent tax previously charged to offshore punters on any winnings earned on races in the US. The board members of betinternet have now been making comments on how this change will prove beneficial for them and their plans for the future. The key gain for betinternet and businesses like it, is the law change now opens up immediate opportunities for global expansion. Betinternets board have revealed they are looking to develop the pari-mutuel betting side of their business, and this latest political change allows them now to look at extending their business further globally. The company already has a hub situated in the Isle of Man which connects on a daily basis to race tracks in over eighty countries. They also have already developed sites with multiple currency capability- all of which have been designed in line with industry standards. MD of betinternet Paul Doona said of the change to the law: The passing of this Bill opens up the opportunity for host tracks and content providers to globalise their product. As a result of the excellent regulatory framework within which we operate and the technical infrastructure and expertise available to us, we are in a perfect position to help them achieve this expansion.