HKJC Horse Race Betting Limited and Macau Horse Racing Company, Limited (MHR) entered into a new agreement for the two companies to continue the one-way betting arrangement for bets placed from Macau on Hong Kong horse races in the new racing season.
The new agreement was formulated and signed by the two companies to incorporate changes under the new betting duty structure of the Betting Duty (Amendment) Ordinance. The previous deed with MHR signed in January 2005 has been terminated as a result.
The arrangement for MHR to accept bets from Macau on Hong Kong horse races on four standard bet types offered in Hong Kong, namely Win, Place, Quinella and Quinella Place, and the closing time of the pools set at two minutes before the advertised post time of each of the Hong Kong races, will remain unchanged. Bets received from MHR will be included in the betting pools of HKJC Horse Race Betting Limited for dividend calculation and there will be no change in the allocation for betting pool dividends, i.e. 82.5% of the pools' turnover.
Under the new agreement, bets coming through MHR and accepted by HKJC Horse Race Betting Limited shall not be entitled to any rebates or other incentives offered by HKJC Horse Race Betting Limited from time to time, including the rebates under the rebate programme recently introduced by it.
HKJC Horse Race Betting Limited and MHR are glad to see that operation of the one-way betting arrangement has been going smoothly since it was launched in 2005. Close collaboration between the two companies will continue.
