The Macao Special Administrative Region (SAR) government has granted a one-year sanction of exclusive Internet betting right to both the Macao Jockey Club and the Macao (Yat Yuen) Canidrome Club, according to sources with the Macao Secretariat of Economy and Finance (MSEF) Tuesday.
The Secretariat confirmed that two government bills were passed Monday, enabling the Macao Jockey Club to offer monopolized Internet gambling on horse racing, and the Yat Yuen greyhound racing in Macao. If no objection against the decision, the Jockey Club and the Yat Yuen will open Internet betting on Sept. 20 and in October, respectively.
According to the bills, the net betting business with a valid period expired on December 31, 2004, will be completely subjected to the regulation by the Macao Gaming Inspection and Coordination Bureau under the MSEF, which is authorized to demand inspection and impounding of the companies' record and equipment.
The bills allow all people above the age of 18 to open betting accounts on the companies' website, which are kept confidential by the two companies.
A Jockey Club executive said anonymously that the company is busy preparing for the Internet betting operation, which is expected to increase the company's overseas turnover.
Profits yielded from horse and greyhound racing are second to casino gambling in Macao, which are all owned by tycoon Stanley Ho. Both of the businesses have gone into red with the accumulated losses of the Jockey Club amounting to 2.8 billion patacas (US$350 million).
However, boosted by the booming tourism, the two racing grounds known as must-go tourist attractions in Macao have seen record high revenues in August, when the averaged daily jackpot pocketed by the Macao Jockey Club and Yat Yuen stood at about 100 million patacas (US$12.5 million) and 1.2 million patacas (US$150,000), respectively.
(Xinhua News Agency August 27, 2003)
