The CEO of the Hong Kong Jockey Club has issued a stark warning regarding the rapid growth of illegal betting markets globally.
According to The Racing Post, Winfried Engelbrecht-Bresges emphasized the need for domestic gambling regulators to adopt a more international perspective to effectively address this issue.
He also noted that illegal wagering is thriving, with illegal bookmakers offering more attractive prices, credit and cryptocurrency options, complicating efforts to combat money laundering. The executive stressed that “illegal wagering is rampant; its growth is exponential”, cautioning that focusing solely on national regulations will not yield significant results.
The HKJC CEO also criticized the affordability checks introduced in the UK as part of its 2023 gambling white paper, citing it as one example that inadvertently incentivizes bettors to seek offshore options. “Affordability checks have created a massive incentive to go offshore”, he pointed out.
At the same time, Engelbrecht-Bresges highlighted the industry’s challenge of stagnation, pointing out that, as stakes increase, top horses often avoid competing against each other. The CEO warned that, without promoting the sport beyond wagering – particularly to younger generations seeking immediate satisfaction through gaming, the industry risks continued decline.
