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What's the deal with HKJC, their monopoly and their lousy odds?

  1. #21

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    Quote Originally Posted by Vodka_Tonic
    The people running the organization are minting money. If it was just a charity donation with a voluntary tax, their accounts would be made available to public. Don't be naive.
    Their accounts are made available to the public.

    http://corporate.hkjc.com/corporate/...Statistics.pdf
    hullexile likes this.

  2. #22

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    It really is justy bad governance that is a result of a policy vacuum stuck since the 1980's

    Three steps should be taken

    1) Deregulation
    Allow 4-5 more franchises to operate in the city and allow more areas to have gambling - What would be the odds for a Pan-Democrat to be CE in the next 27 years?

    2) Separate operations from Gambling
    HongKong loves a government sanctioned monopoly to gouge the public. The operations side of the HKJC should be seperated from the the gampling side. All gambling in the city should pay into a fund for running horse races and dealing with gambling addiction

    3) Legalise off-shore betting
    But enfocre the same level of taxation for bets placed in Hong Kong. (as the UK does)

    Again the HKJC has a government sanctyioned monopoly from an administration that loves the simplicity of rent seeking monopolies rather than systems that make the city more efficient and innovative. Reform could stop tax losses from oevrseas gambling and hopefully make HK a offshore gambling hub thningy generating even more cash imported cash.

    https://www.ft.com/content/9d732a4e-...b-e7eb37a6aa8e

    Also the HKJC should be restructured as the club seems to give to many benefits to the wealthy while just taking money from the poor. The money should not be treated as a slush fund for the executrive branch to look good but go into general taxation. This would further benefit the city.

    I am sure a pro-authoritatrian poster will explain why the current system is so good.


  3. #23

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    This reminds me of a classic thread from elsewhere on the internet. Here's a summary, but the original thread is well worth reading.

    Bodybuilders Try, Fail, to Calculate Number of Days in a Week


  4. #24

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    Quote Originally Posted by East_coast

    I am sure a pro-authoritatrian poster will explain why the current system is so good.
    That is getting very old and boring. Was ok the first 2000 times.
    East_coast likes this.

  5. #25

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    Quote Originally Posted by hullexile
    That is getting very old and boring. Was ok the first 2000 times.
    I find interesting to see how poor policy can be defended. The HKJC needed reform in the 90's it has never happened. I honestly would like to see if someone thinks the current structure of gambling is good in Hong Kong. There must be a reason why the current administration sits and does nothing.

  6. #26

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    Quote Originally Posted by East_coast
    I find interesting to see how poor policy can be defended. The HKJC needed reform in the 90's it has never happened. I honestly would like to see if someone thinks the current structure of gambling is good in Hong Kong. There must be a reason why the current administration sits and does nothing.
    For the same reasons they do very little on other issues, incompetence and that doing nothing will not get them in trouble. Big ticket items and "hubs" but stuff that improves life very little.

  7. #27

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    Quote Originally Posted by hullexile
    For the same reasons they do very little on other issues, incompetence and that doing nothing will not get them in trouble. Big ticket items and "hubs" but stuff that improves life very little.
    This should be an easy topic to criticize government policy as it is so bad and has completely ignored the last 30 years of development in communication technology.

  8. #28

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    @Blankman Read the report. So the company made a 4.34 billion dollars last year after paying off the taxes and donations.


  9. #29

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    Quote Originally Posted by Vodka_Tonic
    @Blankman Read the report. So the company made a 4.34 billion dollars last year after paying off the taxes and donations.
    And where did that money go? You need to get some basic education. Look up the accounts of any large charity.

  10. #30

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    Quote Originally Posted by hullexile
    And where did that money go? You need to get some basic education. Look up the accounts of any large charity.
    Virtually all the private international schools in HK are non profit organizations. If they wouldn't run a surplus, they would go out of business. Unfortunately, this little boy seems to think he knows enough about the world.

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