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Time to expand fixed-odds bets

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The bold adventure into the uncharted waters of soccer betting has given the Jockey Club some new expertise that can be put to creative use in racing.

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As a result of engaging some of the best-available fixed-odds wagering consultants from around the world for its new soccer arm, the Jockey Club is now firmly entrenched in the business of fixed-odds wagering, as distinct from the all-totalisator system that services racing.

Now that it has acquired the expertise to frame markets and sell punters fixed-odds contracts, why not take the next logical step and start creating fixed-odds betting on feature races?

The four Hong Kong international races in December would be the obvious launching point for such a project, and it would be guaranteed to stimulate enormous interest and discussion, both at home and abroad.

When this was first tried in New Zealand - another all-tote racing jurisdiction - about six years ago, the prevailing fear was that the fixed-odds market would cannibalise the normal totalisator revenue. But the progressive TAB regime at the time, under the leadership of the visionary George Hickton, was able to prevail and the concept was introduced with great success.

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'Success' is an understatement. Not only did fears of fixed-odds betting detracting from tote betting prove groundless, the opposite occurred.

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