A quick survey of some of the major horseracing players in the world with an intimate knowledge of Hong Kong racing, suggests a tax restructuring along the lines intended in last week's announcements should increase revenues to the Jockey Club and government by over 10 per cent. Estimates may vary but opinions are unanimous on the increase being in double figures. And it will please the wowser elements in the community that these experts do not believe the turnover increase will come from more money lost by the rank and file, who are considered to have a limited amount available to bet and will not lose more than that regardless of inducements, though they will turn the same money over more frequently. However, major players - and in any jurisdiction, including here, a significant percentage of total turnover is due to the activity of a small group of big professional players - will increase their turnover as the lower 'house advantage' of a lower takeout will improve the available value. As the lower takeout plays a role in raising pool sizes, the professional players are likely to increase their frequency and volume of betting in proportion to larger pools. But they agree that the biggest increase should come from successful competition on a commercial basis with illegal bookmaking, other legal forms of gambling and possibly even non-gambling entertainment business. There are arguments that the forecast reduction to 12 per cent takeouts in exotic betting might be even lower than necessary to attract the best commercial demand while maximising revenue, though that will doubtless be something for which the Jockey Club will have an economic model when the time comes.