Asia
Hong Kong’s record prize money increase includes Group races
£136.2 million up for grabs in 2021/22 season, with £9.3 million in the four Group 1s on LONGINES Hong Kong International Raceday
Hong Kong racing will offer record prize money of HK$1.46 billion (£136.2 million) for the 2021/22 season with the four G1 features on LONGINES Hong Kong International Raceday offering a combined new high of HK$100 million (£9.3 million).
By elevating the LONGINES Hong Kong Cup’s prize money to HK$30 million (£2.8 million), the Hong Kong Jockey Club will stage the world’s richest Group 1 races over 1200m, 1400m, 1600m and 2000m on turf.
The LONGINES Hong Kong Mile and the LONGINES Hong Kong Sprint, which are already the most valuable Group 1 races over 1600m and 1200m on turf, will rise to HK$26 million (£2.4 million) and HK$24 million (£2.2 million) respectively.
The Group 1 Queen’s Silver Jubilee Cup (1400m) is also the most endowed seven-furlong contest in the world on turf at HK$12 million (£1.1 million).
Hong Kong will also stage the world’s second most-valuable 1200m Group 1 on turf in 2021/22, with the Chairman’s Sprint Prize, run on FWD Champions Day, worth HK$20 million (£1.9 million).
In addition, there will be generous increases across the whole prize money structure, with prize money for Group 2 races and Group 3 races boosted by HK$250,000 (£23,000) and HK$200,000 (£19,000) respectively. Races in Classes 1 to 5 will also see prize money increased by between 4% and 9%, demonstrating the Club’s commitment to fostering talent and incentivising strong owner investment at all levels.
The upward adjustments, announced today, Friday 16 July, re-establishes the LONGINES Hong Kong Cup as the most lucrative Group 1 2000m event on turf in the world and consolidates its position as a principal target for the world’s best middle-distance horses.
Hong Kong Racehorse Owners Association President Mr. Matthew Lam said: “The Hong Kong Jockey Club has been doing great in keeping ‘racing goes on’ amid the COVID-19 challenges since last year when so many other sporting events were impacted. It is great to see the further increase of prize money in nearly all races, which offer good incentives to Hong Kong Owners to continue to import high class horses and support the world class racing standard in Hong Kong.”
Mr. Andrew Harding, Executive Director, Racing, at the Hong Kong Jockey Club said: “Key to Hong Kong’s world-class racing is the Club’s significant investment in prize money. Despite the issues associated with the COVID-19 pandemic and the uncertainty in world economies, we are committed to continuing our strategy of strong increases in purse levels to reward and encourage our owners and to ensure Hong Kong’s elite races are attractive to overseas competitors. This approach has been a core element in Hong Kong being able to maintain its position as a world leader in providing quality horseracing and has enabled us to achieve between 17 and 26 horses in the LONGINES World’s Best Racehorse Rankings for each of the past eight years.
“For next season, the Club has increased prize money to a record overall sum, including a significant injection across all Class 1 to Class 5 handicap races and Group 2 and Group 3 contests. We believe this will help to enhance competition and assist our owners in their attempts to purchase and import the best possible horses in a difficult economic climate.”
Mr. Harding noted the importance of Hong Kong’s elite races, especially the flagship LONGINES Hong Kong International Raceday.
“The LONGINES Hong Kong International Races will offer a record total of HK$100 million (£9.3 million) across the four Group 1 races held on the day, which underlines the Club’s commitment to attracting and rewarding the world’s best,” he said.
“That commitment is evident in the prize money increases for the LONGINES Hong Kong Cup, Hong Kong Sprint and Hong Kong Mile.”
Asia
Philippine Senator Pushes for Inquiry into Banks’ Role in Pogo Funding
Philippine Senator Sherwin Gatchalian has proposed Senate Resolution 1193 to investigate the failure of local banks to detect POGO-related suspicious transactions tied to criminal activities, following the case of former Bamban, Tarlac Mayor Alice Guo.
Gatchalian, in his resolution, highlighted bank transactions involving Guo’s companies, which amounted to hundreds of millions of pesos and allegedly funded the construction of a POGO hub in Bamban. The amount far exceeded the financial capacity reflected in the companies’ financial statements.
He pointed out a significant increase in cash flows, check disbursements, and transactions involving Guo’s accounts, peaking in 2020—an anomaly given that the COVID-19 pandemic had severely disrupted businesses and economies worldwide.
Gatchalian noted that despite these large transactions, the banking system failed to flag them as suspicious. He raised concerns about the banks’ inability to report such dubious activities, questioning the effectiveness of their internal controls and procedures for identifying and reporting suspicious behaviour.
The senator emphasised that financial institutions are responsible for analysing financial data to detect transactions that may indicate money laundering.
These circumstances, according to Gatchalian, raise doubts about the adequacy of current Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations and guidelines for banks and financial institutions.
Gatchalian also pointed out that the Philippines remains on the Financial Action Task Force (FATF) grey list. The country must improve its AML/CTF efforts, including prosecuting money laundering and terrorism financing, addressing beneficial ownership information and strengthening cross-border declaration measures.
While President Ferdinand Marcos Jr. has instructed all government agencies to meet the necessary requirements to remove the country from the FATF grey list, Gatchalian stressed that private sector compliance is equally crucial to strengthening the country’s AML/CFT regime. This includes increased adherence to obligations, such as reporting covered and suspicious transactions.
The post Philippine Senator Pushes for Inquiry into Banks’ Role in Pogo Funding appeared first on European Gaming Industry News.
Asia
Malaysia’s PAS Vows to Shut Genting Casino if Party Wins in Pahang State
An Islamic party said it was prepared to shut down Malaysia’s only casino if it wins control of the state where it is located, as the group looks to build its influence in the Southeast Asian nation.
A senior official from Parti Islam Se-Malaysia said if voters in central Pahang state – home to Genting Bhd.’s casino – wanted gambling to end, they should choose the Islamic party. The party is tapping into concerns by the country’s Muslim majority over gambling, which is forbidden in the Koran.
PAS has been growing its influence since the 2022 elections made it the biggest party in federal parliament. It already controls four of Malaysia’s 13 states and is looking to capture Pahang in the next national election that must be held by early 2028.
“Gambling is harmful, so we have to close it. But it must be in accordance with the laws and constitution,” Andansura Rabu, PAS’ deputy commissioner for Pahang, said at the party’s annual gathering.
The federal government decides on casino and gaming permits in Malaysia and gaming is one of the most regulated sectors in the country.
Genting’s casino contributed as much as US$1.16 billion annually to government coffers before the pandemic, according to a report by UOB Kay Hian, a Singapore-based brokerage. When PAS emerged as the biggest party after the 2022 elections, Genting shares slid but recovered as Anwar formed a unity government made up of liberals, a Chinese-dominant party and regional groups.
Still, the growing influence of the Islamic party in national politics has pushed Anwar to turn more conservative to burnish his credentials with voters. Last year his government cancelled a concert after two members of a British band The 1975 shared a same-sex kiss on stage, and banned Swatch watches that showcase Pride colours.
At the annual gathering held last weekend in Pahang, PAS has ruled out working with Anwar’s coalition and pledged to champion Islamic issues. Banning alcohol and gambling in Malaysia would be key, the party has said.
“Anything that can harm society, we must together support its destruction. This isn’t a matter of religion, it’s a social issue,” Andasura said.
The post Malaysia’s PAS Vows to Shut Genting Casino if Party Wins in Pahang State appeared first on European Gaming Industry News.
Asia
Chinese Football Bans 43 for Life Over Gambling and Match-Fixing Scandal
Chinese football authorities have banned 43 individuals for life due to their involvement in gambling and match-fixing scandals. The list includes three former China international footballers and South Korean World Cup player Son Jun-ho.
China’s extensive football corruption crackdown campaign has been ongoing since 2022. The National Sports General Administration and the Ministry of Public Security have led efforts to address issues of match-fixing and gambling in the sport. They have investigated over 120 matches, involving 83 players, referees, coaches and club officials. To date, 44 individuals have been sentenced, with 34 receiving prison terms.
The recent announcement of these lifetime bans came shortly after the national team’s 7-0 loss to Japan.
Son Jun-ho, who played for Shandong Taishan in the Chinese Super League and represented South Korea in the 2022 World Cup, has been accused of participating in match-fixing and accepting bribes. Son returned to South Korea in March 2024 after being detained in China since May 2023. The authorities initially stated that he was held “on suspicion of accepting bribes by non-state employees” but did not provide further details.
Other notable figures banned include Jin Jingdao, a former Shandong Taishan player, and Chinese international players Guo Tianyu and Gu Chao.
The post Chinese Football Bans 43 for Life Over Gambling and Match-Fixing Scandal appeared first on European Gaming Industry News.
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