Asia’s horse racing industry struggles against online challengers

    Published in: Latest IntelligenceOnline betting exchanges CITIbet and AA-Star have come to the attention of racing authorities across the region, which see them as a threat to racing integrity and a drain on betting turnover.The secretary general of the Asian Racing Federation (ARF), Andrew Harding, hasn’t given up on reaping a financial return to horse racing from the so-called “Asian betting exchanges,” but admits it will require a long-term and systematic approach.The exchanges are licensed in the Philippines’ special economic zone known as the First Cagayan, which critics have labeled a “Wild West” of offshore wagering. But defenders of the operations within the special economic zone say that racing jurisdictions are to blame for having take out rates that are uncompetitive with the online operations.Citibet and AA-Star are similar in nature to legalized betting exchange Betfair in that they allow customers to match bets and therefore bet on individual...

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