Mongolia Looking To Emulate Macau’s Success With Legal Horse Racing
The largest and fastest growing market in the gambling world is Asia with Macau generating revenues of over $45 billion annually. The simple fact that a large portion of the world’s population is in the Asia means that gambling companies have the largest customer base at their disposal. We have seen plenty of interest in expansion to countries like Japan where casino powerhouses like the Sands of Sheldon Adelson are in a bidding war to obtain a coveted gambling licence.
The phenomenal growth rates of Macau has got their neighbors wanting a piece of the gambling pie. The newest Asian country to throw their hat in the gambling arena is that of Mongolia, who are planning to propose laws that will set up a professional horse racing league and also plan to legalize betting in an effort to compete with the Chinese market.
The government plans on approaching the Jockey Club with a proposal that would allow horse racing in Mongolia in Hong Kong’s off season. Culture Minister Oyungerel Tsedevdamba explained their idea behind the proposal,” Our priority is to make the legal environment for a Jockey Club operation so that we can have a market share. Our law is heavily based on Hong Kong Jockey Club rules.”
Mongolia is looking to legalized gambling as an alternative to their reliance on copper which has dropped in value. Mongolia has a rich history of horses going back to Genghis Khan who conquered mush of Asia on horseback. Mongolia like so many other countries recognize that illegal gambling is taking place no matter what and legalizing it will ensure that a portion of revenues will enter the government coffers.