Good Neighbour Policy
Encyclopedia
The Good Neighbour Policy is an agreement amongst horse racing
jurisdictions that they shall not provide betting on horse racing
to residents of other signatory jurisdictions without the permission of that signatory jurisdiction, nor solicit, market nor advertise betting without prior authorisation from that other signatory jurisdiction.
The signatories to the agreement stated that its purpose was to show their unity in the cracking down on illegal, unlicenced or unauthorised offshore bookmaker
s on horse racing
, in order to protect the revenue of the signatories.
It is viewed by some informed and interested observers as documenting an international cartel
to defend the signatories from competition
from commercial bookmaker
s and bet exchange
s so as to maintain higher profits
for themselves.
Initially signed by the Hong Kong Jockey Club
and the Japan Racing Association
in 2002. On September 1, 2003, representatives from the Australian Racing Board
, the Hong Kong Jockey Club, the Turf Authorities of India, the Japan Racing Association, the Korea Racing Association, New Zealand Thoroughbred Racing, the Singapore Turf Club
and the Jockey Club of Turkey signed the multilateral agreement in Hong Kong
on September 1, 2003. The Asian Racing Federation
also endorsed the agreement.
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
jurisdictions that they shall not provide betting on horse racing
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
to residents of other signatory jurisdictions without the permission of that signatory jurisdiction, nor solicit, market nor advertise betting without prior authorisation from that other signatory jurisdiction.
The signatories to the agreement stated that its purpose was to show their unity in the cracking down on illegal, unlicenced or unauthorised offshore bookmaker
Bookmaker
A bookmaker, or bookie, is an organization or a person that takes bets on sporting and other events at agreed upon odds.- Range of events :...
s on horse racing
Horse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
, in order to protect the revenue of the signatories.
It is viewed by some informed and interested observers as documenting an international cartel
Cartel
A cartel is a formal agreement among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production. Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products...
to defend the signatories from competition
Competition
Competition is a contest between individuals, groups, animals, etc. for territory, a niche, or a location of resources. It arises whenever two and only two strive for a goal which cannot be shared. Competition occurs naturally between living organisms which co-exist in the same environment. For...
from commercial bookmaker
Bookmaker
A bookmaker, or bookie, is an organization or a person that takes bets on sporting and other events at agreed upon odds.- Range of events :...
s and bet exchange
Bet exchange
A betting exchange is an entity which provides "trading" facilities for retail or bookmaker customers to buy and sell contracts. Contracts are structured as binary options. Some betting exchanges may also offer CFD products...
s so as to maintain higher profits
Profit (economics)
In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
for themselves.
Initially signed by the Hong Kong Jockey Club
Hong Kong Jockey Club
The Hong Kong Jockey Club is one of the oldest institutions in Hong Kong, founded in 1884 to promote horse racing. It was granted Royal Charter and renamed to "The Royal Hong Kong Jockey Club" in 1959...
and the Japan Racing Association
Japan Racing Association
The Japan Racing Association is a public company established to operate Chūō Keiba and to manage racecourses, betting facilities, and horse-training facilities....
in 2002. On September 1, 2003, representatives from the Australian Racing Board
Australian Racing Board
The Australian Racing Board is the peak national administration body for Thoroughbred racing in Australia. The statutory bodies for racing in each State or Territory, known as the Principal Racing Authorities, set up the Australian Racing Board by consensual agreement...
, the Hong Kong Jockey Club, the Turf Authorities of India, the Japan Racing Association, the Korea Racing Association, New Zealand Thoroughbred Racing, the Singapore Turf Club
Singapore Turf Club
The Singapore Turf Club was founded in 1842 as the Singapore Sporting Club to operate the Serangoon Road Race Course at Farrer Park.It is today the only horse-racing club in Singapore and is part of the Malayan Racing Association, which also regulates the three Turf Clubs in Malaysia, the Selangor...
and the Jockey Club of Turkey signed the multilateral agreement in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
on September 1, 2003. The Asian Racing Federation
Asian Racing Federation
The Asian Racing Federation is an international federation of horse racing governing bodies in Asia, most of which are government granted monopolies.Established in 1960 as the Asian Racing Conference, it changed its name to Asian Racing Federation in 2001....
also endorsed the agreement.
External links
- http://news.bbc.co.uk/1/hi/world/asia-pacific/3197061.stm
- http://racing.scmp.com/english/free/news/hkjc/Clubnews01092003.htm