Proper money management is very important for someone that bets on horses. The way that you maximize your bankroll is going to determine your profits when betting horses online for real money. What if there was a way for you to recoup a part of your wagering losses? That would be a very wise way to bet.
It might sound crazy but the Hong Kong Jockey Club offers a rebate to bettors who bet a certain amount on the horse races in Hong Kong. This rebate is given when the bettor loses a bet. That’s right. If you bet the races at a Hong Kong racetrack you could be given money back whenever your horses don’t come in. Let’s take a closer look at this type of horse racing promotion.
Hong Kong Jockey Club Offers Rebates
The Hong Kong Jockey Club is the entity that is responsible for conducting all racing in Hong Kong. The club was founded many years ago and oversees the racing and betting action at Sha Tin and Happy Valley racecourses in the region. There is no betting permitted in Hong Kong without the express oversight of the club. This means that you cannot bet with bookies or anyone that is not connected to the club.
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A few years ago the Hong Kong Jockey Club decided to create a new and unique promotion that was inspired by what some online racebooks were doing at the time. They chose to offer a rebate to bettors who wagered a certain amount of money on a single race. The player would be entitled to receive a portion of their wager back if the horse that they had chosen lost the race. This promotion was met with overall enthusiasm by the horse bettors in Hong Kong.
Why would the club do this? There are several reasons. Ask yourself, why do casinos and other gambling venues offer promotions to their bettors? The answer is usually to entice even more betting and player loyalty. The club knows that the rebates given to the big horse bettors are just going to end up back in the club’s treasury anyway.
Some online racebooks like BetAmerica actually began their companies as so-called rebate shops. Let’s take a closer look at these types of betting operations.
Rebate Shops in Horse Racing
The era of online horse race betting changed many things about how bettors wager on horses. In the old era the only way to make bets on horses was to attend live racing where the crowds could be large and the heat oppressive. Today a bettor can just fire up their computer or tablet and take advantage of all the horse betting action without leaving their couch.
When online horse race betting first emerged there were many people who wanted to try it. Racebooks soon found out, however, that they would have to find new and interesting ways to keep bettors playing online. What the racebooks were going after were the die hard bettors that just could not give up playing the horses at the track or an off-track betting parlor. Among the many promotions that were created was the rebate.
A rebate is designed to reward losing horse bettors. It is usually offered in the form of a percentage. Let’s say that a bettor makes a $100 wager on a horse and that horse loses. The rebate shop will generally offer maybe a 5% rebate on the loss. That means the horse bettor will have $5 added back to their account when the results of the horse race become official.
Most online rebate shops offer betting rebates on a sliding scale. The more the bettor wagers, the higher the rebate becomes. So, the biggest racing bettors are the ones that are reaping the best benefits from the rebate shops.
Hong Kong Horse Racing Rebates
The specifics of the horse racing rebates that are offered in Hong Kong are a little bit different from those that are found in online horse racebooks. For starters these rebates are designed to reward only the biggest bettors. The minimum bet that qualifies for a rebate in Hong Kong is HK$10,000. That seems like a lot of money to the readers of EZ Horse Betting.
In Hong Kong this amount of wagering action is common. In fact, the racetracks in Hong Kong take in as much betting action in a single day of racing as the United States does in a whole year! This is because betting horses in the region is very popular. It is so popular that one bettor named Bill Benter claims to have made more than $1 billion dollars betting horses in Hong Kong.
Another unique aspect of the Hong Kong Jockey Club horse racing rebate is that there is no sliding scale for bettors. The rebate is capped at 10% of the bet. So, anyone that makes a losing bet of $HK10,000 or more is entitled to receive 10% of the bet back to their wagering account. On a $10,000 bet you would get $1,000 back if your horse loses.
There are many serious handicappers who have applied mathematics to this rebate promotion to see how it affects their overall odds. Many of them have found that getting such a large rebate widens the window of horses that they are willing to bet on. For example, a horse racing bettor that was previously inclined to make bets only on horses that were valued at 5-1 or more might take a shot on horses that are 3-1 if they know that they are getting a rebate when they lose.
Can You Get The Hong Kong Racing Rebate Online?
In Hong Kong all bettors that make live wagers at the racetrack are entitled to the rebate. The rebate is also offered to those who make bets with Telebet, a telephone betting service that has been operational in Hong Kong for many years. However, you may also be able to qualify for the rebate if you bet races from the area at an online racebook.
The Jockey Club does not specify any distinction between betting online and betting on the track or through Telebet. This means that it regards a wager made online as the same as one made live in Hong Kong. As such, bettors are entitled to claim the rebate when such bets are made. But, it is not that simple. It seems that providing a rebate on horse racing bets is left up to the individual online racebook. Some of them may offer it and some may not. Bettors are advised to check with the online racebook of their choice to see if rebates are available.
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