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Betfair Australia has back flipped on its decision to offer online markets on Hong Kong racing to its global account holders.
Betfair started offering exchange and fixed odds betting on Hong Kong racing from September 1 without seeking permission from the Hong Kong Jockey Club.
The HKJC responded by issuing a public statement calling on Betfair to 'cease and desist' while re affirming its opposition to exchange betting because it offers punters the option of laying horses to lose.
On Friday Betfair Australia issued a short statement announcing it would cease offering bet options on Hong Kong racing in the short term and would work to reach an agreement with the HKJC.
"Betfair will no longer be offering markets on Hong Kong racing. We will continue to reach out to the Hong Kong Jockey Club to attempt to enter into a Product Fee and Integrity agreement," the statement said.
The HKJC responded with its own curt statement containing another affirmation of its stance against exchange betting..
"The Hong Kong Jockey Club welcomes the announcement by Betfair of a pause in offering Hong Kong racing on its Betfair Exchange with immediate effect," the stastement read.
"However, the Club would like to reiterate its position that betting exchanges violate and are a serious threat to the integrity of racing. Indeed, in the Club's view, the ability for people to lay a horse and profit from it not winning is intrinsically at odds with the principles of the sport."