WHAT CITIBET IS
For gamblers who are interested in the massive market for horse, harness, and greyhound racing, CITIbet Exchange is a great choice. This top-tier betting exchange gives you extensive access to races in the US, UK, Japan, Australia, Hong Kong, and Singapore, among other countries, and it covers the entire world’s horse racing market.
In addition to its extensive betting selection and global coverage, CITIbet offers comprehensive and in-depth information about the races it covers. You can easily locate the schedule and comprehensive information for your favorite racing event. Their live horse racing product is also well-liked.
Horse Racing Categories at Citibet
There are several horse race game options:
- Win bet : Predicting which horse will finish first is required for the Win bet. Players who placed wagers on the same horse split the pot equally.
- Place Bet : A player who places a bet must forecast which of the first three horses will finish.
- Win and Place Bet :A combination of the Win bet and Place bet is the Win and Place bet. Then, a player places two bets simultaneously.
- Double Win Bet : The player selects the winners of two consecutive races when placing the Double Win wager.
- Exacta Bet : A player must correctly predict which two horses will cross the finish line first and second in the Exacta wager.
- Superfecta Bet : a bet where the player tries to predict the finishing order of the first four runners in a race. A winning superfecta wager typically pays out at high odds because of how challenging this wager is to make.
- Trifecta Bet : a bet in which the player picks the first three horses in the running in that particular order.
The Asian Racing Federation is drawing attention to the effects that the illegal betting exchange Citibet is having in the area. It is a mysterious beast that has racing jurisdictions scratching their heads about how to control it.
Although it is unknown who owns Citibet, experts have asserted in the past that the online operator has a US$50 billion annual revenue, with a significant portion of that coming from southern China.
According to statistics from a study done by the ARF’s anti-illegal betting task force, Citibet is taking a significant portion of the legal turnover in Hong Kong racing, with turnover estimated to be 25%.
While Citibet permits bettors to back losing horses, unlike legal exchange Betfair, which does share information with racing authorities, it does not, endangering the integrity of the sector.
Additionally, it can provide a much wider variety of betting options than authorized bookmakers, making it the ideal tool for match- and spot-fixers.
As a result of Citibet’s lack of regulation, sporting organizations and governments also lose out on the taxes and fees that legitimate operators generate.
Hong Kong, Singapore, South Korea, Australia, New Zealand, and South Africa were the six countries covered in the report. Citibet is present in all of them, with Singapore’s racing scene as a particular focus.