Chavez publicly came out against horse racing especially when it came to the resources spent on the
Venezuela which have been especially hard hit by Covid-19 and where local currencies are losing value. Te government strategy to stimulate the use and adoption of the Petro and other crypto currencies has extended also to lotteries and horseracing. Despite the efforts, there is still little acceptance of it in Venezuela.
In addition Maduro has come under some criticism for allowing casinos. In September last year a Venezuelan lawmaker called out Maduro for granting casino licenses. Deputy Nora Bracho used the issue of casinos to highlight the government’s failure to keep the lights on. “While Maduro announces the reopening of casinos in the country the National Electric System is collapsed and on the verge of a total blackout,” she said.
HORSE RACING
Horse racing has been a popular sport in Venezuela for over sixty years and is the second most popular sport after baseball. Te industry is controlled the National Institute of Racetracks
P76 WIRE / PULSE / INSIGHT / REPORTS
raising of thoroughbred race horses and initiated a number of moves which hindered the growth of the industry. All this meant that illicit betting rings were soon moving between at
estimated 50 and 60 times the legal market for gambling.
Instituto Nacional de Hipódromos (INH) and the National Superintendency of Equestrian Activities Superintendente Nacional de Actividades Hípicas (Sunahip). In common with the CNC both are used for pro government propaganda via their twitter feeds. In fact beyond twitter the regulatory bodies have little or no online presence at all nor do they appear in local press reports.
Chavez publicly came out against horse racing especially when it came to the resources spent on the raising of thoroughbred race horses and initiated a number of moves which hindered the growth of the industry including a temporary ban on the broadcasting of races on radio and
television. Limits were placed on bets, which meant that illicit betting rings were soon moving between an estimated 50 and 60 times the legal market for gambling. Under Maduro, organised crime has continued to make inroads into the industry. In October 2014 Venezuelan champion racehorse Rio Negro was poisoned by a gambling syndicate amid growing concerns about attempted race-fixing by illegal gambling rings.
5y6 parlay game is the most popular horse race betting game with a long tradition and is widely available via 65,000 POS machines which are used for other banking services. But most of the betting action nowadays is on races broadcast from the US. Today off track horse race betting shops pay fees to Te INH according to its classification and each betting establishment must sell a minimum per race to continue to operate. Te high sales quota per race meeting required by the INH and Sunahip to maintain the licence has caused many venues to disappear.
Tere are around 1,000 horse race betting shops left.
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